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Discussion Starter · #1 ·
I went to Kearney Mesa Scion today...the guy said that even with no credit and whatnot I'll get financed...filled out the credit app...I'll know by tomorrow morning if I'm approved or not. **crosses fingers** I got my first chance to actually sit in the tC while there...and I love it. We'll see how things turn out, but if I am approved, I get to wait "4-6 weeks" which is fine by me


Anyway, I hope to join the ranks of tC owners quite soon


Scott
 

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Discussion Starter · #3 ·
Originally posted by Zygote55@Oct 27 2005, 07:40 PM
It's easy to get credit for a car loan....if you don't pay it back they get the car. Why WOULDN'T they give you a loan?

Your interest rate isn't going to be good though.
That's what I've been told quite a bit...but I've been turned down by 4 different dealers


Apparently my rate is gonna be 14.5%; isn't good...but hey, it's better than "I'm sorry, you're going to have to find a co-signer or come up with 16 grand" lol
 

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Why not trying to get you loan from a bank or something? A lot of times you can get a WAY better rate from another bank. When i first bought my car, i tried getting my loan through the dealer (SERVCO) but i got a quote and my rate woulda been double digits too, so i took it to a bank, opened a checking account and got a rate of 4.5%... not bad eh?

~Aaron~
 

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Originally posted by skoebl@Oct 27 2005, 07:46 PM
...but I've been turned down by 4 different dealers
and with each dealer they run your credit a whole bunch or times. and that really doesn't help out the old credit score. with every dealership your ability to buy goes down. and in the situation you are in you can use every bit of credit help you can get.


get your co-buyer
find some more money down.

or, wait.
 

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Originally posted by Zygote55@Oct 27 2005, 07:40 PM
It's easy to get credit for a car loan....if you don't pay it back they get the car. 

not really.

apparently, it is not as easy as you would think to get a car back from a deadbeat car buyer.

you can take the car to some other location. it can "come up missing". the list goes on.
Originally posted by Zygote55@Oct 27 2005, 07:40 PM
 
Why WOULDN'T they give you a loan? 
the bank sees a pretty big risk on a lot of perspective car buyers. there is a lot of components that could make it a little more challenging to get a loan.

for instance,


me: looks like we will need a co-signer
customer: what? why?
(like they didn't know)
me: well it seems like the bank is a little worried about the repo that you had ten months ago.
customer: Really?
me: ...


Originally posted by Zygote55@Oct 27 2005, 07:40 PM
 
Your interest rate isn't going to be good though.
that is for sure. if the dealership is willing to roll the deal. and the credit isn't so good. or if the deal is in some first time buyer program the rate will reflect. usually, interest rate is directly proportional to risk factor.
 

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Discussion Starter · #10 ·
Originally posted by ichiromariko@Oct 30 2005, 08:09 PM
Beg your dad to Co-sign... haha...

~Aaron~
Heh, my parents made it quite clear when I was 16 that they would not "under any circumstances, co-sign" for me....meh, oh well, I guess in the big scope of things, it forced me to pursue other means by myself...




Well, when your credit score is 0...There isn't really much that can help or hurt that....When I went in there he showed me this little key they have to follow. It has ranges of FICO scores, and the corresponding range of interest rates. I fell under the "FICO score < 650", so my rate was "automatically" 14%...Dunno if that could be haggled down a bit, but I didn't feel like doing that seeing as how I was just overwhelmed that they were very confident that they could get the finance company to front me the funds.


I have to wait until Monday to know for sure what my status is going to be. I was initially turned down because my "income isn't high enough." But they said that their head finance guy (at the dealership) was going to work it out with them on Monday...so we'll see *crosses fingers*
 

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Originally posted by skoebl@Oct 30 2005, 08:49 PM
Heh, my parents made it quite clear when I was 16 that they would not "under any circumstances, co-sign" for me....meh, oh well, I guess in the big scope of things, it forced me to pursue other means by myself...
i don't know about it where you live but, in california you cannot be on a car deal if you are under 18 anyway.
 

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here is what scion has to say about first time buyer financing
Originally posted by scion dot com+-->QUOTE (scion dot com)
iFinance Program

Always remember your first time. This program is for buyers with little or no previous credit history.

To qualify for the program, you must meet the following criteria:

    * Employment. A full-time job, which you've held for at least six months.

    * Sufficient Income. Your income must be enough to cover ordinary living expenses and vehicle payments, and be consistent and verifiable. Your monthly payment may not exceed a certain percentage of your gross monthly income. See your dealer for details.

    * Vehicle Insurance. You must show verifiable proof of insurance, as required under the terms of your contract. See your dealer for details.

    * No Adverse Credit. Your credit history must meet TFS credit standards.

    * Other Restrictions Apply. See your dealer for details.

    * References. Six personal and verifiable references[/b]

the thing to remember is that first time buyer does not mean first time credit.

is a little bit more information for the first time buyer

<!--QuoteBegin-scion dot com

If you lack a credit history all is not lost. You may qualify for financing if you apply for credit with a co-applicant. If approved, each of you is liable for the entire amount of the credit that was extended. The benefit to applying with a co-applicant is that the Annual Percentage Rate will be based in part on the credit score of the more established applicant.

additionally, QUOTE
this brochure, produced by the American Financial Services Association Education Foundation (AFSAEF) and the National Automobile Dealers Association (NADA), and prepared in cooperation with the Federal Trade Commission (FTC), provides information to help consumers learn about dealership financing and evaluate their own financial situations before financing a new or used vehicle. It also addresses vehicle leasing.
click here for pdf[/b]
 

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Discussion Starter · #13 ·
Originally posted by moriarty+Oct 30 2005, 08:54 PM-->QUOTE (moriarty @ Oct 30 2005, 08:54 PM)
<!--QuoteBegin-skoebl
@Oct 30 2005, 08:49 PM
Heh, my parents made it quite clear when I was 16 that they would not "under any circumstances, co-sign" for me....meh, oh well, I guess in the big scope of things, it forced me to pursue other means by myself...
i don't know about it where you live but, in california you cannot be on a car deal if you are under 18 anyway. [/b]
True, and I do live in California...but they still wanted to make that clear...(am 20 now btw)
 

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Discussion Starter · #14 ·
Originally posted by moriarty@Oct 30 2005, 09:06 PM
* References. Six personal and verifiable references
Are the references just so that they have a way to track you down should you fail in your payments and such?


btw, thanks for the link to that brochure..is very informative.
 

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Originally posted by skoebl+Oct 30 2005, 09:20 PM-->QUOTE (skoebl @ Oct 30 2005, 09:20 PM)
Originally posted by [email protected] 30 2005, 08:54 PM
<!--QuoteBegin-skoebl
@Oct 30 2005, 08:49 PM
Heh, my parents made it quite clear when I was 16 that they would not "under any circumstances, co-sign" for me....meh, oh well, I guess in the big scope of things, it forced me to pursue other means by myself...

i don't know about it where you live but, in california you cannot be on a car deal if you are under 18 anyway.
True, and I do live in California...but they still wanted to make that clear...(am 20 now btw) [/b]
so, you are saying they were totally willing to help you out?
 
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