Mr Sharp

I made it my new year's resolution to own a 350z before the end of 2012, its one of the only resolutions I wanna actually follow through with. I have $6,000 saved up right now and currently have no bills other then my cell phone, (an awesome benefit about being in the military.) I've decided on getting an 07-08 Nismo 350z and was wondering if anyone on the forums has ever gotten a loan. My plan was to get a loan to cover the difference so I just pay off the company I got the loan from. I heard USAA was good to get an auto loan with any thoughts?

JCITY

iTrader: (2)

Good for you!
I hope you get that Z!
On your staement if anyone on the forum has "ever gotten a loan".
Be prepared to get some "comments" on that remark.
I would take a wild guess and say not too many people paid cash for their cars.
Most are loans,some leases...
Being in the military is indeed a benifit when it comes to getting a loan.
You are pretty much guaranteed since your "boss" has pretty deep pockets.
You may want to consider not blowing all of your $6,00 nest egg.Maybe
a reasonable downpayment,workable payments and have some cash
left in your pocket for some mods that you are sure to want to do.
Besides that,this is a good way to build up your credit record.

Good luck in your search!

Mr Sharp

Sorry I'm on my phone, I meant if anyone has gotten a loan with usaa and I was curious as to the rates were compared to other companies and if going with USAA would be my best bet or not.

hmitchelle

Hello Mr Sharp, glad you posted so i could be of some assistance.. I sell cars for a living and want to explain a bit to you. Depending on your credit score, debt to income ratio, and previous auto loans, also employment history all pretty much make up weather you'll get financed or not. USAA will definitely be an advantage because of the low aprs for used vehicles, on the other hand if you are able to go with Navy Federal, they do infact have the best rates on pre owned vehicles. I would look for one in more of a main stream dealership, aka Nissan, Chevy, Ford, so on and so forth due to the ease of financing, warranty, and price. Most main stream dealerships right now are offering a $750 cash bonus for any member of USAA and some offer military pricing. For the money down part, look up your trade on KBB.Com and print that out, they will try to tell you that they dont go by kbb, just auction prices, dont listen to that and defend your trade. If you dont have a trade money down will help the ease of financing but is not a big of impact as you would think. Think of it as $16 per thousand down. so if you have 6k down that would decrease your monthly payment by $96.00, i would suggest putting the tax title and license down and save the rest so you'll only be paying those initial payments from that original 6k and it keeps saving. So dont ever pay sticker price for a car, go in educated, know the value of the car, ask for the carfax, and know your trade if that applies. I hope i was helpful, if you have any other questions please feel free to give me a call at 951-719-7072, - Hunter

davidv

iTrader: (2)

Get a personal loan to pay off a auto loan? Not sure what the purpose would be.

davidv

iTrader: (2)

A simple internet search will allow you to compare loan rates: http://www.bankrate.com/

Sick an Twsd

iTrader: (14)

Mr. Sharp if you dont mind me asking what's your paygrade?

Mr Sharp

E-2 I get hazard duty pay for airborne as well.

R350Zz33

iTrader: (4)

wait till you can afford it because **** does happen

R3CKLESS

iTrader: (2)

When I originally enlisted, I went through USAA and they raped me in every way possible. If you have good credit already though you may be in better shape. I started with none. My first car I financed without credit was 19 interest rate.

BornSlippyZ

iTrader: (1)

USAA has pretty good rates, but I took my USAA price/int% rate on a 2012 Sequoia and the dealership matched the USAA buy it price. Also I got a great apr from Toyota Financial of 1.7% beating the USAA interest rate. I would us USAA as a tool and see if the dealership can match it or beat it.

I was once in the military and would get a car you can pay off before your enlistment ends. Like what R350 said, **** happens and you might need some cash on hand.

Just my .02 cents op. Good luck.

Sick an Twsd

iTrader: (14)

HDP is 300 a month i think? so your roughly making roughly 900ish a paycheck (without BAS/BAH/COLA)

i'd honestly wait to spend 27-28k on a car till you get to E-6/E-7...

you have to consider not only your monthly bills but you also will have
Cost of living (food/beer/groceries/GF)
insurance
Maitenance on your vehicle
plates/tags
electronics/video games

take it from an E4 who made a bad decision once and is still paying for it 18mo later and get something a whole lot cheaper, i'd suggest something in the 10-11k price range...

Ak48z

iTrader: (2)

I have my loan through USAA.. I won't say its a bad rate but it is definitely not the best. This is my first financed vehicle though with little credit. USAA has always been a top player in my book and i've never had any issues from them. My rate is either 8 or 9%.

Sick an Twsd

iTrader: (14)

Navy Federal credit union has always been fair with me, i just got quoted for 3.4% on a loan and thats at 21, it really depends on your credit score and with being active duty they arent to worried about you being able to pay your bills.

for insurance though i HIGHLY suggest USAA (un-biased) i've talked to several other service members who go through other companies and with full coverage and no tickets/accidents i was spending roughly 40-50$ less a month on insurance

Mr Sharp

Thanks for all the input, I'll definitely shop around a bit more and see what I'm offered. Thanks for the warning sick, mind if I ask how much insurance and monthly payments were for you?

Sick an Twsd

iTrader: (14)

Navy FCU
Loan - 11,051
intrest - 14.00% (refused to have a co-signer w/ no credit)
Term - 5 years

Insurance - USAA (had since i was 15)
monthly- 146$
Full coverage

mind you everyone is going to have something different, i know for sure people were paying in the upwards of $300 a month for insurance but i had a really good track record with USAA

Average i was making in VA beach ~$650 every paycheck as an E2... i've been an E4 since feburary and make roughly $1100 a paycheck