Approval for a 370z

[hitbychance]

Hey guys, i'm going to the nissan dealership on tuesday to attempt to finance a 370z and i want your serious opinions on if i will get approved or not.

I built the car online, its price is 56k (Canada)
I will buy it over 84 months with $8000 down
I make roughly 35-40g a year on a career i just started
I have no bills and live at home
I have some credit (all good) but just haven't had it for long.

What do you think?

[Rex]

Here's what I think ... buying a car that costs more than 1 year's salary is a BAD idea. Do not do it.

Go buy a decent used car for $5k and start stockpiling some funds, in a few years you'll be so much happier.

[TurboSauce]

get a wrx for half that price and have more fun.

[hitbychance]

Here's what I think ... buying a car that costs more than 1 year's salary is a BAD idea. Do not do it.

Go buy a decent used car for $5k and start stockpiling some funds, in a few years you'll be so much happier.

this would be the logical thing to do but, i'd rather have a 370z.

[AppleBonker]

Here's what I think ... buying a car that costs more than 1 year's salary is a BAD idea. Do not do it.

x2 It's a nice car, no doubt. But you don't want to have that loan hanging over your head for the next eight years. That kind of cost will kill your ability to move out and buy your own place. I'm pissed at myself for buying a car roughly half that cost. I wish I would've been smarter with my purchase and bought something cheaper to hold me over until I bought my own place. Just my two cents. Food for thought, that loan will run you somewhere in the ballpark of $700/month. Personally, I'd never want to be spending that percentage of my monthly earnings on a car.

[Jesda]

Speaking from experience, Rex is 400% correct.

[anti_flag_army]

Will they approve you? They will do anything they can to make you drive off with that car. Though its not in the best interest for you...

all the replies have good advise, hell with 8k cash you could find something thats used thats just as fun. and if you go for something used around 15k then you have a world of options (evo, 350z, wrx, g35, etc...)

Also, if you buy it brand new you take the biggest hit in value going down compared to buying it used.

[Pwnin O'Brien]

I make roughly 35-40g a year on a career i just started

This can really hurt your chances, depending on the creditor. Lots of creditors like to see applicants with at least one or two years of employment at the same job. Of course, it may just result in a higher interest rate.

[s0m3th1ngAZ]

Wait a year and buy used.

[AZ89two4Tsx]

get a wrx for half that price and have more fun.

Don't make useless posts.

OP, why don't you focus on moving out of your parents' house before buying a 50K+ car? Like really, wouldn't that be a bigger priority?

[raremotive]

How important is having first hand on a Z?

[AZ89two4Tsx]

How important is having first hand on a Z?

Enough to justify financing one when you still live with mommy and daddy?

[MinisterofDOOM]

Wait a year and buy used.

This would definitely be my recommendation. Wait even 2 or 3 years. Do you want to be on the winning or losing side of depreciation?

[hitbychance]

I haven't fully decided if i want to actually buy one, but i'm more or less curious to see if the financing will go through, thanks for the advice guys.

[HashiriyaS14]

WOW that's expensive. The Canadian/USD rate is almost 1 to 1 right now, right? That's SPENDY. You guys get hosed, is that all tax?

Flock that. If new cars are that expensive, go buy some RHD car that's already been imported to Canada. Get an R32 GTR or something.

Oh, and there' s no way for us to let you know if you'll qualify. Most approval processes are black boxes, you just have to go and ask.

[sentrastace]

Here's what I think ... buying a car that costs more than 1 year's salary is a BAD idea. Do not do it.

Go buy a decent used car for $5k and start stockpiling some funds, in a few years you'll be so much happier.

+1

[Urabus GodofTraction]

84 months? 84! Months! That's 7 years! You're going to be so upsidedown on that loan it'll be hilarious! Jesus. I've been looking at 10 year home mortgages and you're thinking about doing a 84 month car loan?

Ignoring that all car loans are damn stupid, that's damn stupid.

[Koshin]

OP, you buying that car would be a really bad idea. Do what you want by all means, but getting yourself into that much debt with a job you havent had long isnt a good idea.

40 grand isnt that much money. And buying a car like that and living at home is super lame. Pick up a hot chick and your hot car and take her home to your parents house.. lmfao haha

[Mr1der]

84 months? 84! Months! That's 7 years! You're going to be so upsidedown on that loan it'll be hilarious! Jesus. I've been looking at 10 year home mortgages and you're thinking about doing a 84 month car loan?

