Approved at last!!

[aidan80]

At long last I (1st time car buyer) have finally gotten the ok for funds for my new car! I’ll be putting down 25% up front that made the bank happier about the loan. So in about 4 - 6 weeks I should have enough funds to get my car! I’ll also need to sell my old car before I pickup the new one as I’ll need the extra cash for the deposit.

I suppose this is good I’ve got a bit more time to try and squeeze the dealers a bit more. The single best offer I have in print listing everything including tax, title and tag (I already have one).. plus the dealer fees is around $13,700 out the door. That’s for a Versa 1.8 manual, A/C and not really anything else apart from the mats lol

Does my out the door seem about right I’m still going to try and get some more off the price! My old car is a Mercury Tracer GS let’s hope I can sell the old car and make the switch to the new one without there being a gap in between!

It’s Christmas time for me only it’s still easily 90f outside most days still.

[VersaMG08]

You going to get the 2010 hatchback right? Definitely save up for the S with power package, worth the extra cost.

What color you getting? Personally, I would of got blue but gray was available and got that instead.

[Promise Land]

Congrats on the loan approval. Ask your dealer if the price would be better with a VPP discount. I can help with a code for the discount if it will help you get a better price. I would push for an '09 S 1.8 Hatch with the manual unless you want the extra features of the SL. $13.8 doesn't sound too bad though.

[aidan80]

The first Versa I'd driven was a manual possible the same one I'll buy it had 6 miles on it lol.. It was blue hatchback and I was going to go for silver but I really liked that blue. I'm going for an 09 model I know it's almost 2010 but I'm after a deal not the latest year model. I wouldn't mind the power option but do I need it so that's extra cash saved to add some personal touches to the car after I've bought it.

[aidan80]

Congrats on the loan approval. Ask your dealer if the price would be better with a VPP discount. I can help with a code for the discount if it will help you get a better price. I would push for an '09 S 1.8 Hatch with the manual unless you want the extra features of the SL. $13.8 doesn't sound too bad though.

Thanks.. it feels like it's taken a month to get to this point and another month/month and a half to finish it but it's worth it in the end. I'll happily go for the VPP if you have a code, please sent it on! Yes I'm aiming for the 09 hatchback S 1.8 A/C and CD player.. bare bones really but that's what I want! I'd love the SL but as a first time car buyer I'm at the limits as to what I'll get from the bank at a decent rate unless I want to take a loan from the bottom feeders and have them on my back for three years!

[aidan80]

I forgot to ask and I forgot to ask when I was at the bank today.. but how does the process work for buying a car, I've never done this before! When I talked to the bank they said I was approved, pay my 25% of the total cost and they would cover the other 75% but that PO had to show my 25% being paid the total amount the vehicle costs. They said I should have the dealer that purchase order to the bank and that's that.

Excited I left without asking.. or putting any ink to paper to accept the loan, terms, rates or length? I know I need to go back I was just that happy when I heard yes! lol I know I'm in the 8.9 - 9.9% category.

[Rand0m0sityxX]

Congrats on being approved.

Since it'll be a little while longer till you actually purchase you might come across some good discount/cash back things they have since they change it up like every month or two.

So look at Nissan's incentives to also count towards taking off you total price.

[Red Devil]

Buying a car.

You need to be approved by a bank for a certain amount, usually the full price of the vehicle. Your credit score comes into play at this point. If you're approved you usually continue with the process.

You put $XXXX.XX down on the car. The more you put down and the lower your percentage, usually 6%, the lower your monthly payment. Your downpayment is deducted from the vehicle cost and the rest is financed through the bank. You then pay the bank a certain amount per month until the vehicle is paid off. The time it takes to pay it off depends on what you agree upon. Usually you agree to a term of 4-6 years.

4 years will have payments higher than a 6 year term but the car will be "yours" sooner. By "yours" I mean that until the loan is paid off, the bank has the title to your vehicle so it's technically the banks until you've repaid the loan. You usually have a minimum payment the bank requires per month but you can pay more than that.

I paid about $4000 down on my fully loaded Versa SL 6spd Hatchback and had the rest financed via a FCU. I have to pay the remainder of the vehicle off over a 4 year period. That equates to a $387.55 check I have to write each month to the FCU.

Generally that's how it works. Almost similair to how a mortgage on a house works.

[Promise Land]

Aidan,

Send me all your personal info (full name, address, etc.). I need it for the discount code.

[aidan80]

Buying a car.

You need to be approved by a bank for a certain amount, usually the full price of the vehicle. Your credit score comes into play at this point. If you're approved you usually continue with the process.

You put $XXXX.XX down on the car. The more you put down and the lower your percentage, usually 6%, the lower your monthly payment. Your downpayment is deducted from the vehicle cost and the rest is financed through the bank. You then pay the bank a certain amount per month until the vehicle is paid off. The time it takes to pay it off depends on what you agree upon. Usually you agree to a term of 4-6 years.

4 years will have payments higher than a 6 year term but the car will be "yours" sooner. By "yours" I mean that until the loan is paid off, the bank has the title to your vehicle so it's technically the banks until you've repaid the loan. You usually have a minimum payment the bank requires per month but you can pay more than that.

I paid about $4000 down on my fully loaded Versa SL 6spd Hatchback and had the rest financed via a FCU. I have to pay the remainder of the vehicle off over a 4 year period. That equates to a $387.55 check I have to write each month to the FCU.

Generally that's how it works. Almost similair to how a mortgage on a house works.

Thanks for that, I understand now how it should all run. I'm paying $3,500 down or 25% off the approx $14,000 out the door prices I've been quoted. Which should leave me with a monthly payment of around $240 - $250 which isn't bad. The credit union will be paying the $10,500 and adding their interest. Actually while I was married the stupid health insurance cost $244 a month so this isn't bad it's like I'm getting a car for free.. at least to my pay check.

[aidan80]

Aidan,

Send me all your personal info (full name, address, etc.). I need it for the discount code.

I've sent you an email! Thanks!

[aidan80]

Thanks for all your help!.. Now that I'm armed with a VPP code I have a question.. the money off and discounts that are out there already I assume they are excluded if using a VPP code? I contacted a couple of dealers and the first one back with a price is quoting $13,665 out the door for a bare bones 1.8 which seems decent all in. I'm trying not to get caught with these dealers. They are just too slippery!

[Promise Land]

Usually the cash back offers are still accepted. Normally you can get a special financing rate through NMAC or use the VPP discount. Request to see the price using all the discounts and VPP. They should find you the best deal for you given all the options. if you have questions on anything, ask them to explain it until you understand. If they don't make you happy, go to another dealer.