Hello Everyone

[DGibb]

I've been watching these boards for a little while from a friends house thought I would go ahead and register. :gap:

I am currently saving up money to buy either a Spec Blue or Silver 2001 Celica, but I am having trouble with a few things, maybe you guys can help.

I currently have $1000 cash and about $2000 on trade-in value on my current car. I have no credit, or very little, I am only 20 years old. I do have a credit card (had it about 4 months now) and have been paying the bills ontime, everytime. I know that one credit card has no fast effects as far as building credit. I am wanting to maybe purchase a Celica by Augusta 6th (my birthday) if it is possible, worse case scenerio, by the end of the year.

With no credit how much will the dealers want to accept my signature (and no I don't have a possible co-signer) and sell me the car? Is $3000 total not good enough? How much more if not? I've been working steady almost a year now, but I had a gap a while back for school, but I have a couple years of work history under my belt, well like the bank cares about the past.

What will it take to get me into the drivers seat?

Thanks in advance :werd:

[QWKsilvr808]

Credit is a funny thing, some dealers will be lenient about it, some will not. Chances are, you'll find one willing to put you in the car no problem, just at a higher interest rate than someone else with a better or longer credit history. Having a credit card helps, having two is a better idea -- as long, of course, as you keep your balances in check. Job history is important, but mainly they take a look at how long you've been at your most recent job. If your work history looks flighty, then that adds to your risk rating. So can applying for a bunch of credit cards in a short amount of time.

Most dealerships around here generally practice a 20% downpayment rule. That can be pretty flexible tho, but again they may decide to play with your APR if you can't put that kind of money down. The more you put down, the better your APR is likely to be.

Generally, I think most times it's better to finance thru a credit union, if you happen to be a member of one. Loans are usually approved easier, and at a lower interest rate. Credit unions tend to be very flexible and willing to help you out. Sometimes dealerships/manufacturers can offer incredible interest rates that make financing thru them worthwhile, but I've yet to see a Toyota dealer around here offer a rate that my credit union can't flat out beat.

There are many things that can affect your credit... paying medical bills on time, cell phone bills, etc... hell, sometimes even having a library card with outstanding fines on it can screw you, if they have a collection agency (I know our local library system does, not from personal bad experience thankfully).

If you're credit history is limited, you might expect to be paying an interest rate in the double digits. If they give you a problem, they may ask you to have a cosigner help you get the loan. Most often tho, I've seen friends of mine walk into a dealership with no credit and drive home with a Civic financed at 18%. That's not good. Do some loan pre-approvals and shop around... that's the best way to find out what your credit is really capable of doing for you... good luck. :thumbup:

[DGibb]

I've been to almost every main dealership in town (all brands) and all of them turned me down, even with $3000 net worth as downpayment. :(

I'm going back to Toyota and ask them flat out "Besides a co-signer, what will it take to get me in a celica?" Atleast if I get a dollar amount I have a goal to set.

[QWKsilvr808]

Oh man, that sucks. Have you tried banks/credit unions/loan institutions? Also, do some searching online. There's a lot of sites that offer online auto-financing for ppl with little or risky credit. I'm sure you're gonna find a way dude.

[StreetFighter]

Wait until the winter when car sales are slow. Maybe a dealer will accept your $3k down and give you a high interest rate. But can you afford paying $600/month for car and insurance?

[YOshi31]

ok i'm 19 i tried to do the same thing and it goes like this if i rember correctly
1. you need to be at your current job for over a year
2. you need to have a net income after taxes per month double or triple the monthly payment
3. down at lease 5k-10k
4. no creidit problems at all
or
5. have a parent co-sign

i hope that helps alittle thats what the toyota finance dealers told me

so what i did was have my dad buy under his name and everything i just pay for it so everyting was cheaper that way lower intrest and the like but i still pay for the car all the money is from my pocket for the car so yeah it can work like that too!

[TeeAreDeaGeeTeeEss]

depends on the salesman.

I was 21 when i bought the car

1. I had very bad credit, I was reported to a collection agency and whatnot for not paying some bastards.
2. I had no co-signer
3. I had just quit my job (at that time)(he told me to just fake some numbers about my previous job)
4. I didnt trade in my old car.
5. I put 10,000.00 down
6. I drove away with the car. (they didnt verify the check until like 2 weeks after i drove away.)

They didn't even care about my credit. I was approved to buy anything on the lot, even the 60 thousand dolland land cruiser ;)

2 years later, im still drivin it. :)

[Bobbeh]

Hi, welcome to the boards :)

[2001SilverGTS]

Join a credit union. If you are with them for several months before you decide to buy the car, you will more than likely get a MUCH lower % rate and probably be able to get the car, using the 3K down and what not.

Like TeeAreDeaGeeTeeEss and others

I had been reported to credit agency
I had just started a new job (2 weeks)
I had no money down
I had no trade in
I had 3 credit cards
and so on, and so on.

I've had the car about 18 months and love it... could miss the 450 payment, but that is what I get for wanting to pay it off rather quickly.

Anyway, good luck and welcome to the boards.

[DGibb]

Unfortunatly a co-signer is not an option.

I have no parents that can help and my fiancee has a new 2k civic and her "Car Note" is to much still to try and be aproved as a co-signer.

I can afford $300 a month on the car and $200 a month ony insurance, so a total of $500 a month, and in August I turn 21, so i get a little break there as well.

I don't suppose there are any people with an over abundance of money that would like to right out a contract and play bank with me? :wtf:

:bowdown: :chuckles: :wave:

[Robotech]

Originally posted by TeeAreDeaGeeTeeEss
depends on the salesman.

I was 21 when i bought the car

1. I had very bad credit, I was reported to a collection agency and whatnot for not paying some bastards.
2. I had no co-signer
3. I had just quit my job (at that time)(he told me to just fake some numbers about my previous job)
4. I didnt trade in my old car.
5. I put 10,000.00 down
6. I drove away with the car. (they didnt verify the check until like 2 weeks after i drove away.)

They didn't even care about my credit. I was approved to buy anything on the lot, even the 60 thousand dolland land cruiser ;)

2 years later, im still drivin it. :)


how much are your monthly payments ?

[DGibb]

Uh you put 10,000 down, thats prolly why you were approved.


Right now I know for a fact I can get approved if I put 50% of the car as the downpayment.

LOL :)

I'm guessing his car payments are roughly $200 a month.