this may have been asked before, but i havent been able to find anything relevant in my searches.

does toyota have different guidelines when financing a scion?

the reason i ask is because a year ago i was shopping for a new car, barely anyone would touch me. i guess it was mainly because of my age (23) because at the time my credit score was ~800. i was told i had excellent credit, just not enough high balances. i didnt see how this was so because i was cosigned on my wifes loan which was around $12K for her accord and i had a $10,000 credit card. anyways toyota treated me like crap when i tried to purchase a celica. i was about to give up on looking for a new car when honda got me financed with a company that deals with high risk people at a not so great interest rate. anyways.. around 8 months ago i was laid off from my decent paying job and since my wife was pregnant we decided to move back home. i was unable to pay some bills (though i always paid my car note!) so my credit has gone downhill so now im worried that i wont be able to get financed for an xB. i plan on trading in my 03 si with 20K miles and maybe putting $1000 down. im hoping to be able to go through my credit union to get lower interest, but i dont know how feasible that really is.

thanks for any info

-Chris

 

You're still financing through the same company, it's just like you said, financing a Scion is different from financing a Toyota. Like the pure pricing they have on the cars, they also have a 'pure pricing' on their APR rates.

You should take a look at their website since they have some good information there

http://www.scionsolutions.com/posses...se/buying.html

 

toyota financing is not different .....since scion is toyota's, your credit application for scion will be going to toyota financing....there is no separate scion financing....
they advertise good rates, but I didnt try them.....

My profile is similar to you...maybe a tad riskier since am single too (in addition to being less than 25).....also length of my credit history wasnt too long (less than 2 year) n yes i also moved and changed job in last 6 months, which credit companies dont like at all.....my score was around 700 when I applied, n got a ____ty quote frm capitalOne and eloan.....

I finally got a very good APR from chase (n thts the one i used), but thts cuz i got an employee discount from them since i work for them.......

I also had applied to my credit union and they also gave me an excellent APR, but I decided to go with chase for their brand value.....

I suggest apply to you credit union...am sure with a score of ~800, you will get an APR of arround ~5...

good luck and keep us posted...

 

ah thanks for the info.. i like their pure APR rates. im still worried about the 'adverse credit' part of it. also, you normally have to give verification of your income. well i occasionally do PC tech work on the side and would like to try to count that as income since my income from my job is pretty low, but this isnt very verifiable so im not sure what to do.. heh

 

no my credit score WAS ~800 before i was laid off. i had several bills that have gone unpaid.. mainly the 10,000 credit card. i hate that the balance ever got that high but i didnt have any health insurance and had to pay some medical bills with the card and we ended up putting our wedding and honeymoon on the card. anyways before the layoff we made a combined income of 4600/month so i didnt have any problem making the payments on the credit card. i should get a copy of my credit report, but im truely scared of what it might show. i used to pride myself in my good credit.. i hate being poor ;\

 

Just so you know, a dealer tried to give me the toyota finance rate of 5.5% with a credit rating of 743. I told him that the scion website says I am suppose to get 4.5%. But he insisted that was the best he could offer. So I went to another dealership and got 4.55% so I took the car. A week later I get a call from the finance manager saying that Toyota finance changed my rate to 4.55%.

Then I found out that 4.45% was what I was suppose to get from the start, since I purchased my car in MA. So when they submitted my finance paperwork, toyota financing rejected it and told the dealer to make up a new contract for 4.45%. So its nice to know that the Scion brand is sticking to its set guidelines with the no haggle thing.

Dont let the dealer try to scam you. Verify everything before you sign.

 

This post is not right in the first category. It is different, no "tear exeptions" Meaning if your credit score is 1 point below the required number ie(700 and you are a 699) you dont get the 700 rate. If it was a toyota the dealership MAY get you the better rate, but need to "work" TFS. Hope this helps.

 

well this sucks.. ive been trying to work a deal with the credit card company to get my debt paid down/off and i dont guess its worked. i explained to them my situation of having been laid off and my wife just having a baby and all that, so they said the best they can do is offer a settlement of $6000, which is not a bad deal considering the card has a 10K balance, but theres no way i can come up with 6K. i considered a personal loan, but i dont have a single thing that could be put up for collateral. Well yesterday i received something in priority mail saying that since i cant come up with the cash they are charging off the account. I guess this means no xB for me

 

same financial instituition just better apr's