I am 18 years old and i am curious on my chances of obtaining a loan for a Z. I want an 03 or 04 Z with around 45-60k miles which makes the car's worth around 15-18k. I will be able to put around 10k down if not a little more meaning i would be financing around 5-8k. Although I am 18 i do have an excellent credit score already (730) but it is limited credit. I owned 2 credit cards literally the week i turned 18 in hopes of bringing up my credit. I paid them every month and i was really shocked to see it that high when i went for a free report when im curious of buying a Z. I can prove a steady income of 900+ a month however i really make 1400 or so due to being a waiter at restaurant and we don't report all tips. I will be willing to go to 48 month loan which should bring my payment to a max 230 even with TERRIBLE APR. However going at what i hope i can get it around (10-12%) payments won't even be over $200 for 4 years. I am in college right now and as far as lender would know i don't make ANY other payments since i live at home for the time being. Also my job is rock solid. It's the busiest restaurant in town and it's been around for 35 years and isn't going anywhere anytime soon and everyone loves me there if that counts for anything in a lenders eyes.

I can get a co-signer with excellent credit(my aunt) however i would rather not drag her into this since because she doesn't approve of this but will help. I would rather do this all on my own and having this credit score makes me think it must be possible. What do you guys think? I know most of you hate seeing a young kid with a 350Z blah blah but i do work for this and i have never wanted anything else more in my life and i built credit instantly in hopes of this. Thanks to me being listed as a secondary driver i only have to pay my aunt 80 a month in insurance right now and i agreed to pay her 100 a month with the increased cost of a Z being on there. I'm lucky i have a good job and all this but still i hate having such limited credit.

What are my chances doing this by myself in the next month here with a decent apr? If there is no chance i guess i get a co-signer but i really don't want to.

Thanks for anyone who helps instead of flaming me for being 18 and wanting a Z lmao.

 

won't flame you for wanting a used Z. A new SI would cost more. You'll get a loan with 10k down. promise.

 

With a credit score of 730 (limited as it is) and a down payment so large will it be a "decent rate" though?

Thanks for not flaming me too lol i work for my stuff young as i am. You would never catch me in a freaking civic Si...

 

depends on your debt to income ratio but i'm guessing you're A rated.

big down, good credit, you'll be fine. find a car that is priced at or near wholesale book. no problemo. you're golden.

 

I have a total debt right now of like 230 on one credit card for a TV i ampaying of with the 0% interest for a year deal heh. Other than that my total credit limit is 1500 currently but i want to get it extended a bit to up credit some more.

I guess looking at it that the car is worth 16k or so and they are only lending me not even half of that the risk isn't that big right. Even if my credit is fairly new. I guess they may figure they could always repo the car for way more than what the loan will be owed for.

Thanks a lot for boosting my confidence surfcity. I'm going to go to my credit union tomorrow and talk with them. I just don't want them to laugh at me like "uh yea right your 18 kid now scram"

 

with that down they will sell you the car. if they try and d!ck with you on the rate just leave and find someone who won't. no rush...you're gonna have payments for a while. don't rush into a bad deal.

 

What would you say is the highest rate i should go for? I was hoping to be under 10% but 12 or 13 wouldn't be bad considering it's like 5 bucks more a month

 

at 730 you shouldn't pay more than 4%, but since you're buying used it'll be around 10%. have your dad go with you.

 

Yea i figured it would be around %10 simply because it's used and my young age. My dad has bad credit hah so he wouldn't be too much of help in their eyes. It's my aunt that has the good credit and excellent equity. However i don't want to mooch off her credit and make her feel like she's taking a slight risk with her credit on something she doesn't even think i need at this age. What she doesn't understand is how much i want one of these things and how working for it is all worth it. It's going to be MY party in college not boo's. haha

thanks a lot for the help surfcity

 

np, gl

 

Just because you have a high credit score does not mean you will get a loan. The easiest way for you to get a loan is to financial through a big dealer (I financed mines through Nissan big dealership, they helped find me a lender and it was not bad for my first real car/loan). I had a pretty good credit, but lack of credit length/limited credit killed it all most lenders will not give you a loan if you try to apply for it yourself. I also had a large down payment also. Get ready for your insurance to be spiked up big time also, so I don't know if you really could afford it.

 

Insurance will be 560 every 6 months listed as a secondary so yes i can afford it

How good was your credit and how large was your down payment?

My credit is 730 as i said and my down payment will probably be 60-70% of the actual cost of the car.

 

You shouldn't have a problem getting a loan. You said you work at a restaraunt, do you receive tips? If you do, do you claim them? Most banks do not like service industry people because their incomes fluctuate and they are hard to prove. Because you have limited credit, the bank will ask for proof of income. If you can prove that you make at least $1200 a month you will be ok. You will have a higher interest rate than if you were to use a cosigner. You also said your aunt has you listed as a secondary driver. Your aunt would have to be listed on the loan, as well, so she could have you on her policy. At least that's how it works here in Georgia. If you would rather do this in just your name, you'll have to pay higher interest and higher insurance. You'll probably get a rate of about 12 to 13%, if you buy a used Z from a dealership. If you find a Z from a private seller, you will have a much harder time getting a loan.

 

With half down I don’t see a problem.

 

Who will be the primary driver? Your aunt? Doubt if the insurance company will buy that. Besides if you want to be independent, cut the apron strings and get a policy of your own.

 

I am already listed as a secondary driver on my current car because they wanted 1.5k for full coverage every 6 months. This is the best way since it cost a third.

 

If you are listed as a secondary driver, but are actually the primary driver this is insurance fraud. Not recommended.

 

they know my circumstances at the insurance company and where my aunt lives. They are fine with how things are

 

Go to a credit union if you want a good rate.

 

i can tell you that i am 24 and my credit score at the time of getting my new z was 723..i borrowed 33,500..it took applying through multiple lendors but the dealer found one to loan me the money..my last years income was only 30,000 so they were iffy on laoning me 103% of my annual income..wich my car was new my rate was 5.4%..but i think you should be fine..