First time Car Buyer - Approval question (time sensitive)

[inara220]

Thanks for all the help guys.

End Result:

Final cost with tax = $27,500

Financing Terms:  63 months (why the three months... no idea but I'm sure it's to collect more interest), 3%

DownPayment:  $15K

Loan Amount: 12.5K

Payments: $219  starting in February

My tax credit I will be receiving in February will be about $6K for this purchase or higher (if my tax liability is high enough I can get up to $7,500).  So I can either use it to pay off any personal debt I still have left, student loans, early payment on car, or for the portion of downpayment that SO put down.

Not bad IMO.  It will be interesting to see how the next few months shake out.  Lots of things changed.

$100 more per month because my new job = free parking

$100 more per month because I don't have to pay for gas or fuel

$500 more per month because of the debts I just paid off

$200 LESS per month for car payment

$50 less per month for increase in auto insurance cost

With the car loan, I wonder if it will increase my score after a few months.  Regardless... things are looking up!

[Anonymous]

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@inara220 wrote:

Thanks for all the help guys.

End Result:

Final cost with tax = $27,500

Financing Terms:  63 months (why the three months... no idea but I'm sure it's to collect more interest), 3%

DownPayment:  $15K

Loan Amount: 12.5K

Payments: $219  starting in February

My tax credit I will be receiving in February will be about $6K for this purchase or higher (if my tax liability is high enough I can get up to $7,500).  So I can either use it to pay off any personal debt I still have left, student loans, early payment on car, or for the portion of downpayment that SO put down.

Not bad IMO.  It will be interesting to see how the next few months shake out.  Lots of things changed.

$100 more per month because my new job = free parking

$100 more per month because I don't have to pay for gas or fuel

$500 more per month because of the debts I just paid off

$200 LESS per month for car payment

$50 less per month for increase in auto insurance cost

With the car loan, I wonder if it will increase my score after a few months.  Regardless... things are looking up!

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Congrats on the new vehicle!

[dursty87]

Congrats on the new car. Did you end up financing through NMAC? I got approved for .9 with a 645 auto enhanced FICO. 3% is awesome considering you have no auto loan experience.

[inara220]

Yes through Nissan.  I am planning on paying it off faster though.  They talked a big game about how after you've made your first four payments you can refinance for a lower rate, but I'm sure they charge for that so I will only do it if it benefits me.

[dursty87]

I don't think they refinance their own loans but I could be wrong. You can try DCU if you want to lower your rate after you've made some payments. 675+ EQ FICO gets you 1.99 or 1.49 if you set up direct deposit.

[inara220]

They were the ones that mentioned that if I wanted to refinance with Nissan after 4 months of steady payments I'd be very likely to get a much better rate.  I wouldn't have even thought to ask about refinancing... I think they just say that to make the first rate they give you easier to swallow. 

[dursty87]

Yes you are probably right. But with your intention to make more than minimum payments the interest will be very minimal.

[Dj4Money]

 C'mon post a picture! Congrats on your new car...

[prabs99]

Congrats on the new car.

[inara220]

I'm a leaf on the wind!!!