scratchtc

I got myself all worked up over buying the TC. Researched it completely, been coming to this site every day for the last couple months... Then I go to the bank to get the loan to buy the car but they won't give it to me! I have excellent credit they say but I just have too many educational loans. I don't see how this matters either, since I'm going to medical school this year so I will not have to start paying those loans for another 4-6 years. And by the time I get out of medical school and residency, I figure I'll be making enough money for those loans to be not a big deal. So basically, I'm confident I can make my car payments (as I always pay my credit card off every month) but the bank won't give me a loan. Even the loan specialist said she understands my situation and she thinks I should get a loan but because of a technicality I won't. Will the dealers be more lenient? I have been worked up way too much now to be dissappointed. What do you guys think...

a slightly depressed TC owner wannabe...

cliffy1

Couple of things...

1. It isn't the dealer who makes the credit decisions. They can tell you what they think their captive banks will say, but until they submit it to the lender, they don't know for sure.

2. Unless you have derogitory credit, you probably will be approved. Deferred payment student loans really screw up a credit report. The way they report makes it look like youhave several large loans that don't ever get payments. They don't show as late payments, but it still hurts your score in many cases.

On the plus side, being enrolled in med school will qualify you for Scion's college grad program. As long as you have income to support the payments and don't have previous derogitory credit, you'll be approved at a tier 1 rate, even if your score isn't high enough to qualify for that rate. You'll also get the $400 rebate.

I wouldn't stress too much if I were you. Banks are in business to make money. The dealer's captive lenders are there to make money, but they only way they can do that is to help the dealer move cars off their lots. They are usually MUCH easier to get an approval from.

You don't live anywhere near Northern VA do you?

Vapid

Yeah, this happens you simply have to much money out in your name, I think that 's what they are saying. You can try a few different banks and see what they have to say. I would say get about 10,000 for a down payment and you will have a much better chance.

Jaywade24

like cliff said above as long as you don't have any neg credit you really shouldn't have a problem....you local dealer has many banks plus Good ole Toyota Financial to help them sell cars......many times people that can not find financeing on thier own have no problems at the dealer.....

scratchtc

I dont think its a problem with my credit score, I think that's about 760 last time i checked which should be good enough to get good rates. Either way, I'm off to the dealer now... wish me luck... i'll let you guys know how it goes.

cliffy1

Dude! If your score is that high and your bank turned you down, you need a new bank! With Toyota financial, if your score is over 690, you are an automatic approveal as long as the payment on the new car doesn't exceed 20% of your gross monthly income and you don't have more than 3 car loans. Your other debt doesn't matter becuase you have demonstrated the ability to manage it.

scratchtc

Put in my order... they're trying to clear a loan now, should know this week sometime... i'll cross my fingers. anyhoo, i'm just in a crappy summer job right now so the car payments will be right near 20% of my income.. we'll see. thanks guys.

yaron_usa

it doesn't matter if you score is 800, you also need to show that you have a stable job and a steady income that is large enough. for example, if you make 15K a year and have 1K down payment, you probably will not get a loan.

808tC

what kind of doctor are you going to become??? how long did you go med skoo? what did you major in college??? what med skoo are you going too???? what did you score on your MCATS???

sorry for all these questions, im also planning on going med skoo or dental school

scratchtc

i'm going to med school next year. no idea what type of doctor i want to be. majors were biology and psychology. Either OSU or Pitt. 35. :D

scratchtc

Getting my TC! Yay Toyota Financial!!!

yaron_usa

congrats!!!! apr?

NARCOSOMNI

thumbs up buddy.

surfcity40

that makes me happy. anyone with your credit rating deserves a car.

scratchtc

5.35! Not too shabby! Thanks guys!

cliffy1

Glad it got worked out. Congrats. Time to switch banks isn't it?

scratchtc

seriously.... the financial guy at Toyota said he had no idea why i didnt get the loan from the bank... o well...

PrettyniceB

Well...well...well.. Glad it turned out. A happy ending. I'm next! I've been looking at this (our) site for about four months, and ever since i passed the point of no return( checking for updates three times daily) I SIGNED UP! I'm here now trying to find out when and where I can purchase an 06. My friends have had enough of me talking to them about this TC that I want so, they stop talking to me and even talk to themselves like I'm not even around when I start mentioning all the specs of the TC vs. other cars. I.E. TC vs Mustang vs Focus vs Civic post. I hope I don't run into this problem. I haven't gone to many places for a loan cause I don't want a lot of inquires....... but I know I have a 677 credit score and I want a 5% or lower interest rate. I haven't filled out this credit app at my local credit union but I hope I don't run into the same problem with college loans... mine are in forbearance right now? 23k worth. I definity want the car. What do you think will happen? The reason I don't know is because the loan app is only good for 30 days and the dealership cant give some form cause the car isn't out and they cant tell me the exact price cause they dont' know? If someone owns a dealership with 06 arrival date, I'll fill out the app for a SW06, SideAirB, Door Still

scratchtc

Hey, I would def suggest going through the dealer. I had a lot less of a hassle that way. I figure you wont have any problems as long as you have a job. I'm surprised your dealer won't let you order an 06. From what I've been reading, if you order a TC now, it should be an 06. Very strange. Maybe you should try a different dealer in the area? It's very exciting now that my stuff is going through, I keep thinking about finally driving it home in mid-July! anyhoo, best of luck!

Gortok

So...what are you getting?
Put any options on her?