Quote:
Originally Posted by TheRealSy90
I don't owe any other debt that I know of, I've never had a credit card or loan before, that being said I probably don't have the best credit because of this.
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First question, and most important: How much money do you plan on putting as a down payment on the car?
Because you don't have credit, you most likely won't get approved for a car note, unless you put a significant amount down (maybe 40-60%? If not more)
And even if you did, the interest rate would be so high, you wouldn't want the car. That 300 monthly payment comes out to about 400-500 after interest rates...not looking that cheap.
Also, another thing to consider is insurance. Because you are financing a car, you will need full coverage insurance (comprehensive and liability) which will double your insurance rates. And because it's an older car, 2 doors, 2 seats, it's expensive. I'm paying about $850 for 6 months full coverage on my Z right now.
You definitely need to have credit first before even thinking about financing a car. Build up your credit first (would take a few years...I built my credit up for about 5 years before financing a 370Z with 0% APR)
I've purchased my car new so I did lots of research...oh and I have experience working in a car dealership
