Hey guys. I turned 18 last week and i want to get a G35 next weekend. I dont have a credit card yet. I have about $10k+ in student loans so i dont think my credit will be that great..
Well the G35 is sweet and i can afford it.. But im wondering, will the dealers agree to give me a loan for it.. I mean do i have to go pay the $37k or so for fully loaded at once, or is there anyway i can get some monthly payment type of thing. I am looking to do a $10k down payment.

In summary here's my situation-
- I just turned 18
- No credit card
- Anyway i can get the dealer to give me monthly payment or something if i do a $10k down payment
- I rather not write a check for $38k at once. I dont like writing big checks.


So everyone give me some good advice

 

if you have that much money, I don't understand how you have student loans lol... btw, if you write a check for 38k, make sure it doesn't bounce lol... i'm sure they can work something out with your credit but... if you really want a monthly payment, just put a lot of money down so you don't have to borrow as much... I'd put half down which would keep your monthly payments low... personally if I had that much cash, I'd pay it all out... nothing better than not having to worry about a car payment lol but you know, your insurance is probably going to cost more than the car itself lol....

 

yeah i know im in NJ. gonna be spending like $4k/yr for insurance.

Well i could pay the whole $38k or so but i rather not. I got loans because i was poor last yr. This yr im not on student loans. Im yet to repay the loans.. Anyway so if i put $20k down, you think i can get a loan for the rest?

 

if your putting 20k down, then im sure the dealer will get you the loan for the car, they're not gonna turn away someone whos throwin 20k down, or you might have to have a parent co-sign the loan, either way im sure you'll be able to get the loan, just dont get ripped off on the interest rate

 

Im 18. And yeah let me mention i want in such a way i sign the loan myself.

Anyway i will call them first.. and tell em im gonna drop $20k..

 

To be percectly honest, if you can throw down all of the money, do it. You probably won't get a great rate, but you'll lose a lot more money by financing. Think of the opportunity cost of the capital you'll be paying out montly... If you can get that rate as close to zero as possible, though you may be able to eek out ahead. Infiniti had a zero-percent financing deal last month, so we just financed our FX instead of paying cash like we did for my G-- free money!

On another note, if it is slightly above your means, don't get it. If you've got other debt, use your money towards that BEFORE you start buying toys. I hate to be the curmudgeon (at only 22 years old), but if you start this trend with student loan debt, statistically you're going to do it if you accrue credit card debt, etc. and the interest rates will ruin you. Until you reach retirement, live below your means. It's not as fun for the first few years, but it makes the out 60 MUCH more bearable. Good luck, man--

G

2003.5 Black w/ Willow G35
Premium / Sport / Aero / Winter / Navi / Tint

 

you should be able to get a loan if you're putting down that much... but yea watch out for that interest rate... if they make it high, then you're better off putting down more money... as for insurance, 4k/yr is pretty good for your age... I would have thought it would be twice that much... but then again depends on where in NJ you are... closer to newark/nyc and you'll be paying more...

 

Aaahhh!! Co-signing a loan! NO! Bad. Not immediately for you, but for your parents (and ultimately, you). I can't tell you how many times I've seen parents/friends/co-signers have to take on accrued debt and ruin THEIR credit.

Co-signing is a horrible creature created by the finance industry to try and squeeze blood from a more reliable rock, and they will. You miss one payment, and they're on your parents' a$$es like stink on ****. And with interest and claims or smearing credit history.

You never know what's going to happen in the future-- people lose jobs, fail out of school, get injured, etc. etc. etc. and can't fulfill their financial responsibilities. If your parents co-sign, then you're just driving your parents car and essentially paying them for the right to use their credit-- it's not purchased on your merit at all, just your cash.

If YOU personally cannot afford it at this point, don't bring THEM in on the deal unless it will be their car-- shouldn't it be your baby anyway if you pay? This is just my opinion as a financial economist and business dork, but Co-signing is the work of the devil for the co-signer. I can point you towards a WSJ and Money article about the whole problem if I can dig them up... a lot of co-signer/co-signee cases end poorly.

Now, if your parents will cover payments for you if you miss one, and they're 100% fine with that and financialy secure, it will work, but you have to realize you didn't really purchase the car on your own when it comes down to it, and you don't really financially deserve it... it's a mean way of saying it, but I know a lot of people take pride in having worked a long time to not only purchase these cars, but on their own merit as well.

