Hi Folks,

Firstly, let me introduce myself. I'm 39 years old, originally from Ireland and have been living in the US (legally!) for almost 5 years.

The wife has given me permission to buy a car for my 40th - I plan to buy in Spring 2010 finances permitting. My daily driver is an Explorer so whatever I buy will be for Summer / dry conditions only.

I had long admired 350Z's and the 05-09 Mustang GT. I've driven various examples of each and had originally been leaning towards the Mustang for the simple reason that it seats four. But after thinking long and hard (and driving a few more Z's) my final decision is to go with the Z. It just feels like more of a sports car than the Mustang and reminds me of my first decent coupe (a Euro spec VW Corrado VR6).

So, with all that out of the way, I'll probably be looking to spend around $16k and whilst I would like a Touring model, I would be quite happy with an Enthusiast or Performance if the right deal came along.

My question is, if I try to arrange financing through my bank, what will the likely restrictions be on the age of the car given that I'd probably be looking for a loan term of 48 or 60 months?

Apologies if this seems like a stupid question, but in Ireland the banks don't really give a damn about the age of the car (at least they didn't when I was still living there....)

Thanks in advance.

 

Hi & welcome!

Although I'm no financial expert, I'd say that the criteria that your probably gonna be looking at is the perceived value of the car vs how much you're trying to finance and how good your credit is. If you're buying a car that books out well and you have good credit, they'll probably go 60 months. I'm saying that because I have a friend that just bought a 1996 Mustang GT vert(that's old, but it books well) with 50k miles(low mileage, good cond) for right around $7k. I thought she'd just pay cash for it, but she didn't wanna empty her savings(not a bad idea, since I pretty much did that when I bought my Z!), so she financed it and they offered her 60 months! I was shocked, but she has xlnt credit. Buy the newest car that fits in the budget! Good luck!

You might wanna do a search and see if anyone who is a financial expert can give you some definitive answers.

 

Bank of America finances cars that are 6 years or newer.
Here is the rates:
http://www.bankofamerica.com/vehicle...ans-_-TextLink

You can apply online and see what the result would be.
Good luck to you, sir!

 

fail

 

The primary concern of the bank is getting stuck with a repo. Figure

$16000 retail
$14000 wholesale
Bank will finance 80 percent of wholesale or $11200. You will have to put $4800 down.

 

Thanks for the replies!

...and the comment about the wife was meant to be tongue in cheek....

 

 

Guys.

I didn't want you to think that I was one of those guys who posts once to say that he really wants a Z and then goes off 5 minutes later to by a TSX..! I'm taking the plunge and going for a black 06 with 35k miles. I know there are oil consumption issues with the 06 but it is a certified Nissan pre-owned so I'm any issues should have already been dealt with.

Getting credit has been a challenge for me in the past not due to my score (which is in the low to mid 700's) but due to the relatively short length of my credit history.

I'll find out tomorrow morning if I've been approved and, if I am, I'll be picking it up tomorrow night. If all goes well, I'll post pics as soon as I can. Wish me luck.

Thanks,

Davy.

 

DavidV was about to pounce on this thread...

 

I am from Canada and when i wanted to finance my Z they would not do it because it was 6 years and the rate was sky high something like 11 percent.

I just took a personal loan of 10k got the bank to write a check to the dealer and it was done with a rate of 4 percent. It was an unsecured rate. If you have some sort of collateral im pretty sure you can get a much better rate. My 0.2

 

FWIW, a car is not something that you should borrow to buy. Save up your money and then pay cash. You may have to wait until your 45 instead of 40, but it is a lot smarter.

 

I hope you shopped around. Every single bank/credit union has different lending policies. The advice you have been given us only accurate at some lending institutions. Many will loan you 100% of the purchase price while others will only give you NADA loan value. Some go 5 years on a 5 year old car and some will only go 12 months on a car that old.

Just because one bank/cedit union tells you no because of policy it doesn't mean another one won't say yes to the same application.

Good luck on your purchase.

 

Thanks for the responses guys.

Davy.

 

good luck!

 

Well...today I finally join the Z family!! After a year of shopping around, test driving and dreaming, I picked up my Z tonight. It's an 06 with 35k miles, Magnetic Black, engine was replaced due to the oil consumption TSB / recall and it's in perfect condition. It is a base, but I'm happy with that as I'll be swapping out the stock stereo for the Alpine / Infinity set-up I had in my previous car. I doubt if I'll miss the LSD and I won't be driving it in ice or snow.

So happy to be be back in a stick shift sport coupe after several years in an SUV!

I can't argue with your reasoning and I appreciate your response but, I'm almost forty, don't drink or smoke, I can afford it and I could be dead in 5 years time. I'm already a homeowner so I have got my priorities fairly straight.

Anyway, once I have photos, I'll post in the newbies section.

Thanks all,

Davy

 

Glad to hear it all worked out for you. I am sure you will be very happy with your decision.

 

Congratz on the car. I'm sure you're going to love it.

 

yeah, that isn't exactly right.

where in philly you at?

 

About 30 miles west of Philly - Phoenixville / Pottstown area.

Yourself?

 

I'm in CC.

enjoy the car.