There may be a search about this post, but I want to ask my own questions and get my own replies, so if someone can please post this, preferibly a dealer.

Well I am 18, and I make about 500 bucks every 2 weeks, so I think I can pay off a tC, I dont want lectures on I can't and all that jibber jabber... My parents credit isnt too good, so I told the dealer that.. and he told me we could do a 1st time buyer for me.. so can someone explain it?


Are there any catches to that 1st time buyer? This is what the dealer said to me..

Dealer: Well how much of a down payment are you going to have?
Me: Once I sell my SUV, Ill have like 5,000 to throw down.
Dealer: Not bad, well if your parent's credit isn't good, you could do a 1st time buyer with toyota.
Me: So if I have a down payment I can bring it in and order a tC without my parents and make payments on it?
Dealer: Exactly!
Me: Well how much are my payments going to be around? Like a ball-park figure?
Dealer: Maybe like 350?

So that isnt a bad payment. More then I want it to be... but I need a tC.

Well can anyone explain.. is that all I need to do .. to get a tC? Do I really do not need my parents? Can I finance it myself threw toyota like they are saying?

Can you guys explain the pros and cons to this and all the regulations for this? Becuase I need this car so bad.. im getting depressed.

sorry for the long post

 

I paid something like 18k out the door, and make 350 payments.. with no down payment. The interest rate must be huge. Just cosign with your parents, honestly, your interest rates are going to be sky high if you sign for it yourself.

 

With $5,000 down you would qualify for the 1st time buyer program, however you don't make enough per month to qualify. You have to make at least $1,600 a month before taxes in order for them to look at it. Even if your parents have bad credit have them co-sign for you. With $5,000 down you will get approved.

 

Okay so if my parents have ____ty credit, and I have 5,000 down, and my parents co-sign with me with their crappy credit? It will get approved and I will drive a tC?

 

Yeah, but with a crappy interest rate.

 

do you have a good credit rating? ask your dealer how much your interest will be. it might be cheaper if you finance with someone other than toyota financial. i got an interest rate of 6.95 going through capital one, but i co-signed with my bro-in-law with toyota financial and got a 5.89 interest. which isn't that bad. i hope everything works out for you man

 

I got 6.9 when my dad signed for me. So if you do it yourself you're probably looking at something huge.


also, I'm pretty sure you don't "need" a tC.

 

Actually... depends on your own credit rating. If you have little/no credit you are going to need a co-signer. You can check your credit score at www.equifax.com, it costs ~$12 iirc.

I'm 20yo and was able to finance on my own at 4.59%, but I've also worked hard since I was 18 to build up a good credit history.

 

...no offense to be off topic..
but i really hate seeing people who said they paid 18k out the dooor.>!!
how the hell did i have to pay 20k out the door... no options but the 6disc cdplayer...

i hate feeling like i got ripped off... i really feel like i did though...
.............ahhhh and im paying interest which is another 2,500... so total cstost of tC is 22500!!!

 

damn i got mine 181XX out the door and interest to be 2XXX so after everything the tC will cost me 20500 basically

 

:?: :?:

Not sure what to tell you, but to look at your invoice? Did you get the car alarm/etching, leather, extended warranty, floor mats, etc? Mine was $16,650 + title, taxes, registration, fees, etc which was a little over 18k. Only option was the floormats. Most of the TTL was the fact that we get RAPED at 8.75% sales tax. Ouch. Didn't get alarm, extended warranty, remote start, anything. Not sure if this helps...

 

lets see
ADD 1,000 more for an auto give or take
600 more for insane cd player upgrade
add a little more if your dealer had 200 or 300 in bs fees.

theres your 2 grand difference....
if u dont have an auto and paid 20 u got raped. sorry

 

the dealership usually uses who ever has the better credit score - - maybe use ur grandparents for a co-signer - they r usually good for it....... i didnt need one though i - but when i bought my 1st car i used them. also depending on how long u finance is how much ur payments will be - i financed 60 months and mine came out to be $351 a month @ 4.6 % on a 710 credit becon........ even though i still pay $450 just to build awsome credit - TFS will do anything they can to get you to buy a car though - so watch out for very high APR

 

Well ive thrown 5000 down and the cars 18500 out the door, a month my paments at 4.59 will be 266 so i dont know what to tell ya. Mike

 

yea mine is going to be 20K, i got leather interior and floor mats. thats tax, title everything.

but interested in this first time buyer thing. i have excellent credit, this is my first brand new car that i've financed (all my other cars my parents bought). and i make $3500 a month. lowest APR that toyota is offering is 4.5% or something around there. first time buyer is lower than the normal new car rate?

 

and planning on a 6k-7k down payment

 

im 19 , talked to the dealer and he said i could do it myself or have a parent cosign which would be better but if i do it myself he said the highest TOYOTA will charge any1 with poor or no credit is 12.0

 

actually the highest is 12.5% but same differance. If you are able to put down $5k and you finance at 12.5% over 60 months thats about $300 a month if you can get your parents to co-sign you should be able to at least get a 10.25% rate and save yourself about $1200

 

at 12% you may as well have them shove a chilled sway bar up your ___ while they are at it-

 

nahh the only two options i got were
6 disc cd player/changer
and the floor mats...
they tacked on something like 1000 Master Value Adjustment (m.V.A) they called it...
i dono ive been paying 410 a month... and its getting to the point where i have to work thurs sat sun... side jobs...(tutoring) all after football/school/homework/and my chores... im gonna go in debt soon unless someone tells me what the f*ck is MVA!