Mine was a gift-- I'm not deluding myself. I worked darn hard to receive this gift, but I know I didn't pay for it. I did, however pay for my other babies, so my I can accept that.

G

2003.5 Black w/ Willow G35
Premium / Sport / Aero / Winter / Navi / Tint

 

I figured I'd throw in some facts/stats to back it up-- just so I don't get flamed for it being "just an opinion" [img]/w3timages/icons/smile.gif[/img] I learned all of this in my class on lender institutions, so I'm drawing it from some old notes:

When determining whether or note to issue a loan, the issuer will usually judge you on the "5 Cs":
Character- pretty much an air of responsibility
Capital- a sum or cash/assets that makes it safe for the loaning bank to loan. If you fail to make your payments, they have something to go after.
Capacity- a stable income source from which the payments can be made.
Collateral- house/car/etc. that is used to cover the cap of the loan.
Conditions- the general financial climate (interest rates, you employer's industry, etc.)

A little under 75% of all co-signers have ended taking on FULL financial responsibility for the loans they co-signed. These are always with the best intention, but honestly, if you can't GET the loan, there's probably a reason for it. If you co-sign a loan, you're being asked to risk something that a bank wouldn't do-- and they do this thousands of times a day.

If you miss even one payment, the bank will go after the co-signer right away; they needn't even go after the person who received the loan.

Over 80% of co-signers have had to pay late fees and collection costs.

The most often used form of collecting from a co-signer after a missed payment is lawsuit, with garnishing wages being #2. This can go on their credit history and ruin THEIR chances of being financially stable.

No one can offer good financial advice without knowing all of the players, but it seems that you've got $10k in debt, have come in to $20k, and want a $40k car. If you've got 100% stable employment that can pay off the remaining $30k of your debt (Put $10k into alleviating your student loan, it's just the best thing to do, then put $10k down on the car if you really need it), then a lending institution will see that you are financially capable of assuming responsibility. If they don't think you're capable, don't co-sign... wait until you ARE stable, and buy it yourself. This is just what I would do, but it is in the best interest for your long-term financial stability... dragging $10k of debt around with you everywhere isn't worth having a shiney car.

Like I said, I don't know your situation, so if it's different-- have fun with the G [img]/w3timages/icons/smile.gif[/img]

G

2003.5 Black w/ Willow G35
Premium / Sport / Aero / Winter / Navi / Tint

 

I can afford the $38k straight out. Pff i might as well just pay the whole thing.. Well for NJ insurance, i will shop around and

I go to school in newark/ area but my home addy is in piscataway which is one of the safest places in NJ so i'll use that. That way i get a cheaper rate. I will also try and get good student discount since ive been pulling some good grades.. Also i'll claim i travel 5 miles a week. make my deductible $1000+
Any other tips to reduce insurance?

 

If you can pay it stright-out, go for it [img]/w3timages/icons/smile.gif[/img] One less payment, one more more asset (albeit a repidly depreciating one). At your age, there are really no good rates to be had, unfortunately.

Insurance... hmm.. that's just a pain. <25 Male with a sports coupe? Um... pray? Yeah, that will lower your rates-- pray [img]/w3timages/icons/smile.gif[/img] If you give them a minimum amount of miles travelled per year, get a good student discount, and are registered in a safe area and have a clean record, you'll be getting the best rate you can. Make sure you go with an umbrella policy, as it seems someone might want to take away what you've worked to get at a young age.

G

G

2003.5 Black w/ Willow G35
Premium / Sport / Aero / Winter / Navi / Tint

 

yup. I know . im gonna have the car on campus here. I know some people might be jealous cuz i just turned 18. but i worked hard for this stuff. my parents dont give me 1 cent. i pay all my stuff myself including my $30k college/yr so i beleive i deserve a nice ride for my bday present. Anyway im gonna spend a few k on security, like mount a tiny camera that records when someone is close, put some sensors and stuff.. so i know when someone comes close and what they do to it..

 

Not that I don't believe you or anything, but just what does an 18 year old do that he can afford $30K/year for college and still be able to pay $38K cash for a new car?

I wish I knew how to do that when I was 18.

It took me another 10 years!

 

No offense to you, but just one question. How did you get that much cash to buy a 35+K car as an 18 year old? I wish I had that much cash when I was 18. I took the bus in my first year of college, and drove a beat up 84' Honda CRX the rest of my college years, no power steering, no power window, no power door locks