I'm getting ready to buy a Nismo Z and was just wondering if its possible to get a loan for more than what the car costs? I'd like to get one for a few thousand more than the cost of the car just to do a little to it, does anyone do this?

 

Welcome. You want the car plus cash with no money down?

 

Not in this lifetime or the next.

 

Loan companys have found it a bit hard to reposses the cash if something goes wrong.

 

The quick answer is no.

The long answer is...not exactly.

There are a few ways to accomplish this, however:
1. Get a loan for the car at about 90-100% of what you buy it for, then get a personal loan or loan with something else as collateral.
2. Have the dealership upgrade the car and finance the total cost they charge you with the upgrades. This should get you 100% financed with the car and the mods.

NOW; why I wouldn't recommend either option from a financial standpoint:
1. personal loans carry high rates and are hard to qualify for; you should use other collateral or additional financing, because those won't go away when you sell your car.
2. The dealership will charge a lot for the mods and labor to get the same mods you can get cheaper; financing 100% of your car plus mods means you are VERY upside down right away. You will have a huge liability on the car and very little asset to offset that.

 

I would never do anything like this so stupid but I know when I got my loan they made it a point to be sure I was not getting more cash than the car cost.

Now personally I think its pretty stupid to go into a car loan with no money down much less trying to get money out of the car above and beyond the cost of the car.

If you can afford the insurance and car note of a nismo with no money down you should be able to afford to wait 90-180 days and save your payment money in the bank and be able to a) down payment or b) mods.

 

You are welcome.

 

Amazing first post. Congratz

 

+1