Ignoring that all car loans are damn stupid, that's damn stupid.

fact.

I feel like a tard for having my current 72 month loan...

I intend to drive my Civic into the ground though. And probably never finance a car again...

[ScrapMetal]

Pick up a hot chick and your hot car and take her home to your parents house.. lmfao haha

You're goal should be to definitely get out of Mom's and Dad's right now, not a new car. Heck, for me $30K-$40K is quite a bit of money, I could have a bad a** apartment in Miami if I made that much, not the cardboard box I live in now.

[marlin29311]

F all the noise about living at home. I'd rather live at home rent free and then buy a house next year when I get married. My fiancee lives on her own...I just go to her place.

In other news, buying a car that's almost 1.5 times your personal wealth is just dumb, and then paying if off over 7 years is even worse. Wait 2 years, buy it for 20k, or find a new car.

[ricers1]

most finance places look for these things...

age
amount of time youve been working at the same place. no less then 2 years.
and your credit.
if your not the perfect canidate they will ask for a co-signer (must be a good canidate, in other words you cant use your lazy friend or a bum)

having the 8k down will help but it also depends on all the above
make sure you check insurance rates!!!
for example.... my friend is 20, bought a 10k gmc trailblazer. his insurace is 350 a month.(has driving issues)
i have my 240 which i financed and my insurance is 180 a month.(1990 model year)
a brand new, financed, sports car will not be cheap. remember you cant be on your parents insurace if it is u that is the financeee.

ok i did a quick search/add up for ya(really board)\
40k usd
60 months
6 percent apr
799 a month usd
360 a month for insurance
dont forget maintainace
probably replace tires and brakes every 15k(2 grand bill??)
oil every 3k (70 bucks)?
add it all up and make sure you can afford it all

[93coupe]

Buy something used and inexpensive. I can't imagine being twenty and having a debt like that without it being a house. Also, I will probably never buy a brand new car. To me it makes way more sense to wait a year and let depreciation work in my favor. snatch up a nismo 350.

[ADDirishboy]

Stick with the general consensus and DON'T DO IT. A friend of mine did roughly the same thing as that. Bought a bmw m3 on a 96 month lease. He is screwed from it. He had to sell it, and is still making payments on it. That's right, doesn't even own it anymore but is STILL PAYING OFF LOANS.

Car payments are the stupidest things on the planet. I was going to buy a newer frontier (05+) but I am so against car payments. Ill wait till I can pay cash, or do like a 12 month loan. 1-2 years is the MAX. If I can't do that, I don't buy it.

And honestly, I highly doubt you would qualify for that kind of a lease. At least, I hope they wouldnt

[Bubba1]

I agree with the consensus. I would save the money, buy used, and save your money to move out on your own.

[szh]

Here's what I think ... buying a car that costs more than 1 year's salary is a BAD idea. Do not do it.

Go buy a decent used car for $5k and start stockpiling some funds, in a few years you'll be so much happier.

this would be the logical thing to do but, i'd rather have a 370z.

Cars depreciate in value way faster than houses ... even in the sucky housing market we are now in.

I totally agree with Keith (Rex). Buying an expensive car, well before you can really afford it, is beyond rational. Don't forget the costs to maintain it, insure it, etc., too!

Z

[asoomal]

WOW that's expensive. The Canadian/USD rate is almost 1 to 1 right now, right? That's SPENDY. You guys get hosed, is that all tax?

Flock that. If new cars are that expensive, go buy some RHD car that's already been imported to Canada. Get an R32 GTR or something.

Oh, and there' s no way for us to let you know if you'll qualify. Most approval processes are black boxes, you just have to go and ask.

Skyrines are sooo common over here, it's pretty much the next 4 door civic.

Plus RHD=Teh ghey.

[Dittoz7]

I would so get a R32 GTR...

[PoorManQ45]

oil every 3k (70 bucks)?

First, 3k mile changes are retarded.

Second, 5qts of Mobil 1 costs $22 at walmart. Purolator PureOne filter is ~$6. Not sure how you get to $70. LOL

/thread jack.

I'd take that cash and buy an S2000