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Old 06-26-2009, 09:32 AM   #38 (permalink)
kannibul
A True Z Fanatic
 
Join Date: Jun 2009
Location: Jenks, OK
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Drives: 370z Touring/Sport
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Quote:
Originally Posted by Pharmacist View Post
Ok, regarding the no credit history thing, I DO have a credit history. It's my student loan. It was 45k, i.e. more than the Z is worth, and paid more than half of it (24k) in a period of only 5 months. Doesn't that count for something?

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.
Student loans are the "joke" of credit.

Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt.
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