how likely am i to get financed for a (basically) bone stock xB if i have no credit?

ive been working where i work at for about four years now. been living in the same house for 22, and have done nothing to develop BAD credit. as far as im aware, my credit score is a nice big 0.

so, is TF going to end up bending me over in interest rates, or do they actually give you a somewhat low percentage?

thanks!

 

I don't know where you live, but our rates for this Region consist of a 15.8% for a first-time buyer, this is a 60 month term. You mentioned that you think you don't have a score at all, which puts you automatically in the Zone 4. The only way you have a chance at getting a better interest rate, would be if you were a College Grad and were able to qualify for the College Grad Rebate Program. You can read about this on Scion's site under financing.

Just to let you know though, the 15.8% isn't a bad rate for someone in your situation. If you compare that rate to a rate if you were to buy a used car, it would be a lot higher.

The only thing TFS will require, is Proof of Income and a down payment. I have been able to get customers in an xB with $1500 down. Good luck with everything though man.

 

how much would a cosignee with say, high 700s for a credit score do to knock down the interest? enough to try and drag them along for the trip?

 

High 700's !!! That would qualify you for the lowest rate offered. Actually anything in the 700's would. It does not matter that you have no crdit if you have a cosigner with a high crecredit score like that. The bank goes after them if you don't make payments. However this will help out your credit score drastically if you make on-time payments without ever missing a payment or having a late payment. By the end of the 2nd year you should have very good credit.

 

If the co-signer has that score, anything over a 730, then you could get 6.3%. This will still build your credit at the same time, but not as much if you were to go solo on the loan. You would save yourself about $70-$80. Your choose though.

 

see, this will be the first car ive ever bought that was brand new. the last two cars ive owned were bought from friends of the family, so under the table sort of deals.

i appreciate the help guys, i will soon be one of the proud toaster owners.

after messing with my calculator, i notice a difference of almost a grand between 15% and 7% interest. little more than 70 or 80 bucks :p

 

The $70-$80 was in reference to your monthly payment. As far as interest goes, it's a lot, lot, more than a grand between these two rates, try almost $5 grand.

 

im not a math person

i again thank you for the help, i honestly believe the 70$ a week is definately worth a little less of a credit score. im sure after owning the xB for a year, itll be good enough to get myself a credit card. :D

*drools at all the things he will do to his xB*

 

Your welcome. Good luck with your new xB and hope you are able to get some nice add-ons.

 

I've had my xB for 8 months now. It is my first new car also (the first two given to me, and I got the third for $300), and I've already gotten three credit card offers. Guess which trash can they went into...