Financing a Nissan through Navy Fed

[nzachman]

I am thinking of buying a new car (2008 Nissan 350Z) while the economy and car sector still suck. I've been looking at Navy Fed for financing options and will probably go with them. First question, do you have to have an account with Navy Fed or can I keep my 5/3 account and use that for the financing and payments?

Ideally, I would like to buy the car in April after I have about $10,000 saved up from BDCP payments. So basically, my payments will come from my salary as a new ENS. I am single and will be for a while, so the car and housing are my only real payments. Second question, for a new ENS, what kind of payments are realistic and at what timeframe? I am looking at financing for 48 months, but may bump up or down depending on what type of rates I can get.

Thanks,

Nick

 

[nzachman]

Oh, and I'm looking at spending about 20-25K on the car; going to buy used at around 15K miles. The parents are going to do the initial payments up until they spend between 5 and 7.5K as a graduation gift.

 

[D_Rob]

I feel like this is a stupid question...

Have you looked into the USAA loan?

 

[Malo83]

When your ready to deal use the dealers Internet Mgr. on the dealers website. this is a whole lot easier than haggling with all the flatfoot vultures on the lot

 

[ChunksJR]

Get the NFCU rate (open an account now anyway...great benefits to pass to relatives or dependants), USAA rate and then bring that with you to bargin.

I found that with this, the dealer got me a more competative rate than even that. Chartway FCU in the VA Beach area...

I say get the greatest car in the world --- it's a 2008 "Paid-off"...which is last year's model, but the best!

 

[Picaroon]

The 370 just came out.

 

[nzachman]

Get the NFCU rate (open an account now anyway...great benefits to pass to relatives or dependants), USAA rate and then bring that with you to bargin.

I found that with this, the dealer got me a more competative rate than even that. Chartway FCU in the VA Beach area...

I say get the greatest car in the world --- it's a 2008 "Paid-off"...which is last year's model, but the best!

Thanks for the info.

Has anyone just recently bought a car of close to the same value and a JO. Is it reasonable to finance for 36/48 months or did you have to go to 60? I just don't want to get into a loan and not be able to afford it.

 

[navy09]

Get the NFCU rate (open an account now anyway...great benefits to pass to relatives or dependants), USAA rate and then bring that with you to bargin.

I did this with the commissioning loan. Those two banks are very motivated to steal business from each other.

 

[Tom]

Don't buy a new car before going to OCS. You probably will be staying longer than advertised.

 

[nugget61]

Don't buy a new car before going to OCS. You probably will be staying longer than advertised.

Can't you use a car cover there?

 

[ChunksJR]

Thanks for the info.

Has anyone just recently bought a car of close to the same value and a JO. Is it reasonable to finance for 36/48 months or did you have to go to 60? I just don't want to get into a loan and not be able to afford it.

No prob.

I financed ~14,000. It was a 60-month just because the wife was unemployed. I made sure, however, that there was "NO PREPAYMENT PENALTIES" that way, if I won the lottery, or what actually happened (wife got employeed) I could pay off as much above the minimum payment as I wanted to. Actually paid off the loan in 22 months...Saved $1000+ in finance charges.

 

[Slammer2]

..."NO PREPAYMENT PENALTIES"...QUOTE]

Definately. I cant imagine over the years you wouldnt be able to make some early payments. Also, if you get a cash back offer, roll the cash back into your downpayment. I did that and it lowered my monthly payments a bit

 

[Picaroon]

Thanks for the info.

Has anyone just recently bought a car of close to the same value and a JO. Is it reasonable to finance for 36/48 months or did you have to go to 60? I just don't want to get into a loan and not be able to afford it.

I'm not a JO, but I did buy a car once I got BDCP pay coming in. I figure proportionally to income, mine's about the same as you're looking at. I did 60 months and it's not a problem for me, but I'm not able to save much each month either. Not putting away as much as I would like. Oh well.

I guess that doesn't help too much. Also consider USAA's car buying service. You'll save a ton of money. That's what I used and it was super convenient, easy, and a money saver. Don't let the dealer trick you into their ways of trying to make that money back and you'll be fine!

 

[nzachman]

I'm not a JO, but I did buy a car once I got BDCP pay coming in. I figure proportionally to income, mine's about the same as you're looking at. I did 60 months and it's not a problem for me, but I'm not able to save much each month either. Not putting away as much as I would like. Oh well.

I guess that doesn't help too much. Also consider USAA's car buying service. You'll save a ton of money. That's what I used and it was super convenient, easy, and a money saver. Don't let the dealer trick you into their ways of trying to make that money back and you'll be fine!

Exactly the timeframe I am looking at also, so your experience is definitely relevant. Thanks!

 

[Lawman]

Ok just to put my 2 cents in on this. I was a car salemen Ive seen what USAA and Navy Fed have to offer for auto loans and interest rates, let the dealership shop around for you. Again I did this for a living, we made about 200 dollars of financing you no matter who we did it with. All that money comes from the bank as a "thanks for hooking us up with this guy" instead of going straight to a loan specialist at a particular bank as their commission. I got a 72 month loan at 5.3 last year from a local credit union. I could care less what bank is giving me the loan I just want the lowest interest rate.