Need some financial advice please?

Z_ealot · 09-22-2010, 02:18 PM

Hey all,

Just recently joined the boards and am planning on purchasing a 2009 possibly 2010 370Z in the fall of 2011. My question is by that time i should have a good $10k saved up from both the selling of my current car and just regular saving from paychecks and such, would $10k be a good down payment on a 370Z or should i try to save a little more. Thanks for any and all suggestions and look forward to hearing from you all

shadoquad · 09-22-2010, 02:21 PM

to be frank, I have no idea what will work for you financially. I put 10k down on my Z.

This depends on many different factors. What trim and type of Z are you targeting? How good is your credit? What is your current budget?

And none of these things is anybody's business but your own.

I can't really help you. Sorry

Z_ealot · 09-22-2010, 02:31 PM

Quote:

Originally Posted by shadoquad

to be frank, I have no idea what will work for you financially. I put 10k down on my Z.

This depends on many different factors. What trim and type of Z are you targeting? How good is your credit? What is your current budget?

And none of these things is anybody's business but your own.

I can't really help you. Sorry

Not trying to make it personal or anything, i just wanted a general idea of how much would be a good amount to put down on a Z. As far as trim goes i'm just looking for a base with the sport package.

shadoquad · 09-22-2010, 02:35 PM

Quote:

Originally Posted by Z_ealot

Not trying to make it personal or anything, i just wanted a general idea of how much would be a good amount to put down on a Z. As far as trim goes i'm just looking for a base with the sport package.

Well, again, down payment amount will totally depend on the particulars of your financial situation. One of the reasons I put down such a huge down payment was so that in case I have to sell the car, I've already taken most of the depreciation hit up front.

Another argument for a large down payment is that it all goes towards principle. The more money you pay on principle vs. interest, the less you're paying for the car overall. If you buy a car straight cash, you only pay for the costs of the car. If you finance the whole thing with a tiny down payment, you're paying a ton in interest.

I hope this helps?

ProfessorDave · 09-22-2010, 02:36 PM

I would think that that is certainly a good number to shoot for, but as shadoquad said, it will depend on a variety of other factors. Some of those factors could change between now and fall 2011 (your own credit score, the banking industry, etc.).

Why not talk to a loan rep at your local bank and give them the "what if?" scenario?

shadoquad · 09-22-2010, 02:41 PM

Quote:

Originally Posted by ProfessorDave

I would think that that is certainly a good number to shoot for, but as shadoquad said, it will depend on a variety of other factors. Some of those factors could change between now and fall 2011 (your own credit score, the banking industry, etc.).

Why not talk to a loan rep at your local bank and give them the "what if?" scenario?

I think Dave has an important point here. Definitely talk to banks before setting foot in a showroom!

Z_ealot · 09-22-2010, 02:56 PM

Points taken guys, just was asking here cause i never seem to be able to get a straight answer from any financial reps. or any good advice for that matter lol. In any case i've been keeping track of the prices for 2009 370Z and they seem to be on a downward trend in terms of sale price. average price i've seen for them in my area is around the $26k to $28k range and i'll most likely be looking for something in that range as far as the 370Z goes. Any chance of one of you seeling for that price next year? hehe

USMCASA · 09-22-2010, 02:57 PM

while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

shadoquad · 09-22-2010, 03:00 PM

Quote:

Originally Posted by Z_ealot

Points taken guys, just was asking here cause i never seem to be able to get a straight answer from any financial reps. or any good advice for that matter lol. In any case i've been keeping track of the prices for 2009 370Z and they seem to be on a downward trend in terms of sale price. average price i've seen for them in my area is around the $26k to $28k range and i'll most likely be looking for something in that range as far as the 370Z goes. Any chance of one of you seeling for that price next year? hehe

I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

Quote:

Originally Posted by USMCASA

while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

As I said, it's all about what works for your situation. If it doesn't hurt the check, looks like it works for you!

Z_ealot · 09-22-2010, 03:16 PM

[QUOTE=shadoquad;732215]

I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

oh i'm pretty sure i have already, just a matter of time

, i took a test drive in a fully loaded one last weekend with the navi and sport package and it was love at first drive. Still cant believe how comfortable the seats were, they just seem to hug you, haha

shoopajae10 · 09-22-2010, 03:09 PM

Quote:

Originally Posted by USMCASA

while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

ballinnnnnnnnnnnnnnnnnnnnnn.

