I've gone back to school and want to finance a used Z. I make 4 times the estimated monthly payment. I know that the majority of banks won't finance someone who is part time employed regardless of how much cashflow they're working with. I know that going with a cosigner is best but I'll probably have to do this on my own and need to find a bank that is college student friendly. All of my credit scores are in the mid 680's to low 690's range.

 

my 350z is financed and i am full time student.. part time military and waiter.

 

Try americredit

 

Check the marketplace and you will find plenty of 350Zs for sale from members who are over their heads financially. Not only are there payments, but also include insurance and routine maintenance. Tires alone are $800.

There is a way to get around a limited income and borrowing. Put half the price down. And since you have been a member for 21 months and have been saving, you can do that right?

 

I just spent my whole year of saving and paid off the Z! woohooo! Okay.. this is off topic. The best bet is to go co-signer? Even if you can pull it off on your own, the interest might be higher.

 

I only have two people in my family who have good credit. There's my mom who cosigned my education loans, then there's my dad doesn't have good credit but has his retirement money managed by USAA so they give him low interest (they charge him interest to borrow his own money in reality). The problem is that my dad is manipulative, a chronic liar, and steals money every time you turn around. I don't want to use my mom because school is a prority over the cars and I don't want to max out her cosigning ability, and as far as my dad...

maintanence costs are one of the main reasons why I'm getting another vehicle. my truck is 10 yrs old and due for major maintenance and I already pay a quarter of what it's worth on maintenance each year. I did the math and that's equal to 2-3 Z payments.

 

I agree about no co-signature. Better that the loan is in your name only.

 

I did that back in the day when I bought my Eagle Talon (new)...in college, part-time employment. You should be able to get financing, methinks.

 

You say you make 4X the monthly payment. Is that gross or take home? Do you make 4X the payment only or the total operating expense. lets say your payment is $400+$200 insurance+$200 gas/maintenance. Do you take home $800X4=$3200 a month? That would still put your cost of ownership at 25% of your net pay. That's pretty high.
With a 690 credit score you will qualify for a decent APR, say 7% which is the going rate used. Don't let them try to get you for 10% or more. They will be ripping you off. I would put as much as you can Down, unless you can make more than the APR by putting the money elsewhere.
FWIW, I didn't even own a car when I was a full time student. I bought an 8 year old Integra when I graduated and finally got the Z @ 29 yrs old.

 

So did you decide if the 350Z is the car for you?

 

No,they are a last resort for people with bad credit.
Get a loan from a bank, once you have an idea of how much you want to spend, get pre-approved. If they want more than 6.x% interest don't do it.