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Old 08-21-2010, 05:08 AM
 
21 posts, read 48,872 times
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I'm planning to move to CA in a month, going to a graduate school and will have only a part time job. As I need to have a second car with financing (I want a new Nissan Versa S or SL), I was wondering if it's better to purchase a car before quitting my current full time job in order to get an auto loan with a special interest rate (I'm interested in Nissan's 0.9% offer for 60months).

My credit score is 800+ and I have no debt. However, I'm going to submit my two-week resignation notice to my employee soon. In this case, as long as my purchase comes before my submission of the notice, is it gonna be no problem with financing??

Once I move to CA, I don't have a full time job and will start a new mortgage payment. In this situation, even if my credit score is high, is it hard for me get a special interest rate offered by Nissan dealers? If so, about what interest rate should I expect to be offered?

Any advice/comments would be appreciated.
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Old 08-21-2010, 07:51 AM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 12,810,577 times
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With an 800+ credit score, you should be OK. I'd go ahead and buy it while you have good income to show, though. They can get picky these days.
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Old 08-21-2010, 12:29 PM
 
Location: Columbia, California
6,662 posts, read 25,334,551 times
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Be aware you will pay the sales tax again when transferring to CA. Auto registration is now about $350 a year for newer cars. After moving to CA you have 10 days to begin the registration process, penalties are sharp.
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Old 08-21-2010, 02:34 PM
 
21 posts, read 48,872 times
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Thanks for your replies! Yeah, I'm afraid that getting a new loan might be hard even with a good credit scores if I don't have good income... When I bought my current car last year, I was luckily qualified for a dealer's special interest rate, so it might be better to buy before quitting a job.

On the other hand, I was not aware that I will have to pay the sale tax again in CA (thanks, forretkona), and as I checked the California DMV website, I have to pay about $600 extra sale tax if purchased Nissan Versa. So, extra $600 and a shipping fee ($1,000; I live on one of the Hawaiian island) cost about $1600.

So, as long as I get around 4-4.5% interest rate from a CA dealer, the total payment for a $16,000 car would not be different much from getting the car with the Nissan's special financing program. Yet, I might be charged higher interest rate in CA, though....

Thanks again for your comments!
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Old 08-21-2010, 03:07 PM
 
Location: Columbia, California
6,662 posts, read 25,334,551 times
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Might be worth flying over and buying now and storing it till you move here.
Just about every dealer here has 0% interest on 2010 vehicles. You could probably work in free storage as a condition of purchase. I bought our two Ford trucks with 0% using Costco's auto buyer program, bought for $2500 under invoice. I bet you could buy it over the internet without flying over.
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Old 08-21-2010, 03:09 PM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 12,810,577 times
Reputation: 2414
If you can't prove income, you'll pay higher than that in interest, if you can get the loan at all.
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Old 08-21-2010, 03:24 PM
 
21 posts, read 48,872 times
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I've never thought of the idea of buying a car over the internet! Most of the dealers have an internet department, so I will see if it works out. If it does, perfect Thanks for the great idea, ferretkona!!
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Old 08-21-2010, 03:52 PM
 
48,519 posts, read 81,013,914 times
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I would becasue not having a job increases the risk and they willk want more interest to offfset that risk. Even beeing on a job a short time counts towadr risk.
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Old 08-21-2010, 05:02 PM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 12,810,577 times
Reputation: 2414
Quote:
Originally Posted by ferretkona View Post
I bet you could buy it over the internet without flying over.

That would be tough to do. It's possible, but not likely unless he has a prior relationship with the dealership. Too many concerns over identity theft these days, and the dealership is responsible for ensuring that the person is who they say they are.
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Old 08-21-2010, 07:23 PM
 
Location: Columbia, California
6,662 posts, read 25,334,551 times
Reputation: 5067
Both of my trucks we only showed up to sign and pick up, in and out in 30 minutes. My boss just bought his new van for half the going rate on a internet sale. All it takes is a phone call to confirm the idea, no long distance on most cell phone plans. A lot of dealerships are going under, they are considering a lot of ideas for sales.
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