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Discussion Starter · #1 ·
ok so heres the deal.there is this used dealership near me that always gets celicas.they are selling a GTS there for like 12 grand. i turn 18 in less than 2 weeks. ive recently considered trading in my car to get a GTS because i want a standard car. i owe alot of money on my car (16,xxx) now because of the interest rate. now do you think it would be possible if when i turn 18 to go there and have them find me a red GTS and trade in my car for that one. i know that it would probably be really hard to get approved for the loan because i really dont have any credit and i work under the table so i technically dont "have a job" as they ask you on the forms. so my question is has anybody ever done this and gotten approved with a good interest rate? and if so how much do you think i would get for my car if i were to trade it in?
 

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celigirl88 said:
ok so heres the deal.there is this used dealership near me that always gets celicas.they are selling a GTS there for like 12 grand. i turn 18 in less than 2 weeks. ive recently considered trading in my car to get a GTS because i want a standard car. i owe alot of money on my car (16,xxx) now because of the interest rate. now do you think it would be possible if when i turn 18 to go there and have them find me a red GTS and trade in my car for that one. i know that it would probably be really hard to get approved for the loan because i really dont have any credit and i work under the table so i technically dont "have a job" as they ask you on the forms. so my question is has anybody ever done this and gotten approved with a good interest rate? and if so how much do you think i would get for my car if i were to trade it in?
You can not get ANY BANK ANY WHERE to approve you unless you have pay stubs or a generous amount of liquid assets if you do not work coupled with awesome credit.

Secondly, what year is your Celica? GT or GTS Auto?

They may give you around 10k for it then slap the other 6k on to the new car. It will be a very bad decision.

Lastly, you probably wont pay the interest per se because the car cant incur interest on payments that were never made. A new loan paying the car off elminates the remaining interest.
 

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well unless you owe less on your car then the one you buy, all you're doing is just adding to how much you will owe. Honestly not worth it. Wait for another year or two for when you have credit, money, a job, and a lower current car payment then think about doing something like this......just my 2 cents.
 

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Discussion Starter · #4 ·
well its a gt auto..and thats why i was asking if anybody ever got approved without really having any credit..im getting another job soon because i need to at least have a "government job"meaning i get pay stubs. and they actually have REALLY good prices on gts's this is why i thought it would be ok. i understand there would be negative equity on the car but if its a lower interest rate my payments would go down automatically because right now im at 17% and its killing me. if i were to refinance it and even get 15% capital one said my payments would go down an automatic 100 dollars. i need to build credit somehow and im always early on my payment.
 

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I have a red auto gts (60k miles) I got a pretty sweet deal on it, you wanna take over the payments? I think I'm at around 8% interest. I want an EVO.... :bling:
 

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Discussion Starter · #7 ·
Rombomb420 said:
I have a red auto gts (60k miles) I got a pretty sweet deal on it, you wanna take over the payments? I think I'm at around 8% interest. I want an EVO.... :bling:
i would but 1. you live very far away from me and 2.i would have to sell my car outright to take over payments and i highly doubt somebody is going to pay 16,xxx for an automatic GT for that matter. i would get black because ive always wanted a black car but i have black rims and i really dont like the black on black thing..ive even considered white though too so idk? i just need to find one at a good price thats in really good condition
 

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Discussion Starter · #9 ·
they would probably would because my mom is the cosigner of my car now..so i know that will help me a little bit
 

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celigirl88 said:
well its a gt auto..and thats why i was asking if anybody ever got approved without really having any credit..im getting another job soon because i need to at least have a "government job"meaning i get pay stubs. and they actually have REALLY good prices on gts's this is why i thought it would be ok. i understand there would be negative equity on the car but if its a lower interest rate my payments would go down automatically because right now im at 17% and its killing me. if i were to refinance it and even get 15% capital one said my payments would go down an automatic 100 dollars. i need to build credit somehow and im always early on my payment.
It will not go down automatically. The negative equity makes the other car more expensive. You cannot owe more money and pay less monthly. UNLESS, they extend the payments longer which wouldnt benefit you because you would probably have a car that the paymenst dont keep up with its depreciation.
celigirl88 said:
they would probably would because my mom is the cosigner of my car now..so i know that will help me a little bit
If they co sign, you will get it.
 

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do this. Get yourself a credit card (limit of 250-500) Go buy some shirts, pair of shoes, cd, something cheap.. Something that you COULD pay cash for so to speak. Use the credit card instead. With the money you would have paid for the item (cash), pay off the credit card next time the bill is due. Once you do this a few times, you will build your credit. And then you can get a loan, but as stated above you will need a pay stub for the bank to even consider it.


or a cosigner will work
 

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I've been making payments for over a year.. finally I decided it was in my best interst to go to college, and my wonderful parents decided to pay off my loan :) I'm seriously thinking about applying for a credit card now for like 300 bucks or something, and using it for everything small (gas, smokes, clothes, food) Hope to get an amazing credit score with low interest financing..
 

