I hate to pile on, but I want to encourage you to think long and hard about this decision. If you have $40k saved and you are not out of college means you either saved like a crazy person in high school OR (and more likely) you received the money as a gift/inheritance.

Having $40k coming out of college will give you a huge head start in life. It will allow you to consider a house before those in your age group. Another option is to invest a portion of the money. The current stock market is very low and is considered a "buyers" market.

Trust me, I was 22 once too and understand the appeal of fast/sexy cars. But, you must understand that cars are not investments. The sad truth is all of our beloved G37 coupes will be of little value in 10 years. In addition, we'll all be "wanting" the 2021 G44 hybrid with 490 bhp.

You simply should not be driving a new G37 in this chapter of your life. I know this will offend some. It's certainly not my intention.

Best of luck. Study hard... the rewards will come soon enough.

Go Noles,

Bc

 

I had to quote this because it seemed to resonate while I read it. This gentleman understands OP's situation a little bit and is offering sound advice. Putting aside your natural impulses has to be one of the most difficult things to do at any age (this is more pronounced depending on how young you are). I wish I could help the OP with his desire to obtain this brand new car with bad credit (I'm in an eerily similar situation), but I can't. Unfortunately my only advice to would be to dash those hopes completely or settle for something almost as good. Not everyone can have what they want, when they want it. BUT, we are able to pacify ourselves if we learn how to surrender a few things here and there to obtain what we want. Maybe you could buy a used G and invest the difference?

I also believe this is fairly relevant: While kaoticdemize's situation might seem a bit far fetched to some, I don't think it's impossible. A new car might not have been the brightest thing to do while in that financial situation, but kaotic was only doing his job in helping that guy get his approval. I'm of the opinion that a situation where he actually got approval is like playing the lottery and I, personally, wouldn't bank on it while car shopping. Of course you'll never know unless you try, but I just don't think it's really worth the effort seeing as how the odds are typically stacked against you.

to all the helpful advice.

 

I'm a credit counselor, so if you need some info, PM me. I've gotten people from 500s to 730+ in 24 months. You wouldn't have to provide a lot of info, but a little background would help.

Don't let your head hang too low tho. Things happen and honestly, people aren't taught enough about credit because there's a "credit industrial complex", if you will, that doesn't want you to know because they make $ on people with bad credit as opposed to good.

Anyway, if you want some info, PM me.

 

I had a question on IFS Tier 0/1 credit which led me to this forum.

Infinity is offering 1.9% financing up to 60 months on a G37 coupe for 1.9% for those with Tier 0/1 credit. However, when you go to the calculator and put in your credit score, 1.9% is apparently available for anyone with fair (above 620) to great credit. If you have poor credit then the rate is over 14%. Is this a come on or is this for real? Are they hurting for sales?

My second question is that looking at prices on True Car, there are some very attractive prices from their certified dealers, $1,000 to $2,500 below invoice. However, if they are giving you a rock bottom price, will they give you the 1.9% financing at the same time?

 

This is actually worse than it being on your credit cards. NEVER roll ANYTHING in to student loan payments, PERIOD. Student loan debt is the only debt that can not be discharged in bankruptcy (there are VERY few exceptions).

Anyway, I agree with the masses here in that you don't want to rush in to a decision/purchase like this with that bad of credit, still being a student and really only doing it because you have self esteem issues and are depressed. I would seriously wait if I was you. Work on getting your credit turned back around and you will be much happier in the long run.

If you do happen to get financing for a car this expensive with your bad credit, you can pretty much forget buying a house in the near future because now you will have bad credit, student loan debt plus this newly acquired car debt.

 

buy a car cash, build your credit score back up... and just be happy to move your situation forward

 

Yes, I agree. The biggest mistake I made at age 22 was buying a car I didn't have to have, or the money for.

The student loans are subsidized, no interest and I didn't have to start making payments till 6 years later. I'm still paying for it....

 

1.9 is offered to tier 2 and 3 as well so it is not a come on. And yes any price you get on a g is compatible with financing.

 

My credit went through all kinds of crap in the past 5 years. Earlier this week I got approved on a 24m lease for 2011 G37xS Coupe with a score of 655. With 1st tier pricing ($490 x 23 months, it was sign and drive - complete $0 when I picked up the car today. And friend of mine got aproved with 675 month ago. I don't know what your score is, but your dad should get approved with 680. If you're around Brooklyn, NY I'd recommend talking to Eddie at Best Buy Leasing. PM me if you need details. GL

One more thing, don't be shy to add a couple grand to your yearly income on the credit app, it helps

 

I was thinking of biting the bullet and financing a new car by myself. They are gonna make me bite a 8.25% APR but forget it, I'm thinking of going through with it. It's a nice way to build credit. Hopefully when the car is built off, this auto loan payment by itself will raise my score a lot and then I'll have a history of car payments on my credit score which can help in leasing later on...

 

It doesn't build credit any better or faster than a 1,000 dollar signature loan from your credit union that you pay off over 60 months. Big payments are the same as small payments on your credit. You need a history of payments. Car payments look the same as any other collateral based payment (except home mortgage). 8% on $40,000 over 5 years is way more than 15% on $1,000 over 5 years. They will both look the same on your credit but one will cost you way less. I highly recommend rethinking that decision.

If your credit were already good, then yea an auto loan does you more good than a signature loan, but not in your situation.

 

pretty sure you're not getting anywhere near 8.25% with a 560 credit score if you can get financing at all. you're young and have plenty of time, so if i were you, i would build credit slowly and buy something to get around in in the meantime.

 

Do you guys know of any good credit unions in NY that would help me with the signature loan though? I searched on google but the majority of them require that you know someone by blood in the union or whatever...

 

Not a credit union member already? hmmm, Are you employed? Your employer likely sponsors a credit union which would make you eligible for membership there. I'm a member at 4 different credit unions. I only use one of them really, but the others are there just in case.

 

As I read through this, I see a step in the wrong direction. I'm 24 years old, have a job making ~70K per year, and I'm still saving up in order to get a G37.

If you're still in school, and your credit is hurting hard core, why are you even looking at a G37? At this point in your life, it would make more sense to get a Civic SI, or something of that price range. Sure, it may sound like an insult (but please understand it is not), but while you may have to accept the lower price car now, once you graduate, pay off what is required, you will be making bank quickly. At which piont, you may not even want a G37, you may be looking at the M3/M5 range.

Always look at the big picture. Alway understand your current life situation, and never dig a hole for yourself. This country has seemed to forget to stay within their means.....