Sora1421

iTrader: (1)

Hello I am looking to go apply for a loan for a 350Z here very shortly. However I have a few factors going against me. First off, I am only 19. I have had credit cards since the day I turned 18 pretty much and I have never been late on a payment and they have since both raised my limits actually. My total credit limit across both of them is only $2500 but still shows I am trusted a little bit.
I currently live at home and go to college and work in a good internship from my university. I am still claimed as a dependent as of right now.

I will be looking to get around a 7k loan on a Z that I will probably end up spending maybe 14-15k on. After I sell/trade-in my car and putting in what I have been saving for the past 6 months, I will have about 7-7.5k down payment. Basically I will have at least half down. I have calculated the payment amount and at 48 months at around 10% I will have about a 180-200 a month payment. Total I personally only make about $900 a month working part-time. My credit score is in the mid 700's (limited as it is) however I'm afraid my income won't be high enough for someone want to give me a loan. Even though the payment will be about 20% of my monthly income and I'm listed as Single-0 meaning I don't have many other bills.

Will such a High downpayment of half down be able to secure me a Loan somewhere at a decent rate? Is there anywhere in particular I should be looking to apply for one at. Like a credit Union, or somewhere online?

Thank you for any input

cdauks07

Depends if you have a cosigner. I've worked at a credit union and that will play a big role if you are on the edge.

I know you didn't include this but if you pay your own insurance hopefully you factor in that price because that will be very expensive. You might have that under control but FYI

Entaille

iTrader: (16)

you won't know until you try. I foresee whichever bank or credit union you end up with wanting a co-signer. is this your first car loan?

Entaille

iTrader: (16)

+1 on insurance costs.. call your car insurance company and ask what it will jump to with a 350z, it's expensive for younger folks. don't be surprised when you hear 300$/month. :/

SoldzMyZ

iTrader: (11)

How about insurance?

blastoff99

iTrader: (5)

not to rain on your parade, but i think you will have trouble getting a loan. even "well-qualified" buyers are having trouble, and although you've done the right things, a lender will not consider you "well-qualified" because of your income if nothing else.

good luck.

Zivman

iTrader: (19)

I don't see you getting a "decent" loan. I can tell you right now, you shouldn't buy the car unless you can pay for it up front. At your age, there is NO reason to go into debt like that. keep your current car, it must be halfway decent if it is worth 7 grand, or trade it in on another car you can pay for in full.

Again, you are too young, and at the wrong point in your life to be worrying about a car note.

Sora1421

iTrader: (1)

Well insurance will go up to about 150 a month from the current 100 my car is right now. I am listed as secondary driver on my dads policy and that's his contribution to college currently. That and I can live there for free. However of coarse he just asks me for the keys if he wants to borrow my car etc. So really the roles are reversed but insurance costs are way to high normally for me and I have never had an accident or anything. My car is not worth 7k...it's worth about 5. I have been able to save 2500 in the past 6 months because this what I really want.

To those who say don't go in debt, I am so busy with full time school and 25 hours a week at my job that I hardly have any free time to even spend money on. I love driving cars and I always have to drive from class to work etc and this way I can have some fun just from commuting even if that sounds dumb. I have thought about my finances a lot and I have a job that's not going anywhere and will only pay me better while I stay in school. My aunt would co-sign (as my dad has terrible credit) however she lives out of state and local banks here say she is out of her jurisdiction.

Does anyone know a way to get a co-signer that is out of state?

Zivman

iTrader: (19)

Don't do it. I know being 19 you have it all figured out, but having a car note while your are school is not what you should be focusing on. Put your money into savings and buy a nicer car outright when you get out of school.. heck, have a down payment for a house. You are in college, focus on that. If you have some extra money, good for you. You have PLENTY of time to get yourself into debt, don't do it at this point in your life

mddubs

Very wise. He'll be smart to take your advice but I doubt he will. I bought my '06 Z brand new, right out of college after getting my first real job.

If I could do it again, I'd have bought a $5k car out right (maybe 6 month finance) and saved $650/month for the last 3 years! (Especially since the Z is useless during these midwest winters, a big thanks to my gf for driving me to work all those times). I'll at least be happy in 2 years when it's finally paid off and I own the car I love with a gentle 40k miles on it, but looking back it wasn't the smart move. There's a whole lot more I could have done with that money.

... on the other hand, I might have just blown it all on ******** ... so you never really know...

Entaille

iTrader: (16)

life lessons are learned best first hand. everyone can always chime in on someone elses life and say that they should do something differently, but you can tell he's already made up his mind.

there's no fighting it a lot of people wish they could go back and do something differently, I live my life without regrets.

Mike@Blackline

iTrader: (37)

you'll get it. same boat here. only borrowed 10,000 with a 2500 down p and 6500 trade in. got it no problem through the cadillac dealership, ended up being with wachovia. youre guaranteed to get ****ed on the rates though without a cosigner, no doubt

Sora1421

iTrader: (1)

Yea that's what I was thinking. I think they will give it to me with such a high downpayment however my rate may be terrible. Even with a credit score in the mid 700's. My father doesn't have amazing credit though. I think just decent. However he still makes 50k a year and owns a house. Would he be an okay co-signer? I want my aunt to co-sign however she lives in a different state and I don't know how that would work yet.

Zivman

iTrader: (19)

When it comes to auto loans, your standard scores don't mean much. Auto loans work on their own scoring system and thus, will most likely have a different rating than what you pulled. You having no auto loan history will hurt your ability for a "decent" rate.


Again, I STRONGLY urge you to not get the car. I doubt you will be able to get the loan on your own. That in itself should be enough to tell you not to pursue it further.

SoldzMyZ

iTrader: (11)

HOLY ****. 250 a month on insurance!!! IMO, move out fool. Thats 3000 right there. Finish school first if I was you and just keep saving. Hell the Z cost a lot for maintenance and with you being busy, that another few thousand just to have someone do the work. I was like you before I got my Z. It is my dream car which I lusted over it for 2 years during my undergrad. I got my Z after I graduated at 23, though I am back in grad school at the moment. YOu can pretty much buy a Z almost paid off when you are done with the money you have saved.

SoldzMyZ

iTrader: (11)

It that's the case, buy it and post here in one year.

Sora1421

iTrader: (1)

I have decided to use my money in the bank (I have 8,000 saved for any college costs) and buy the car and full and instead of paying 180 to the bank every month, place 150 back into my savings. That will offset the interest amount and keep the payment (even though its not a payment) and allow me to get it. I did not want to do this becuase I wanted to keep that money in there for college but I am good with money and I'm sure I will place 150 back in every month no problem.

I drive a 2001 eclipse which is already extremely high on the insurance risk ratings so the premium will only increase 150 for every 6 months.

Sora1421

iTrader: (1)

bah double post

mrg1981

iTrader: (2)

Based on your posts in this thread, I'd say college will be a good use of your time and money.

Asian Invasian

iTrader: (31)

How is your credit scored mid 700's... check it on all 3 on a different site..

Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.