I tried 2 toyota dealerships and they both told me i had to put $10,000 down, because the bank would only finance me $14,000. I make good money, but had credit theft when i was younger and just recently found out, so my credit is under investigation. I have a 580 credit score.
2006-10-15 23:12:52 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Toyota is one of the hardest dealers to get financing through. I know, I tried.
I just recently financed a Hyundai for about $33K, including my trade in, and I don't have the best of credit. My interest rate is about 13% which isn't bad considering that my score is about the same as yours.
Even if you get a bad rate, make sure the payment is one that you an afford. You'll have to live with the high payment for awhile, but it will help you get your credit back on track.
Try going through Chase Auto Finance. That is where I got mine through. It helped that I financed my last car with them, but it doesn't hurt for you to give it a try.
Good luck.
2006-10-16 14:57:48 · answer #1 · answered by tmkats 1 · 0⤊ 0⤋
If you have a police report and a credit fraud tag on each of the three bureaus, you can probably go to your local credit union (or small bank). They will actually look at something other than your credit score. If you have been paying rent on time and aren't behind on the electric bill, that and the police report detailing your credit theft will most likely be enough to get financing. However forget about 0 down or no interest.
Otherwise use the problem to your advantage and save money to buy a 3 yr old car for cash and eliminate the need for a credit score altogether.
2006-10-16 04:45:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The only way you can find out is by visiting a Toyota dealer and filling out a credit app. Depending on how bad your credit is i sthe deciding factor. There are "secondary" banks that finance almost anyone, but they require 20-30 % down. On a 2007 Camry which is in the vicinity of $25,000, that can be over $5,000 down. Also when a brand new year model comes out they are not so willing to give them away so you would get a better deal buying a 2006 because then the dealer will let their profit line go to help you on your down payment. You need to realize that you may need to rebuild your credit instead of wanting a vehicle you may not neccesarilly be able to afford. If you can afford it then it is a terrible value because you will pay state max interest rates and pay $4500-$6500 in interest you would not have otherwise had to pay
2006-10-16 02:31:22 · answer #3 · answered by I am Jared From Subway 3 · 0⤊ 0⤋
Yeah people with not good credit can finance but as you found out they have to put more money down up front. Same with buying a home in some cases.
2006-10-15 23:21:20 · answer #4 · answered by Ariana Shaw 2 · 1⤊ 1⤋
Wait until the investigation is finished. I believe it's suppose to be resolved in a month or less? Then wait.... the Camry isn't going anywhere and you're likely to get a better deal in December.
2006-10-16 08:57:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah, you can find someone who will finance you, but you'll pay absurdly high rates for the service.
2006-10-16 01:32:13 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 1⤋