jdmrsxs02

I'm basically asking this question for all the younger Z owners as I'm curious to know what you basically need to finance a car under your name. I'm currently 17 going 18 in march. I work part time and make anywhere from 800 the least to 1000+ a month and I'm also still in high school. I basically want to get the car under my name without a co-signer due to my mom not having good credit, but if it comes down to it I will have to ask my grandma which has excellent credit. I've been employed at this job for almost a year and I'm trying to build my credit now so when time comes hopefully I can get car on my own. I have diamond earings under my name and a credit car so hopefully that helps. I'm also selling or going to trade in my 2002 acura rsx-s which I've had for about 1 1/2. Thanx

davidv

iTrader: (2)

Hey what is wrong with comments from old people? Age discrimination is what I call it. And its unAmerican is what it is. Now if you will excuse me I have to change my Depends.

Z MANIA

+1

jdmrsxs02

LOL! sorry about that ANYONE with information could you please give me some info! I just thought the younger Z owners 18-20 would have more answers because they were in that situation in where they might have had to have a co-signer, but some of you old Z owners could possibly have info to my question! SORRY.... it was my first post! j/k

350ztoronto

iTrader: (10)

well if your 17/18 i think your only option is to pay off the Z completly i dont think the finance department will pass you even if you owed them 100 bucks, i'd sell your car or trade it at what ever dealership your gettin the Z at, least you save the tax there on your car
eg. if you trade in your acura for like 10grand that 10 grand taken off your price for the Z is tax free.
if you can make the rest of the payment by a certified check your gold, but even if thats the case would the insurance company insure you?
its wall after wall at your age to drive a Z
good luck bro

zand02max

iTrader: (22)

Yep, even if you get approved, you will pay like 20% interest or higher. I have a co-worker who pays 24.9% interest on a dang Suzuki Reno, he is paying $25K for it at the end. Suckers born every minute.

Even if you get it in your name, insurance will kill you.

Save your $ until you can put at least 50% down.

Your paycheck is $1K a month, guess what, your entire paycheck will go towards the Z and insurance, trust me!

BTW, most young Z owners don't pay a dime for their Z's, mommy/daddy pays for it all. Now folks I said most, I know there are some younger Z owners under 18 that pay for their Z's but its very few!

davidv

iTrader: (2)

Considering your current income and lack of prior credit, I (speaking as a lender)would not give you $30,000 to buy a car. If you had, say, $10,000, and wanted to borrow $20,000, that would be a different story. That would work.

When you talk about a cosigner, the loan is based on the cosigners ability to pay. If anyone in my family asked me to cosign for a $30,000 loan, I would politely decline. Loaning money (cosignatory) to family members is a recipe for disaster.

eckocomplexg

iTrader: (11)

+1

I let my brother borrow one of my credit cards.. now I owe 8 grand in BS and he's taking his sweet time to pay it...
As far as your loan... I was 20 when i bought my Z... I put 7k down and financed 26k @ 5.9 apr... which i look at now and that was pretty high.. but hey.. it was the first car that i bought from a dealer.. so my lack of experience didn't help there. Insurance is a different story.. Put it this way... you won't be able to afford your car note... insurance.. and gas... with what you make... sorry kid.. learn how to limit yourself to your capacity.

Paul350Z

iTrader: (1)

My first car was a 1973 Plymouth Baracuda. I had saved up about half the cost of the car by the time I came of age to buy it. My father lent me the rest once I proved that I could pay the full coverage insurance, gas which was about $0.90 a gallon back then, and maintainance on the thing with the job I had working 20 hours a week which was the maximum legal limit. I rode my bike to work in the winter as I didn't have the money for snow tires and rims for the first few months of Chicago's fine winters.