USMCASA · 09-22-2010, 04:23 PM

Quote:

Originally Posted by shoopajae10

ballinnnnnnnnnnnnnnnnnnnnnn.

chicks by far are the biggest expense in any man's life

jaedub · 09-22-2010, 04:53 PM

10k down should be enough. I put 8k down with payment of 500 every month. My credit was avg.

dad · 09-22-2010, 05:03 PM

Don't finance beyond 60 months, the money sent on the interest isn't worth spending.

daleks · 09-22-2010, 05:09 PM

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.

09-22-2010, 02:18 PM	#1 (permalink)
Z_ealot A True Z Fanatic Join Date: Sep 2010 Location: Albuquerque, NM Posts: 2,045 Drives: 09 370Z Touring/Sprt Rep Power: 10091	Need some financial advice please? Hey all, Just recently joined the boards and am planning on purchasing a 2009 possibly 2010 370Z in the fall of 2011. My question is by that time i should have a good $10k saved up from both the selling of my current car and just regular saving from paychecks and such, would $10k be a good down payment on a 370Z or should i try to save a little more. Thanks for any and all suggestions and look forward to hearing from you all

09-22-2010, 02:36 PM	#5 (permalink)
ProfessorDave A True Z Fanatic Join Date: Jul 2010 Location: Scranton, PA Posts: 1,580 Drives: In the fairway Rep Power: 19	I would think that that is certainly a good number to shoot for, but as shadoquad said, it will depend on a variety of other factors. Some of those factors could change between now and fall 2011 (your own credit score, the banking industry, etc.). Why not talk to a loan rep at your local bank and give them the "what if?" scenario? __________________ Rain, snow, sleet, hail: 2009 Mazda 3 sGT HB Everything else: 2009 370z, PW Touring 6MT

09-22-2010, 05:03 PM	#14 (permalink)
dad Grand Prix of Endurance Join Date: Nov 2008 Location: Tennessee Posts: 3,476 Drives: Mulsanne Straight Rep Power: 26	Don't finance beyond 60 months, the money sent on the interest isn't worth spending. __________________ We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

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09-22-2010, 02:21 PM	#2 (permalink)
shadoquad A True Z Fanatic Join Date: Apr 2010 Location: . Posts: 42,608 Drives: . Rep Power: 3887	to be frank, I have no idea what will work for you financially. I put 10k down on my Z. This depends on many different factors. What trim and type of Z are you targeting? How good is your credit? What is your current budget? And none of these things is anybody's business but your own. I can't really help you. Sorry

09-22-2010, 02:56 PM	#7 (permalink)
Z_ealot A True Z Fanatic Join Date: Sep 2010 Location: Albuquerque, NM Posts: 2,045 Drives: 09 370Z Touring/Sprt Rep Power: 10091	Points taken guys, just was asking here cause i never seem to be able to get a straight answer from any financial reps. or any good advice for that matter lol. In any case i've been keeping track of the prices for 2009 370Z and they seem to be on a downward trend in terms of sale price. average price i've seen for them in my area is around the $26k to $28k range and i'll most likely be looking for something in that range as far as the 370Z goes. Any chance of one of you seeling for that price next year? hehe

09-22-2010, 02:57 PM	#8 (permalink)
USMCASA A True Z Fanatic Join Date: Nov 2009 Location: NC Posts: 1,152 Drives: 09 370z CY M6 Rep Power: 18	while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

09-22-2010, 03:16 PM	#10 (permalink)
Z_ealot A True Z Fanatic Join Date: Sep 2010 Location: Albuquerque, NM Posts: 2,045 Drives: 09 370Z Touring/Sprt Rep Power: 10091	[QUOTE=shadoquad;732215] I hope you find your answers, bro, and definitely hope you get a nice Z! good luck! oh i'm pretty sure i have already, just a matter of time , i took a test drive in a fully loaded one last weekend with the navi and sport package and it was love at first drive. Still cant believe how comfortable the seats were, they just seem to hug you, haha

09-22-2010, 04:53 PM	#13 (permalink)
jaedub Track Member Join Date: Aug 2010 Location: Los Angeles Posts: 906 Drives: 2010 Black 370Z MT Rep Power: 305	10k down should be enough. I put 8k down with payment of 500 every month. My credit was avg.

09-22-2010, 05:09 PM	#15 (permalink)
daleks Enthusiast Member Join Date: Apr 2010 Location: St. Louis Posts: 424 Drives: 2011 Evo X MR Rep Power: 16	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.