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Discussion Starter · #1 ·
This is the situation.....

I just got out of school. Looking to copp a job within the next few weeks. My credit is not great. I owe a couple of bills that went into collections a few years ago. Did anybody else go through this? I want to finance a TC on my own with NO co-signer. Any suggestions on how I can get approved?
 

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Well i am fresh out of college (grad in may) and I have college loans and qualified for the top tier of credit that Toyota offers, those past bills may F--K you though, not much you can do except grab some KY when they hand you your interest rate.
 

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I'd try to settle the bills with collection agencies first, second - join a credit union and get a loan from them.

P.S. Collections are removalbe from your credit report - I've done it several times for my ex-wife - all you need is a phone and a checkbook.
 

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hell yea. let us know. stupid credit. can't live w/ it can't live w/o it.
 

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Never used "clean your credit" deals, never will.

All I did was call the collection companies that had open collection records on my ex-wife's report and talked to them untill they agreed to settle the debt *and* remove the record. Collection agencies usually buy your debt for what's called "pennies on the dollar", so they are usually more than happy to take your money in exchange for removing their crap from your credit report. No magic here.

If you don't want to pay off your old debts - then you deserve the collection record. Sorry, can't help you here.
 

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i definitely want to pay off my old debts and i'm trying, but the record is still there, i didn't think they'll remove till it's payed in full. they don't like me 'cause i used to ignore all their calls 'cause i couldn't pay anything anyways.
 

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They will only take the record off if the debt is completely paid off. Even then they have a right to keep the record, but that's where your negotiation skills come in. When they see a check for the full amount, they are usually easy to deal with. If you are ready to write them a big check - try to get it in writing that the record will be removed before you mail the check.
 

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negotiation skills, hehe, i'll have my brother call them for me, haha. thanks.
 

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Time on job is also a huge factor. That's pretty much what screwed me my first time out. I had held a job at a bank for a year and had transitioned into a new job with no time in between and was told that I did not qualify on my own because of that very factor.
 

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I had held two jobs consistently for a year (concurrently) and made more than enough money to pay for the car and all "hidden"(oil, gas, insurance, etc) costs as well. Unfortunately I wasn't able to get a loan on my own and had to beg my mom to co-sign (like pulling teeth from an alligator that was... boiled down to me not being able to work if I didn't have a car). That's the first time my mom had done anything financially for me since... ever.
 

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If you have NO credit and *nothing* on your report, Toyota has their i-Finance program where they essentially go out on a limb for people and give them credit toward a new car.

The stipulations that my dealer told me, were.

1) Overall amount cannot exceed $18,000.
2) Minimum Down Payment must be 10% of overall cost of loan.
3) Monthly Payments may not exceed 15% of your *gross* monthly income.
4) No 72 month terms avaliable.
5) NOTHING negative can show on your credit report.

This is what I am going to use, but Toyota Financial is very strict about those requirements. I applied originally, and found that I had a late paid bill that got put on my report (it was only $40!) and that alone is what stopped them from approving me right there.

There is some information about the program on www.scion.com if you do some research, and dont hesistate to sit down and talk with your dealer either, theyre full of good information
 

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i have bad credit and got a tc. i needed a car and had no choice to accept that the $19,000 tc will cost me $27,000 when i am done in five years. awful. wait til you can do better. i look at my car and feel unhappy and burdened not joy and happiness as it were when dad paid for my cars.

oh and of course i lost my job the day the FIRST payment was due. my poor dad has already made two payments for me which by the way are $449 a month.

get those collections off and pay all debts before you do what i did. i have no control though and when i want something, i must have it.
 

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you will probibly need a co-signer.

Here what I think you should do.

Solid Data = better than people's opinion on the internet.

Go to the dealership and try to buy a car. They will tell you what they can do to help you out. They will tell you what you need to buy the car. Then you can have some solid data to work with. I would tell you to do that if you were one of my scion guests.
 

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i'd get someone with good credit to cosign on the loan with you. thats what i did when i got my civic when i was 19. my parents cosigned for me. now im 23 and can get the TC on my own.
 

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why do people with bad credit insist on buying a new car? Realistically speaking, you shouldn't even think about it...I have perfect credit and a good job, but I still can't afford a new car....other priorties like food and rent comes first.
 
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