Need some financial advice please?

daleks

You have to meet minimum loan-to-value (LTV) amounts to qualify for certain loans. Generally if you have a 20% LTV (20% of principle paid up front) you should quality for the best rate. Beyond that it's a function of what you want to pay now and what you want to pay later. I think the main point is that if you don't put money down towards the car, be sure to do something useful with it. Otherwise it would've been better spent on paying down the car. Small variations in interest rates amount a couple grand over the life of the loan, which may or may not be much depending on your situation.

wilsonp

I agree - given current savings rates, I realized I was better off paying cash then getting a loan. Saved much more money not paying interest than earning slowly.

Also, I like to buy used these days - forced into it by my desire for an NSX, but find it has advantages in addition to letting someone else eat the depreciation. I'm not afraid of buying new, though, since I tend to keep a car 10 years.

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2014 Cayman S PDK Sport Chrono White/Black
Was 2009 370Z Touring Sport+Nav 7AT Metallic Black/Persimmon
Was 1991 NSX Auto Black/Black

Red__Zed

I personally try to pay cash for any vehicles I buy. They are a depreciating asset, and you lose a large chunk of the value driving off the lot.

I would try to make as large of a down payment as possible. Avoids paying interest, and you spend less time upside down on the car.

kenchan

Just do it like the bmw crowd. Have your parents buy it for you.

I think it all depends on your income. $10K might not be enough for some folks.

SkyZ

i agree, cash. all up front. no need to pay interest, and all future earnings dont have to be nickel and dimed away from various car payments, mortgages, payment on that sofa you just bought, and so on. If u spend all of 2morros money today what are you going to spend 2morro?

Z_ealot

Appreciate all the great feedback guys, i definitely understand which is why i am going to be purchasing used. I figure with the way these things depreciate i should be able to get an 09 for $26k or under and not have alot to go on a loan seeing as most of the 07 350z are going for around that price or under that i've seen in my area.

Falcor

Check out my post just a few below yours with the heading "financing help"

I thought for sure 12,000 would make it easy for me to get financed, but due to my limited credit history no one will touch me. not the credit unions not the bank not the dealership. I am amazed, but if you have decent credit history I'm sure you will be fine.

Z_ealot

Funny you mention that as i was actually doing just that yesterday, i think i should be ok though as my credit history goes back about 6 years with very few negatives on it. I do appreciate your advice though and i did hear that you finally got approval for financing through someone. Hope you enjoy your Z as much as i will when i do finally get it

Falcor

Good to hear. I definitely will, thanks.

Svre46

I was able to get a new 09base for 26490 last month...sat on the showroom floor.

Z_ealot

Thats awesome man, did it take any going and back and forth with the dealer to get to that price or was that what they were selling it for? I know i saw one or 2 that are going for $26k or under, but they're all the way out in Arizona which i guess wouldn't be a bad drive to go and pick one of these bad boys up and it was in the color i wanted which is the monterey blue with the sport package!