okay guys , i have also some financing questions. I am planning to buy a 06 used z or 07 leftover z around october. I am attending school full time and working part time. I have a pretty good credit score since i pay all my credit cards on time. I am planning to spend around not more than 24.000 for the car. I do not know i can get a 07 leftover base for that but i am pretty much sure that i can get a 06 used base for that price.

Here is the question I am planning to put around 12.000 as a downpayment. But, I am not making not more than $800 from my part time job and my parents are not in here to co-sign for me. I am receiving constant income support from them every month. Since i am in school, they send me money for rent and expenses and other stuff. I can document this info from the bank . As i told, i have a good credit but kinda scare to rejected in the dealership because of low income issue. What should i do, what are my options?

I am thinking to show my bank statements and they can check my credit score. But , still kinda hesitate not to buy the car, so give me some info. thanks

 

Have your parents arrange a loan for you at their local bank .Documents can be faxed an signed all over the world.

bill

 

they are not in the USA. They are not U.S citizens too. Plus, the interest rate will be much more higher than here. Maybe 15 16 % .

 

go to the bank you have an account with and talk to a loan officer. *note do this a few weeks before you want to buy*

That being said, your payment is going to most likely be too high for most banks to want to deal with you.

 

why ? I get $1000 from parents and 800$ from part time job and have a good credit score. I think 1800 $ is more than enough to pay a monthly payment for a 350z right and also i will put at least 50% down payment

 

man im sorry to say this but your probably not ready for the Z yet. 12,000 down on a 24,000 + tax is going to be around 26,000 so your looking at a 14,000 loan for 3 years ifyour smart. So thats around 320 a month depending on credit plus insurance if your still in school or young under 25 its going to be around 250 a month...me age21 206 but it dropped from 280 this year. Plus gas 50 a week is another 200, I dont know that leaves you tight man, and once you have it your are going to put **** on credit cards....sorry man just sounds like a bad idea.

 

Agree. $12,000 down on a $24,000 car will work. I see no problem getting a loan for the balance. With half down, the lender assumes little risk. But the problem is cash flow. Figure:

Loan payment
$200/month insurance
I set aside $200/month for routine maintenance like tires

 

+1.

 

imo, you're not ready.....wait for a couple of more years or save up a little bit more because the interest will eat ya up and so is the gas prices....but if you're fine with eating ramen for the next few years go ahead.

 

Lol, granted im probably older than most of you here but I only pay $1800/yr on my Cobra and Z06 combined. You guys need to check into Wawanesa for insurance, my whole family and a few friends have switched and all saved a lot of money, and I have the maximum amount you can get and low deductibles.

As for the loan for this Z, you will get it no problem. There is no way that a bank would lose money on this deal, it would already have plenty of equity in it if they need to repo it. Your best bet is just go in and try, it doesnt hurt your score when your applying for a loan, it will if you have too many inquiries though.

 

Get insurance quotes for yourself, they're free. Anything here is just a guess. If you are putting half down on the car, you will have no problem with the loan. Even if you default, the bank can turn a profit lol.

 

the insurance from online geico is around $170 and i assume if they give me %8 for 5 years payments are around $280 so i think i can handle it