well, ive been waiting since the day i registered to get my xb. i was told that day i could get financed even though i don't have a beacon score but i have 2 car loans one for 7k and one for 6k. well im supposed to get my xb today and i find out my interest rate is like 12% and they decide to tell me that now. with a 1500 down payment ill be shellin out 340 a month and a grand total of like 22k for a bone stock manual xb. they say it could be lower with a co-signer since scions lovely pure price guarantee doesn't let them shop around for rates or some bs. no one in my household can co-sign because they've all purchased vehicles and what not in the past year and are paying over 500 a month. can i chalk this up to the cost of credit suck it up and buy the car ive been pining for for the past few months and told everyone i know im getting one or buy me a daily beater honda like everyone else?? anyone have any refinancing experience that may help me justify this communist blasphamy (sp?) that toyota is bestowing upon me.

the whole point of getting this car was the price and that's been thrown out the window. need some good advice to get me out of this depression.

thanks,
ben

 

I would go to the bank in which you have your other loans with and get pre-approved with them. 12% is BS! ive had friends with a bankrupcy on thier credit and get 17%....shop around!

 

well i was pretty sure they could rate shop...in fact, at my dealer they have different rates for different banks posted on the wall (well those rates apply to people with a+++ credit score....) but they can still search around....

Jeff

 

We got 10% because we are "overextended" on our credit but as soon as we payoff a couple things we are going to refinance. You should ask where ever you do your banking what their interest rate would be. They might beat 12% just to get the loan.

Good Luck!

 

If the 12% is dealer financing, then most of that is profit to them on the "back end" of the deal (which is actually paid on the "front end" of the loan, since most of your payment will be interest, and less will be principal).

I suggest looking for a local credit union. Sometimes, if you open a checking account (they're usually free) and take out a loan that's paid monthly by "ACH" (automatic clearing house) from your account, they'll grant a slight reduction to the interest rate for letting them debit your account automatically. And, they are normally more flexible about your payment date, by letting you specify what day of the month is the best day to make the payment.

Click here for a list of credit unions in Tennessee that are on the Internet. Most credit unions are now very flexible with regard to member inclusion.

 

What happened to the cars you have the two other loans for? Can you sell one, or both and then get the xB?

 

I don't think toyota is upping your rates to make extra cash, their system looks at your credit rating, looks at what you already owe, and unfortunately you fall into a higher credit risk bracket, thus 12%. Capital One offered me a fixed 2.9% cash advance/transfer deal with no fees or other costs, so I paid the bulk of my price using that and cash for the rest. You should definitely look around at other lenders, but if you're already tapped out and are asking for more, I wouldn't expect an awesome rate, sorry.

 

I got offered a 12.7 through toyota and told em to shove it, went to my credit union got a 4.9 no co-signers 2k down, bone stock 5 spd

 

Cruiser, holding "back end money" on Scions via rate is forbidden. If the rate is 12% thats it. The pure price solution puts everything up front, no games. also the rates should be posted in the showroom and on the web by zones based on beacon scores, so there should be no surprises. Shopping a credit union, or local bank for a better rate is not a bad idea if you are unhappy with the posted rate.The worst thing that will happen is that everything will be just fine, as you are already approved.

 

well the first thing you have to understand about credit is that each one is different. i've had people come into my dealership who have great credit, but couldn't get financed at a great rate. one guy had 26 open accounts, never late. but he was maxed out on most of them...meaning he had payments up the yin yang, so we couldn't get him done. remember, you're taking a loan out against a depreciating product. if you decide not to pay later, toyota can repo the car, but they take a huge loss. with scion, we can't shop your rate. it is what it is. we can't make rate in the back end either. i would love to tell you more, but i haven't seen your credit, so i wouldn't be able to tell you why the rate is so high. but i have a feeling that the 2 open autos (you other 2 car payments) have something to do with it.

 

www.wfsfinancial.com

They have done real good by me over the years and I have not always had the best of credit.

Good luck

 

Did they tell you your FICO score? By law (Fair Credit Act) you are entitled to see all the documents that the dealer/loan facilities have obtained. This would include your FICO score. I guess beacon score is the same.

www.myfico.com

Yeah, go to a credit union or even your local bank.

 

Apply on lending tree to see what offers you get. If it is around 4 or 5% walk back in there and show them the printout. I'm sure they would match it if they can, that is if you even want to go with them after they tried to throw you under the short bus...excuse the pun. You have to remember banks pay car dealers to sign loans....more interest more bonus. Good luck with everything

 

I work @ eloan.com

Fill out the app and check the box that says refer me to other lenders.

HTH

 

I know how he feels. My XB came in today, but when i went to a credit union today they told me 12% financing, and I guess i cant get a loan over 80% of the total value of the car, i will only be putting down $1000, and I've had credit for 2 years, and worked for 2 years, nothing late. Another place told me I need 20% $ down , and a co-signer, a really great credit co-signer. If i went with 12% I would be paying 334 a month whick equals a grand total to 21,040 for my bone stock xb. What happened to the 14k car? It just doesnt seem right, I've seen other people get less interest with screwed up credit. It just sux!

 

jesus... 12%

i got 4.3% and my payments are $226 $1100 in total intrest over 5 years

i woulda walked right away if they tried to crack me for anything over 5.5%

it's up to you, if you really want the car, then do it - personally i'd look around for a better loan, not through the dealership

- Brian

 

Actually they dont have to give you your fico score unless you live in Calie or Colorado. They do have to discolse to you what type of information they looked at on your credit, ex you have too much debt, you co-signed on too many loans ect, but per federal law they can't give you your fico info because they are not a credit reporting agency.

<---- Wells Fargo Home Equity Loan Processer (really sucky job.)

 

i got 6.9 threw toyota with no credit, no co-signer, and 1k down. sometimes i wish i had bad credit cause fixing credit is easier than making it....

 

[quote="Low N Slow"]hey wells fargo does my home mortgage.... can you hook me up with anything?? ;)

 

You should really hit up a credit union in your area. I know.... I do work at one here in Mass. and I'm in charge of most internet loans that come in. It's too bad you're not local, I'd see what I could do for you. PM me for any info.