So I go to my local Scion dealership last night to order my brand spankin new 06 tc. I'm all excited and everything, only to find out that they won't even look at my loan until i turn 18. I'm 17 now, and turn 18 on January 15, so thats about enough time for the car to get here, but it still blows that even if it gets here sooner I can't get it until after they approve the loan. Which now I have to keep my fingers crossed that they do, because I've already been turned down by my bank because of my age. I just hope that because Scion is geared towards the youth, that they will understand that I have no credit, and that since I run Cross Country I haven't been able to work much lately, so thats why my monthly income average is so low right now. So do you guys think I'll get approved?

PS...I do have a job.

 

no, you wont be approved most likely without a co-signer. i had the same problem in 1992 when i was 17. bad credit is worse then no credit, but with a cosigner it should not be an issue, unless the cosigner had poor or little credit as well. Until your 18 you are still considered a minor, and minor can not be leagally held accountable for credit purchases, so banks wont even mess with it without a cosigner

 

Ah yes, I forgot that part...I DO have a co-signer. LOL my bad guys, probably shoulda told you that part.

 

Don't worry about not being approved for your loan when you order your car. Most approvals are good for 30 days max, so if it takes longer than that to get your car you have to start all over again.

My advice: order your car, and get all your stips (car lingo for stipulations or requirements) lined up ready to go -- co-signer, down payment, references (up to 5 or 6), proof of residence, income, insurance, etc, bank statements if necessary.

Don't give them an excuse to turn you down. Scion Finance or virtually any other major bank should step up to the plate and do the rest.

At that point the only thing left to do is wait for the car (once the dealer has the VIN they can submit the deal and contract). Good luck.

 

Thats the best thing you can do.

 

lol i picked up my BSP TC on friday which sucked cause it rained here in LA damn weather!!!! but my credit union was closed so that means i took my car with out paying for it i gots to get to my crexit union first thing monday to go sign my loan papers cause i was pre appvoved W/O signing anything with my bank and im only 22 my credit was hella good

 

as long as you have a co-signer you should be fine. You most likely won't get a loan by yourself. I am 19 live at home, have no credit and I make 30K a year and I was not approved buy Toyota by myself so my dad had to sign for me. Good luck and let us know how it goes.

 

When i got my tC i was only 19 had 0 credit living at home as well. However i got approved without a co-signer or anything. The only thing they got me with was my interest rate, 12.75%. I know its high but atleast i didnt need a co-signer. Oh yeah and i make about 32k a year also. Guess i should consider myself lucky.

Jay

 

thanks for the advice guys, hopefully everything goes well. i reeeally want this car, right now im driving a 92 camaro v6...so this will be quite the upgrade. i got the TRD springs on it, so i hope i dont sacrifice too much of the smooth ride(well compared to my camaro). oh and i bet it will be fun learning to drive stick in an ohio winter . anywho, thanks again guys, any other comments will be appreciated.

 

Shop for a loan outside of the dealership - you'll find better rates anyway.

 

I had good luck with a credit union instead of a bank when I was younger. Better interest rate, means more money goes to payment of capital, means more capital for better options.

Good luck!!

 

as long as your cosigner has good credit your good to go...........but DONT USE TOYOTA finacial, use a bank.........