Hey guys!,

I´m debating on wether to apply for outside financing or go with the dealer. I´ll probabbly choose an 04 ENTH . I´m planning to put $16K for downpayment and finance the rest. What do you guys recommned me doing, as far as personal experiences. This is my first time new car buy so I´m hopping not to screw up ( I think I have a good credit 697.
Also I have this question. In the Nissan´s Payment Estimator, to go with the Enth.

Esti. Selling Price: $ 29010

Down Payment: $16000

APR: 6%

Monthly payments: $251.52

Do the $251.52 include the taxes financed? or just the MSRP???.

How much..estimate do you think I can lower the Estimated Selling Price of $ 29010

Thanks in advance for your opinions and help.

 

Firstly, I don't think the calculator you've used includes taxes. Most that I've seen don't.
Secondly, I'd go to your bank and see about getting pre-approved for this financing. They'll tell you on the spot what you'll pay from them for financing. If you walk into the dealer armed with a deal in hand, it could force them to give you a better deal on the financing. Whatever you do, don't even talk about financing at all until you've negotiated the lowest deal for the car.
Thirdly, I bought mine used, so I can only give you my experience with that: '03 PPW Track bought 3 mo's ago for 27.5 with aftermarket leather, navi, every option, 10k on the clock. With 10k down, I financed at 5 1/4.
Hope this was helpful...

Good luck!

 

The $251.52 will include only what is actually financed in the loan. If you roll the taxes, tags, title, licensing, processing fees, etc. in on top of the remaining $13,010, that will increase the mo. payment.

You'll have a better shot at lowering the dealers price if you bring outside financing in. Get pre-approved for a specific amount, and then go and push the dealer to conform to your approved amount. If they know you've already got financing, then they know you're capable of buying the car, so they won't feel like they are potentially wasting their time by bargaining with you. It's as close to paying cash in their eyes as you can get.

Good luck

 

If you are not in a rush to buy the car I would spend the next month trying to raise your score a bit. The cutoff for most banks for the lowest rate is 700, but some range up to 720. The cutoff for Nissan credit is 700.

Mine was 711 (average of the thee companies, 698, 715, 720). I spent a month fixing it up which basically meant I disputed just about every bad item on all three reports and my average went up to 729. It takes about a month for the disputes to resolve and for you to be able to buy the car.

I went to www.capitalone.com and did an application online which took about 10 min and within 20 min I was approved at a rate of 4.49%. At the dealership I had my Blank Check at 4.49% and was then able to get them to give me 3.79% and I gave up $200 on the purchase price on the car. Just so you know on a 5 year loan 0.1% is worth about $65 today more or less. Definately go in pre-approved w/ someone like capitalone or e-loan and then see if they can do better. Also if you are a member of a credit union they can usually give the best rate. My parents recently got 3.49% from their credit union.

Bottom line is that there are 3 places that a dealer can make money. 1. is the purchase price of the car. you should go in w/ a good idea of what you are willing to pay and don't settle for anything more than the www.edmunds.com price. 2. is the financing. First don't tell them you are pre approved and negotiate the price of the car. They might think they'll make up anything they gave away on the purchase price on the loan. Then bust out the pre-approved paperwork and they might beat that rate just to get your loan business. 3. is on aftermarket gimicks like rust protection and scotch guard and crap like that... don't take any of that stuff.

As far as caclculating your payment... here's what you have to do:

(Purchase price + dealer fee)*(1+state & county tax rate) + tag and title - Down payment

for example in florida this might be w/ a $5,000 down payment: (29,000+450)*(1.06)+235 -5000= $26,450.

So $26,450 at 5 years at 3.79% is what you put into the payment caclulators which gives around $485 per month.

 

Walk into the dealer with financing in hand.......via a bank or credit union. That way you can focus on getting the best price from the dealer. If you want, after price is determined, you can give dealer chance to give you better deal on financing.

If your gonna put 50% or so down, you ought to get a good rate.

 

on negotiating the bottom line price of the car it's always good to go into the dealership pre-approved for a certain amount from a bank or a credit union etc. However, sometimes the dealership can get you the lowest apr on your loan. Don't discount that possibility. I was offered 5.25 on a 60 mo. from the bank, but with by financing the loan through Nissan Motor Assistance Corp. I got a 3.25 apr on a 62 mo. plus an extended warranty. So also check out what the dealership can give you.

 

nissan loan gave me 5.09% financing for 60 months on my Z. or 7.1% for 72 months. that was with $9,000 down. my credit score is 610. so their cutoff is not 700. there is no way a bank would touch me with that score. plus, this is my first new car. sometimes your dealer will give you the hookup. keep in mind they want to sell a car. and they might "know people" in those financing departments.

 

go to edmunds.com and build the vehicle you want and it will give you an idea of what the z is selling for in your market. Get preapproved and let the dealer know if they can match or beat the rate you will finance with them. I suggest using the internet department to buy

 

to qualify for nissan/infiniti tier 1 credit you need 700 fico (i believe they go by experian report mostly). if u are at 697, you should be able to get tier 1 rate...especially if you have 16K down. everything is negotiable!!! remember that you are the customer...u're the boss.

you shouldn't have to pay no more than $500-1000 bux over invoice on da Z (well at least here in CA). add in the tariff for your local county and doc fees...your out the door price should be close to the MSRP. so let's say that total selling price comes to $29K (to make it simple). w/ tier 1 rate, you should be able to get 4% on the Z. at 4% you will pay about $18.42 for every $1,000 finance. so w/ out the door of $29K less 16K(down payment) gives u an amount finance of $13K...$13K times ($18.42/1K finance) gives u a payment of $239.46 per month.

i hope this helps.

 

Their cuttoff for the best rate is 700 sorry.

 

i thought you ment 700 was the cutoff for a loan period. i misread your post. my bad. so yea i was able to get 5.09% for 60 months. i guess not the best rate but not bad for a bad credit score like mine.