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I also think that it is a bad idea. Stick with your GT until it is paid off, you will be losing too much if you were to trade the GT in for that GT-S.
 

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I gotta agree with everyone else...
If you have no credit...you will NEVER get that loan!
Some things that I recommend you do in order to help yourself out...

1. Get a new job...or have the job you're currently at start paying you for real (not under the table). This will establish the fact that you make money.
2. As stated earlier...get a credit card. Without a job you won't be able to...but ask your parents to sign you onto one of their accounts with like a $100 limit. Charge like $50 a month to the card. After 2-3 months you will be able to get your own.
3. Cell Phone... After getting the credit card and waiting the specified amount of time, get a cell phone. You will most likely have to put down some kind of deposit, but it'll be worth it in the end.

After you keep those lines of credit open for about 6-12 months, you should be able to get a car loan--if you don't fall behind and pay each month on it! I'd keep the car right now, maybe later on try selling it...but right now this is your best bet...
 

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Discussion Starter · #16 ·
yea i understand what all you guys are saying..i have put waiting into consideration because im supposed to be getting a settlement soon so i would probably wait for that to come through so i can put money down on the car i have now and slam the interest down because its outrageous right now. my uncle said the same thing to me about the credit card. he said instead of me paying money orders for everything, to save all the money i would spend on my bills every month on the bank, and when my car payment, cell phone bill etc come in, charge it on the credit card and then at the end of the month take the money and put it down on the card to establish credit. i know this is all not going to happen overnight and ill probably end up waiting but i thank you guys for helping out.
 

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Just my .02.....You get better rates online for car loans.

If you can find a Celica below market value (or talk down the price on the new Celica) that could eat up your negative equity, you might be able to do it at a price you are comfortable with. The car you difference of the that you purchase and what that car is worth must be equal to or greater than the negative equity in your car. Meaning if they gave you 14,000 for you car, leaving you with $2000 on old loan, they car you purchase would have to be worth $16,000 and you actually get it for 14,000. In which case your new loan would be $16,000.
 

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Discussion Starter · #18 ·
exactly. well the GTS i was looking at was priced at 11,995 and i asked him if i could get him down and he said the lowest he woulg to because hes friends with my boyfriend would probably be like 10 and some change. like i said i know its not going to happen right away, maybe if i wait a year and get my payoff down id consider it. hes supposed to be calling my boyfriend today about an STI so i told him to talk to him about me. even if i trade in my car and everything goes through and its still the same as what i owe now, i might be able to get a slight difference in my interest because my interest right now is high. like i stated before its at 17%. so even if i get it at like 10% my payments would still be a little bit cheaper because i dont have as much interest to pay off right?
 

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I ma have to agree with most ppl in this room. It is not worth getting into another debt specially when you don't have a credit history established. Trust me there is always some who is willing to give you a loan whether you have a credit history or not. Most likely the rates will go up 21%...which i think is insane to do specially for auto loans. Also another thing you need to think about is you have to payoff the debt you owe on the car you have already plus the for the car you are planning to buy. So if you do the math ....borrowing money for the total debt at high rate is not something i would recommend you to do...you will never get out of that debt.

Solutions:

1. Get your credit history established. You can do that by opening a store credit card ( Macy*s, JcPenny.....). PLEASE DO NOT APPLY FOR REGULAR CREDIT CARD LIKE AMEX, DISCOVER, CAPITAL ONE... THEY WILL NEVER APPROVE YOU PERIOD. The credit card inquiry they put on your credit history will hurt you even more. The inquiry they put will stay in your credit history for 2 yrs. Trust me i know. Too much inquiry = drain your score + affect future loan approval. Apply where you are almost guaranteed for approval ( store cards) and use it wisely doing what you girls do best shopping for cloth :D . Rates for these cards are a little bit high!

2. Have someone cosign you for the loan. ( NOT RECOMMENDED BUT IF YOU HAVE TO DO IT THIS IS AN OPTION)

3. If it is a must for you get the loan, try applying at CREDIT UNIONS in your area instead of regular BANKS. Credit unions have lower rates than banks. And they also do not have hidden motive behind the loan ( they are out there to help there members establish a good credit history).

4. As a last resort ....you can have someone with good credit history borrow the loan for you. Most likely the title and insurance for the car will be to be under that person name. ( BE CAREFUL WHEN YOU DO THIS. IT HAS TO BE SOMEONE YOU TOTALLY KNOW AND TRUST, LIKE YOUR PARENTS)


My advised for you take soln. #1... wait this one out. You should be the one responsible for your own stuff, do not get anyone mixed up with your business specially when it involves MONEY and DEBT. This is the best advise i can give. Think it through ....tust me i know what talking about 'casue i work for CREDIT UNION and i see ppl getting themselves into they will never get out of.
 
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