Irreligious

I am not too sure about how my credit stands though. I have only been paying my own bills for about 1 year, one major credit card(under my mothers account) and one military credit card. Some random utility bills too.I still get rejected for credit cards though,due to un established credit Everything has been paid on time. My mom says she is willing to cosign with me in order to finance this vehicle. She has a fico score of 668.

Who should i try to finance with, toyota or capital one?

InfamousBri

I would speak to the financial manager before choosing. Based on your mom's credit score they can see which one has a lower rate. This is the process I went through before purchasing my jetta.

Irreligious

you mean the financial manager at the dealership?

Harman

May be the best advice I can give you is "know your credit". Always check your credit online from all three major bureau and you fico scores, print them out, put them in a folder, before you even thinking about walking into a dealership. I have seen people being ripped off because they have no idea what's their credit's like. In that case, it's totally up to the finance manager's game to give you an offer that you won't know if it's fair. Usually, they won't play game if you're loaded with info and research. I know Scion dealership has good reputation in general, but why take chances? The last thing you want to do is walk into a dealership with a confused look and tell them you want to buy a car and DON'T KNOW if you qualified.

The second advice that I can give you is that make sure your financing is ready in a row before you walk in. After you checked your credit, assuming you have good credit (my def of good is over 650 fico), you can try your local credit union because they usually offer lower rate than your local bank. You can try online too. I tried capitalone before and they are pretty good imo. They approved me and mailed me a check and I brought it to scion dealership and let them know I did my homework. That way, if the dealership was trying to pull a trick on you, you always have something to fall back on.

Lastly, if your credit is so poor you keep getting rejected, don't keep applying as it may further lower your score (after two weeks. All application in the first two weeks are counted as one). Try dispute the inaccurcies/mistake with the credit bureau first. Then re-apply for finance. Yeah, your mother co-signing will be helpful too! But if you have a late payment, it will be reflected on your mom's credit profile as well and lower her score.

I know buying a car can be stressfull sometimes. Give it some thoughts and good luck.

malina

You really need to get a copy of your credit report from all three agencies before you do anything. Starting this year, everyone is eligable to receive one free credit report every year from each bureau. I found a site on MSN that lets you check all three easily. It took me about 25 minutes to go through and print all three. Depending on where you live, this service might not be available yet but will be available to everyone by this summer. P.S, it doesn't give you your credit score but one of the bureaus offers it for $5. (I already knew mine since I have a Providian Visa and you can check your credit score through them online.) Just do some research on yourself before you jump into purchasing a vehicle.

Oh, and stop applying for all those cards! It only hurts you, in more ways than one.

Irreligious

ok i did a full credit check and it looks like my score is 731, thats good huh? Would i still have issues getting a full loan on a scion tc ? Are there any other factors?

bigmouth2008

It seems that your family has some ties to the military. Don't they offer some kind of financial services? Or you can find credit unions that serve governmental and military employees. Either way, you should be able to find lower interests than that of Toyota Financing.

Also added, Sam's Club and Costco both offer auto financing as well. Their rates are comparable (4+%) to the rates of Toyota.

Irreligious

well im in the Air Force. We have a credit union for this base but i hear they are really picky about giving out loans and stuff. I guess i should give it a try. Btw, if go apply for credit there it will bring down my score wont it?You guys were saying that everytime someone makes an inquiry it hurts my score, so what do i do?

tcevolution

I work at a bank in the auto finance dept taking applications and closing loans and doing a little underwriting so I think i have some good input on this subject. I can tell you that most banks are looking for at least 2 lines of credit w/ at least 2 years and even then thats still limited. Even if you have that, you still might need a cosignor cuz some banks want to see installment credit like auto loans, mortgage, unsecured etc, not revolving credit which are credit cards. Your 700+ score is very good, however, you dont have enough credit to get a loan which is why you cant just give a score and know if its good, they look at your whole credit profile. Utilities bills do not show up on credit reports unless you dont pay them. The good news is that you can probly get financing through toyota financial and probly qualify for 4.45, assuming the rate hasnt changed since dec. If you go to scions website and look at financing, they offer special loans for people w/ limited credit, you need at least 1 card for a year, make at least 1500 a month, no delinquencies, 10% down, and low debt to income ratio. You probly qualify because i did and we have similar credit. Theres a lot more I know about this subject but not enough space, so if have more questions ask me

Irreligious

well i only make 1200 with taxes a month. Would i just be better off doing a joint loan and then refinancing in a year?

TOAST3R

try capital one, they are pretty easy to get loans from

tcevolution

if you dont qualify w/ toyota then the best option would be to cosign...honestly i wouldnt keep applying because that does lower your score. it also might take a little longer than a year if you want to refinance, depends on the bank because i know mine would not do it w/ just a year

Irreligious

ok wait, who should i try first? Toyota,credit union on base or capital one?

Harman

700+ is very good score, but like tcevolution said, unestablished credit is a problem. The last time when I bought my tC, the finance manager look at my score and told me I got a first tier rate. However, he did look at my income though. May I ask you how do you think you can afford a new car with your current income? I am sure the finance manager will ask the same question. A large down payment does make a lot of difference, though. Let say you can afford 40%, that will make a world of difference and you don't have to worry about being upside down in your loan.

Irreligious

Well i make 600 every two weeks. I live in military dorms. I get free food. The only bills i have are a cell phone and cable, I usually have 500 dollars left over from each paycheck to do anything with. I can definately afford a 300 dollar car payment and a 300 dollar insurance payment(my first car).

Irreligious

i was going to make a 2000 dollar down payment.

Radiodude

I went PENTAGON FEDERAL CREDIT UNION. After a quick search I found the had the lowest rates.

Right now they are doing a 60MO term for 3.9%

https://www.penfed.org/rates/index.asp

As for being a member check the website... I am not govt or militery but made a small donation as was amble to join the CU for a yr.... thats all that was needed eventhough my term is 60 mos. I think my rate when i got my RS1 last march was 3.49%. I dont know if i get a referral thing so if you decide to go that route lemmy know, ill split it with anyone that decides to go with PFCU. So far they have treated me very professionally and I got approved in about 3 hrs total. FYI I am so have pretty good credit, so if your credit is less than perfect as with any loan Id consult the qualifications. I also pay less than $300 a month and payed $0 down on my RS1.

Hope this helped anyone out.

trench

Got my two scions via pentagon. the best.

Irreligious

thanks guys

tcevolution

pentagon is just like any other bank or credit union, youre still most likely going to need a cosignor...if you want the loan under your name only, try toyota financial and if they dont approve then any bank will probly approve you w/ you mother. However, w/ her credit score and your limited credit, you most likely wont qualify for the lowest rates. BTW, since your military you should consider doing some of your banking w/ USAA.