Just out of curiosity, how many of you guys have a 0 down loan? And what APR is it?

I'm waiting on the 07 model to come out...and when it does, I'll be jumping on it real quick! My parents will be co signing with me (since they have excellent credit)...so how easily can I get this 0 down + good APR deal? I asked my mom, and she says her FICO score is 800

Is it possible to get like 3%? I'm hearing 5-6% is the norm (even people with excellent credit)...any input would be appreciated! thanks!

 

I highly doubt you'll get a 0% loan on a new Z. Most ZERO % deals are on cars the dealers are trying to move.

IF the dealerships are having a zero % deal, it's going to be on a base ore mid trim, sentra, or other "lower end" car.

Brand new you should get around 5-6% used 6.5-8%
if you have access to a credit union you can get low 4% new and high 4% to low 5% used.FWIW I got %4.90 on my TL a few months back, by far the lowest rate I could find for used. thanks to my credit union, Hondas best rate for a 816 credit score was almost 8%. used.

And money down doesnt mean jack **** for the rate you'll get. its nothing more then a #s game. dealers will play games like that to make you believe you're getting a better deal.

The only time a down payment matters is when you can only get a loan for 20K and the car is going for 25K in that case you need to put down enough money to cover the difference.


"edit" if you do find a dealership that says they'll give you 0% MAKE SURE you read over every single paper. if they know you're looking for something like that, they'll make it happen, of course they'll *** fudge you in other areas where you're not looking. That's why most 0% offers give you the option of taking cash off the total cost of the car or getting a low rate. either way you pay.

 

just bought mine with 0 down and the lowest rate my credit union had was 6.39% nissan was low but only on certain types of cars and of course the z wasnt one of them.

 

thanks for the reply...Jeffie7, if my mom has excellent credit, will she have problems getting the loan she wants? i.e. a 30k loan, instead of 20k loan, and me paying the difference?

 

credit score means you're good at paying your bills. They wont base how much of a loan you can get on credit. they base that on income to debt ratio.

If your mom makes 5K a month, pays $2000 for house, $1000 for random bills, and $500.00 for a car payment that leaves her with $1500.00 in her hand at the end of the money.

they will base how much to loan her based on what she has after all her bills are paid.

If she has only $500.00 left after everything is all said and done with chances are they wont give her a loan for over 350-400 a month.

of course that depends on how pushy the finance guy is. Some guys dont care, they can know you can't pay the tab and will still sign off on it. most of those cars get repoed. same goes for houses.

So to answer your question in cliff notes.

How much will they finance? depends on what she makes.

 

ahh, makes sense now...

sorry to ask you another question...but does internet/fleet managers make any difference? i'm planning to go through internet managers, instead of traditional sales...i've research a little about them...and they move cars real quick...and someone told me "they get paid differently"...that is why they are allow to move cars quicker than traditional salesmen...

basically my question is...do you think it will be easier, if i go through the internet/fleet manager?

"of course that depends on how pushy the finance guy is. Some guys dont care, they can know you can't pay the tab and will still sign off on it. most of those cars get repoed. same goes for houses."

 

Dealer has car listed for 30K, internet has it listed for 28K as a SPEICAL PRICE!!!!!! people think that's a great deal and like to buy from the internet due to special pricing. little do they know that 30K car could be had for 26K....

Just learn how to deal when buying cars. it's all a big game.

Go into a dealership with cash in hand, tell him you want that car for X many dollars out the door. if they can't do it. leave.

done. =)

You should be able to lower the price of a car 1-2 thousand OUT THE DOOR.
if the price is 28, theres no reason you shouldnt beable to get it for 26K out the door if not lower. Just figure out what the market value of cars in your area is and pick a target price. go into a dealership with cash in hand and only buy IF they meet YOUR price.

NEVER make a deal with them, let them make a deal with you. no matter if over the internet or in person.

 

From what I know, fleet managers do get paid differently. They don't (or don't have to) go off of commission like the guys on the sales floor, but they may go off of the number of cars they sell per amount of time, which gives them much more flexibility on pricing. I bought my car directly through the fleet manager, 600 over invoice.

And your mom's FICO score is 800?? That's insane.

 

I am a sales manager at a Honda dealer. Before this I did fleet sales. Fleet/internet salespeople get paid the just like a retail salesperson...off the gross profit. A salespersons job is to maximize profit, your job as the customer is to minimize it. There is an obvious conflict of interest here so you have to balance the two out and find a fair price for everyone. With this said, it is definately a buyers market today and probably will be for a few more years. This means a great deal for you. A fair price to target is to buy the car for the sticker price including all taxes and fees. If there is a rebate then subtract this after you get to the above mentioned price.

As far as rates go, auto loans are different from other loans. With a credit score over 750 the banks will pretty much let you buy whatever you want as long as the payment doesn't exceed 20% of you income. You don't get a score like that if you don't pay your bills so you get alot of freedom and they figure that you know how to manage your money. If you want the best rate, shop the credit unions. They typically have the best rates and don't allow dealers to hold profit or mark up the rate. So you pay the actual rate the lender offers.

I hope this helps. I'll be glad to answer any specific ?'s you may have.

 

seriously get a costco card, mom's last car she got for like 2g's off of invoice after all the rebates using their program.

 

The best way to get a deal is to get a few online quotes from dealers near you where there a re a few closer together as they will be more competative. After you get 4-5 quotes, call all of the salespeople up and whoever gives you the best feeling over the phone you do business with. Even if their price isn't the lowest, they will all match the price or at least come close.

 

thanks corndogg...i appreciate the help! i'm mainly concerned about the out the door pricing....financing won't be a problem...like i said, my mother will be co signing with me...i'm just kinda worried about out the door pricing..

many people say, you should score your 350Z close to the invoice...heck, even the FAQ on this forum says you should...but people say you can't score a BRAND NEW Z at invoice...this is the part I don't understand...the 350z body has been around since late 2002...shouldn't it be easy to come by? since it's fairly aging in the market?

 

With 0 down, on the base model, you're looking at high 500's to low 600s per month. With your mom as the co-signer. This is not including gas, insurance, etc...

-Frank

 

yeah, i already calculated some #s...so i know i'm goin up against a pretty high #...i hope i can handle it

 

 

you gotta earn at least 8-9 bux an hour to easily afford that kind of car. i'm trying to when i buy my car make payments no more than 450 on a 3 yr financing.

only make 6.50 an hour though

 

If you make 8-9 bucks an hour you should really reconsider getting a $30K car. At 9 bucks an hour the cost of ownership of the Z would be around 85% of you income! I'm sorry but that is just stupid.

Don't do it.

 

How does a costco card give you rebates? i've never heard of this b4

 

it doesn't give rebates, it does have a specific price for all cars with no haggling at dealership, that doesn't include rebates or anything like that though so it stacks quite good.


i'm paying for a 10g car with a 6.50 an hour job, it's possible to do and have a good social life, and i only work 15 or so hours a week

 

*PUI*

Dude you really should get a life (and a real job).