Going big first time car loan NISSAN GTR....your thoughts..

[hatetheordinary]

I want to get some opinions regarding my goal of financing a rather expensive used car. My credit scores are as follows:

EQ-657

EX-647

TU-667

I very much want an 09 GTR that lists for 65-68k. I have a good paying job and have been working there a little over a year (65k annually). I have no debt and live with a roomate with very affordable rent. I plan on putting down the usual recommended 20% list value. My concern is this: it is one thing if I were a first time financer and wanted to purchase a car that lists for 30k and I am putting down 15k for the downpayment. With that kind of green getting put down on a 30k car you could probably literally have a score of 500 and still get approved. Again to reiterate the concern is that I am worried that even if I am putting over 20% down on the car, the fact that it still leaves a considerable sum of money left to finance and me having less than orime credit and being a first time financer has me worried about getting approved or of having a sky high APR. Any thoughts and opinions will be appreciated. Please no criticisms on what you may feel is an irresponsible decision. I am a grown man and work very hard for my money and have no wife or kids.

[redshift1]

Check repair costs and insurance rates first,  I'm looking at several cars near 100K and some of the insurance and maintenance costs are pretty high. 

Personally I would go with any one of several new sports cars but that's me.

Here's my list: 

Porsche 911 Carerra

Porsche Cayman

Corvette Stingray

RC-F

AMG C63 

On some of these cars an oil change can be several hundred. Insurance can be stratospheric even with a clean driving record. 

Looking at your credit scores indicate some past hiccups which may keep your rate high but It's your money. 

Good luck,  I love fast cars and can appreciate your situation.

.

[hatetheordinary]

Thanks for the feedback and understanding my situation for what it is. The car I am looking at although "used" has a 1 owner history, clean carfax, and under 5k miles. Essentially its new. I have already checked with my insurance company and comprehensive will be only $100 a month [statefarm lifetime client]. True an oil change will cost $200 but you and I already know to play you have to pay. In my opinion the gtr us the best performing car for the money. True my credit is not spotless but I feel that since I have never financed a car before or purchased a home it has otherwise peaked unless I diversify my loan portfolio. I can always refinance after a year.

[Luscher]

Get It!!!!

[Remember0]

I honestly can't tell if you'll get approved, it's borderline given the amount, your FICO, and the fact that it's your first auto loan. Best advice I have is to go to the dealer and see what they can do (unless you're buying it private party?).

Also don't count on refi'ing it, so make sure you don't accept a sky-high APR! Simply put, you're likely to be underwater for a large part of the loan, so if you wanted to refi you could hypothetically need to bring lots of money to the table...don't count on refi'ing.

[black_citi]

Careful with those early GTR cars. I hear the launch control can damage the transmissuon and a new one can set you back 25k!

You can check forums online to see what current owners have to say about it. Otherwise, congrats on your soon to be purchase. I agree. The gtr is the best perfoming car for the $.

[Legen_dary]

I'm personally not a fan of the GTR, but I've also been looking at cars in the ~$100k range. However, since I'm about to close on a condo, that's been pushed back a year or two. Let us know how your loan/car hunt goes!

[EyeCentric]

THIS!!!! The GTR tranny WILL fail, please read again, WILL FAIL... 

But on topic... I have a thread on here with 4 pages about my experiences of the past two weeks. I'm buying a 2012 S4, trying to get a 40k loan with 17k to 20k down and a 620-640 score and have gotten turned down by every one and others saying a 15% apr... Long story short, I think you are in for a suprise. That being said I wish I could have a GTR, pray for a miracle!

[hatetheordinary]

Eyecentric have you ever financed a car before and or this is your first time purchasing a car? Its crazy that the only loan you qualify for is around 14 % APR. Sounds like the dealer is trying to rip you on the spread. I assume you make adequate income to be looking at a car like this. I am so tempted to just continue working and saving as to just buy a car outright. These credit bureaus and banks hide the parameters of how credit is calculated and measured so as to control the way consumers spend their money. If it was easily determined as to how one improves their credit to acceptible levels then how would the banks profit? Additionally to fuel the ambiguous fires even if your credit is "acceptable" [700 +] one might not meet the criteria for annual income, time on the job, and any of the other assessment tactics used.

[EyeCentric]

Never financed per say, buy have leased many a car at higher monthly cost. The dealer hasn't even gotten me approved! This is from BoA, Chase, and Wells Fargo. They are trying to get me financed through Toyota but the amount of proof is staggering: W2, paystubs, etc, etc. My income is 34K from main job and 35K-40K freelance income. I understand the main income is low (and changing soon) but with the amount of money down (40%-50%) should be proof enough of my income and ability to manage my finances. I have no rent, nor will I as it is my familys home, and all bills are split with my fiance so my costs are very low all things considered.