When I bought my Z earlier this year I put 25 down and financed the rest over the year. :shrug:

Gooey

iTrader: (18)

Im turning 23 and i got approved for 1st tier nissan financing but even at 1st tier the interest rate was 6.49% which i believe is high but i have friends whos my age and paying 16-19% apr on their cars

juliosuburban

My aunt co-signed for me, and my father knew the people at the bank. So they processed it through and got a loan for 85% of the cars value. I put down the rest, and i'm in Z heaven....

jdmrsxs02

I also forgot to mention that I'm also considering leasing as it will lower the monthly payments and I don't think I would want the car for longer than 3 years. Would leasing make any signaficant change in me getting the loan and how would the apr change? Another thing... can't I put the car under my moms insurance or do I have to have my own policy since the cars under my name? If I did get a co-signer would that lower the apr much? And will it also improve my credit score much? After I sell my car I'm going to have around 15k, but I don't really want to just throw it all into the car which is why I've considered leasing as I can save the 15k in the bank or invest it as I'm still young and things can change in life anytime army, college ect... I can use my 1k a month for payments, insurance, gas ect. The insurance on my rsx-s is around 2500 a year under my moms name and me as a secondary driver and It will increase with a 350z for sure but yeah... thanx

C-lo

just keep your RSX-S...whats wrong with it? And do u really think a dead end job like you probably have is going to let you survive for the rest of your life? Keep you current car and with the money that you would use to spend on the Z upgrade the RSX...I still have the first car I got when I was in high school (camaro), I really want the Z but even though I have the possibilities to do so i.e job, and money saved up, I am not going to do it until I feel I am 100% financially stable to do so...I did buy my own motorcycle at 18 and I paid it off, the reason I did it was coz I planned very well and a year later I had it paid off and not paying too much interest...

350ztoronto

iTrader: (10)

keep ur rsx-s great car, just chill till ur a bit older, what good is making 1000$ at the end of the month then drive a Z but have no money to chill?

Geovanni

Here's my current spending on my Z.
Car Payment $498.66
Insurance $190.00
Gas $250.00+
----------------------
Total $938.66+

so i can imagine at your age u'll have double the insurance, without a down-payment double the car payment and don't forget:

oil changes ($30+ regular, $60+ synthetic)
new tires $600+ (unless upgrading size)
brake change ($200+)
mod bug ($1000+)
speeding tickets ($250+)
new girlfriends ($1000+)

are you ready for all that?

I know i am :P

jdmrsxs02

yeah but thats why I'm considering leasing.... if that would any

Swiffer

iTrader: (8)

leasing is a very bad option. You are no farther ahead at the end of the term than when you started. If you are the type of person who always wants to drive a new car and always have a car payment, then go ahead. Me, I would rather pay off a car and then have a few years without having to make a payment.

cessna

I buy what I can afford to payoff right there, and then....

Other than a mortgage, and a few small buisness loans....... I have never financed anything in my life....

DBZ

Listen, this is for your own good. Stop trying to live ghetto-large and spend beyond your means. If you want to build your credit, you should be buying a $13,000 Corolla and make the $200 monthly payment. This also means having credit cards but not actually using them for every single thing you buy nor carrying a balance. Don't **** up your FICA so early on in your life of adulthood. BTW, what's wrong with the RSX? If that is paid for, just enjoy it until it dies.

Don't jump down that slippery slope towards financial chaos. When you look back at this decision, 5 years from now you will understand.

SekZee

iTrader: (1)

I cosigned for my friend when he applied for his credit card...then he went to the army, then he left the country...and now i have no way of contacting him....last year i got a call from a collection department asking me to pay them a little over 1k for that card =))) apparantly he didn't make payments for like a year, and since i moved to another state it took some time for them to find me.. So I ended up paying for the stuff he bought. considering my previous lack of credit history (2 credit cards that i paid off, and a 8k car that i paid off in less then a year) my score now is 590...I cant even get approved for a freakin 500 buck TV at circuit city... I got approved for a Z tho with 18% APR, i wanted a nice car and I got it...but with 500$ payment on a 24k loan.....SOMEBODY PLEASE SHOOT ME!!!