Help...

[solaris=amazing]

Hey everyone, can someone let me know some specifics on financing a vehicle..?

Basically, i want a newer car...not new, newer than say, 00.... I've narrowed it to either a 02 maxima se 3.5 v6 or a 03 chevy impala ss w/3.8 v6.

Both would be under $13K with just under 40k miles..i searched my area, and there are LOTS of good buys, especially on the impala's. Now, my main question is, how much better would it be to save up like $5k, put that down...and finance the rest. Cause right now, i got $600 and a 95tbird that i can get maybe $1800 trade in value if i went to a dealership tomorrow.

IF i finance, will i have to get INSURANCE EVERYTHING..? Or can i still stick with basic liability..?

Also, if you can get either one of those cars, both in great condition, with under 40k miles...at like $12k..which would you get, and why..? I'm an "american car" only type of guy, but honestly i love maxima's...yet i like the impala. The impala is cheaper.

[kicth]

Originally Posted by solaris=amazing

IF i finance, will i have to get INSURANCE EVERYTHING..? Or can i still stick with basic liability..?

To answer one of your Qs that I know.

You need a full coverage insurance if you are financing a car and you must have that insurance before the bank or dealership approved your loan.

I am not into American Car, so, cant answer the rest of your question. Anyhow, I love getting new cars!

[Quickshift]

How is your credit score what kind of rate do you expect to get?
Are you worried more about the monthly payments or the total costs

[WickedNYCowboy]

Get the Maxima. The 3.8 which is the 3800SeriesII has a couple problems. You should check to see if the engine TSBs have been taken care of. There are several other issues with it too.

[PWRDbyUNCLEbens]

I would get a Pontiac grand Prix gtp myself If I were going to get a 3.8. ANyways OT sorry.

I would get a maxima for sure. I'm nissan biased, but I don't think you'd regret it. Not sure if they have 5 or 6 speed manuals though. Are you getting an auto?

[solaris=amazing]

Well now i'm kinda discouraged. I just got off the phone with my insurance agent (24 hours/progressive) and we where talking about financing/cars in general.

In the end, this guy said you're better off #1 with a nissan, and #2 saving up money and buying it out right. My credit score aint the best, infact i got pretty much NO credit. PLUS, i don't think i wanna be paying a car off for like 4 years..jeez. I'm gonna somehow save up like $10-12g's and then go shopping.

Then again, these days it's so freakin hard to save money. Even when i got like an extra 3-4 hundred, it finds its way out my wallet :-(

I'm sure alot of you agree with me when i say i'm jealous of alot of friends that have it pretty good. I want a new car damnit..... Atleast something not over 5 years old, and less then 50k on the clock.

[clawhammer]

Do you have a full time job, or are you still in school?

I would just save up probably another $3000, sell the T-bird for like $2000 on ebay, and go buy yourself an LS1 Camaro, and go burn your friends new cars.

[fredjacksonsan]

Originally Posted by solaris=amazing

Now, my main question is, how much better would it be to save up like $5k, put that down...and finance the rest. Cause right now, i got $600 and a 95tbird that i can get maybe $1800 trade in value if i went to a dealership tomorrow.

IF i finance, will i have to get INSURANCE EVERYTHING..? Or can i still stick with basic liability..?

Also, if you can get either one of those cars, both in great condition, with under 40k miles...at like $12k..which would you get, and why..? I'm an "american car" only type of guy, but honestly i love maxima's...yet i like the impala. The impala is cheaper.

Better to save up for big down payment for several reasons.
1. Paying less interest
2. You get used to making "payments" before you ever get the car (as in the payment is putting $$ into savings)
3. With first loan/credit, you want to show a larger down payment, to both make sure you get approved and to reduce the interest rate; there can be a big difference, maybe 5%, in interest rate which will make a big difference in payment also.

If financed, you will have to get "Insurance Everything", since the finance company wants their loan to be taken care of in case of an accident. (I worked in car insurance for several years, PM me if you have any questions)

As far as vehicle choice, I'd drive both for 20 miles or so to get the feel of them. For me, it's always if I can fit in the car, so make sure the proportions are good for you.

Also look at TSB's, WickedNYCowboy has a good point.

[solaris=amazing]

Fred, thanks you answered some of my questions.

I am working full time, only getting $10 hr...but sometimes i'll get like 10 extra hours overtime, and rack up some $$ to save. The main thing here is time. I really don't want to be financing for to long, i'd rather wait a while-save up a good chunk-like $5k or even like $9k and then really rip the dealer, and get a good deal if i buy the car straight up...no finance etc (if i payed it in full).

Lol Clawhammer, thats one thing to do...but honestly, i'm sick of sports cars, i see them everyday where i work...and talk to motorheads who own them.

You know what it is really, as far as sports cars, i'm an extremist...and if i can't have my favorite sports car (96 corvette grand sport/or 01 Z06) i don't want anything else. Plus, i like 4 door sedans....there more of a logical choice for me.

[fredjacksonsan]

Welcome. Another consideration is that the loan people (if you decide to go that way) will look at what payment you're taking on vs. how much you make. It's called debt to income ratio. Basically, you make (@ $10/hr) about 1600/month before taxes. If the total of all your payments with the loan will be above a certain percent (around 35%, or $560) then the loan will be declined. Below that and they might generally approve it.