Are there any requirements that has to be met in order for a Nissan dealer to approve an individual before he or she purchases and finances a 07 maxima?

 

Not really almost anyone will get approved, it just depends on the intrest rate..My guy told me they have a dealer loan for people with the worst credit in the world, it goes at a 22% rate..Just get someone to cosign and you should be fine if your credit isn't so swell.

 

From my experience its not a problem it was fast and easy at a maroone nissan. Just a reminder it all depends in your credit score

 

Obviously the better the credit the better the % but you should be able to get financing unless your credit is extremely f'ed.

I just picked up my 07 SE 100% financing plus $2k upside down through NMAC @ 1.9% 60 months.

 

Okay, what about if someone has a good credit score but just started a secured CC one month ago and hasn't started using the card at all, along with an income of less than 25k?

 

If we're talking a brand new Max, I would say you're nuts to take on such a heavy burden with that low an income. Partner no disrespect but you understand your looking at a $600 monthly payment and that's if you have good credit!

 

Or maybe he gets payed under the table, and on the tax forums shows only 25k income? ahaha just a theory..

 

Well that depends how much he puts down, what his interest rate is, length of the loan and so on.

$600/month ??? that sounds like short term loan with steep interest.

 

If you have a good credit (and how do you know you have one) why did you start a secure cc? My understanding is that secured CCs are offered for individuals with less then good credit score giving them the ability to rebuild it.

 

Well yea, of course the down stroke is a big factor but $28k @ 60 months and 7% interest would = $555 per month and that's not including tax, or tags!

So basically he would be putting down $2k in this scenario. This is also assuming fairly good credit. So, $600 per month is about right.

 

It makes no finaicial sense to buy new in your case and the income states that there is no possible way to fit this car in your budget unless you live with your parents. im not being an *** here but go used or altima, but not $30K+. Put that money you earned into a house or condo that will give you returns and not a car like this that will take away right off the lot. good luck whatever decision you make. Man I sound like Suzie ormund.

 

You do but you're 100% correct! To many people get strapped into these crazy payments and they end up controlling them!

 

A job is one...

 

Well yeah at 7% which isn't considered low and no money down at all $600 sounds about right...but then again who would be so stupid or desperate to buy a brand new car at 7%.

 

To tell you the truth i was in the same situation when i bought my car. I had 3 credit cards (been using and paying off) for 7 months prior and made 22k per year. The financing department said they coudln't get me a loan. They said my credit was too new and the amount (31,000) was too much money for my credit (being too new) and i didn't make enough money per month. So i had to have my dad cosign. And that was 100% financing. So if you have 10k which i'm pretty sure you don't (going by my current position at this point neither do i, so no judgement) you wont be able to finance the car unless you have a cosigner.

But hopefully you can, you never know how bad a dealer wants to sell a car. Good luck.

 

Everyone is pointing out valueable information but the other thing he has to consider is if at best he get's a $600 per month payment then he has the insurance to worry about because that's where the kill is truly going to be. Especially if you are a young person or if your driving record is not soo good and also like geico and couple other companies who sells insurance based on your credit ratings which don't seem to be a good rating then you maybe looking at almost a $10,000 for the year or more fully covered on an 07. So please my friend choose wisely, like others said consider a used car first even if it's and 04 or so. Just my input but best luck which ever way you choose

 

This is the type of thing that gets a lot of people in trouble. You end up working to have a car or as I like to put it, "car broke." The rule of thumb a family member gave me was to always earn at least double per year what the car you want costs. For example, for a $30,000 car earn $60,000 a year. I'm not saying this is a philosophy everyone should follow. I am just saying that it has served me well.

The initial question was what were the requirements to get an '07 financed. In a nutshell, you have to prove to the lender that you have an acceptable ability to repay the loan. The more risk there is associated with you, the higher the interest rate and chances for rejection of the loan. I highly recommend you go to a site like www.bankrate.com and do some research into this type of thing before you go getting yourself in over your head.

 

7% is about the going rate for a dealer purchase new car 60 month loan. Obviously the best thing to do would be to take advantage of any special finance offers through NMAC. Right now they're running 1.9% @ 60 months. This is what I did and I couldn't be happier using their (NMAC) money.

 

As good a car it is, it's not worth getting strapped down with high payments compare to income. Even at 1.9% for 60 mos., it's stll $500/mo for 100% financing on a bare bone Max.

 

1. Know your credit score.

2. Use edmunds.com's TMV (true market value) to see what other people are paying in your area and to see what you might be able to negotiate with.

3. You can actually negotiate the interest rate the dealer gives you. The dealership adds a few percentage points on top of what the loaner gives them.

3. Also, to be comfortable, your monthly payment shouldn't be more than 20% of your gross monthly income. If it is, look into a used 07 or get something cheaper.

4. Buy on a Monday. The dealerships are dead and you have more negotiating power because the salesperson really wants to make a sale.

 

Good advise! I like end of the month shopping.

 

yeah at the end of the month they will try and sell you whatever they can.go towards the end and catch the good deals and everything else just depends on your credit score..also when you buy from another dealer such as ford or etc you get the nissan for way cheaper thats why you should look around and not just settle for the first one you see.