litobirdy

The total cost of car was 18900. I put 100 down to order it so 18,800.. TC should be in soon like this or next week. The most I can put down is $4k.. So if I put $4k down and APR of 5.3%(Thats what the salesman said)... WOuld the payments be about $250 a month? I need to get it as low as possible because Im gonan be paying around $5k/year for insurance with Geico in NJ cause 2 STUPID acccidents and age and blah blah... So can i get 250 a month with what im doing?

3_IGs

find a loan calculator online. I suck at math.

imjonk

geez, 5K in insurance? you'd be better off looking for a better (and in this case.. cheaper is better) insurance company or finding a car that will be cheaper to insure. that'd make most sense...

but in answering your question, yeah, just look up loan calculator. i think even the scion.com site has one.

lebshiff21

you can calculate this all very easily at scion.com -- I was bored so I went ahead and did it for you... $281/month for 60 months.

pakman

With an APR of 5.3% your payments will be much higher than $250/month.

My pre-tax cost was very close to yours (automatic, side airbags, and I opted for the $400 clearcoat/interior protection package my dealer offers). I put down $3500 and got a 4.5% loan through Toyota financial (because I have decent credit) and my payments came out to almost exactly $300. Remember, you're not just financing the price of the car, you're also financing the sales tax which can add another $1000-$2000 to the sticker price of the car. Even though you're putting another$500 down it won't lower your payment more than $5 or $6 a month over the life of your loan.

Wow, bad credit AND a bad driver! The double-bonus round for the auto industry!

litobirdy

And I DONT have bad credit. Its just that I dont have enough i guess. Never had credit cards. Just paying school loans and stuff like that. So credit is excellent based on the credit I have.

Oh and 18,800 was price after taxes and such. I didnt choose any additional options, I took it plain 17,265.
darn 281... errrr I think i'll might as well go for 3k which I think made it 300 before someone told me.. So why spend another 1k just for 20 less bucks.. oh and insurance wise, Geico is the cheapest for me. Everybody else has quotes of 6k or higher. the second best was NJM for $5900. So i guess im lucky for a young driver living in NJ with 2 stupid at fault accident to get a quote of around 5k for a brand new car.

But what would you guys do for the down payment. Spend 3k for payments of 300 or another Grand for 280 payments.

basilisk4

Put down as much as you reasonably can. It will save you a bunch of money over the life of the loan.

litobirdy

Ok i think imma go with 3k down because another grand for just 20 more bucks is a waste..

ScummyMcOwnage

Talk to the finance manager at your dealer. They can probably find you a great loan if you dont qualify for a TFS loan. If you do qualify for one, unless they are really awesome they kinda are obligated to push that one, but they would probably still help you find a good deal. I am 20 and I couldn't get a loan through TFS without having my parents co-sign, but my finance manager at Rohrich Scion in Pittsburgh(plug for Brian-salesman, and Edie-finance manager) got me one at 4.85% without a big credit history.

Harman

Not to be a paranoid, but make sure you check your credit from all three bureaus and print out a copy of your report with credit scores. That way, nobody can BS you and your score. I have seen it happened. Two years ago, my friend bought a VW Golf, and was bullied into paying high APR (~11%) because he did not know his credit. LAst time when I bought my tc, I bought with me my PDA with loan calculator, and I reverified all the number they put on the paper. You know, when they "accidentally" throw in a grand or two over 60 months, you have no way to know.

zoltiz

$20 * 60 months = $1200 - so you are saving $200, or 20%.

$1000 less downpayment looks better than some measly $20/mo, but in reality you are wasting 20%. So why do it? Bigger downpayment always is better.

dudechewy

i put down 5k.....payment is about 260.....i got the highest crdt score.......so im thinkin ur payment will come out to about almost 300 a month.....its not that bad.....the insurance kills u in jersey....haha im with geico tooo effing bastards are charing me 5k for insurance a year.....and no accidents just cause im 20

johnnyicesae

everyone could use an extra 20 bucks a month. Small numbers add up and small numbers are whaat creditors use to get more money out of you. Sure you have a couple thousand dollar credit line and they only want 11 bucks a month minimum payment... if you do the math you'll find it would take you about 30 years to pay it off and thats at 20 percent APR (just and example of credit card companies) You can have your credit report in hand and it doesn't matter the dealers get the same report but it will have a differnt score because different companies have different criteria and the credit bureaus tailor the scores to best help the creditors evaluate your ability and desire to pay

litobirdy

well dudechewy looks like u and me are on the same boat.. but imma go with the 3kdown. or whatever to put it at $300 even.

Su1c1da1

I put down 5k and my apr is 3.79 i'm paying 237/month.. try your local credit unions see if they have better rates and see how low you qualify for before going with toyota...

litobirdy

no way. aint gonna go crazy asking all these banks.. my sis said everytime u check that your score goes down cause it counts as an inquiry.

basilisk4

^^^ That is a load of crap. You need to find a more accurate source of information.

ScummyMcOwnage

It goes down all of like 5 points if a company does a hard inquiry on your credit. It is pretty much frowned upon to have to many checks into your credit, but if you are in the running for a major purchase(like a car) it is typically looked over.

litobirdy

Ok can anybody help on how I check banks for apr's?? I just call up any bank and ask how much my apr would be for an auto loan of $X amount on 2005 scion tc??

iridium_red

I paid for my scion through my bank. They gave me a check, in your case for 18,900... and I end up paying the bank at a rate of i think 4.9%. It is much lesser than the 5.3% you are talking about. It is worth a shot. Try talking to your bank. Good luck.