ok, i am almost ready to make my xB purchase. i get paid friday, and that will put me at the $2000 mark i was shooting at for a down payment. but, before i go, i want to make sure everything is in line so there's no complications and i can get my car as soon as possible. first off, i am 18, meaning i have no credit whatsoever. is there any way i can get the car without a cosigner? another thing...what all do i need to have with me? i don't want to get there, and be in the middle of the deal, then realize i left something at home that i need. and as far as insurance goes, what will i need to do there? do i need to go ahead and talk to some insurance companies ahead of time, or can i handle that when/after i get it? i need to know everything. this is my first time. teach me please.

 

If you already have insurance it's easy. If not, you should call some places. That way you know what you're getting into for insurance payments. You'll need proof of that before you leave the lot with your new xB. You should bring proof of income, ie.. paystubs and maybe last years taxes. As long as you have new credit, no bad markings you should not need a co signer, that could change to depending on your employment status. You're drivers license and another form of i.d. I would also bring with you all your account # of open accounts you may have. Makes it easier to fill out the applications. Other than that, anyone want to add anything?

Good Luck!

 

There are two ways to go with this. I strongly suggest that you get a co-signer. Without it, you will have a much higher interest rate and you will have a harder time getting approved. With a co-x, you still build your credit and are still the owner of the car. In most states, you can have a co-x on the loan but leave them off the title (this can cost you more in insurance though).

Here is what you'll need for both scenerios:

With a co-signer: You might need proof of income such as your most recent paycheck stub. You will need your work phone number and you have to have your car insurance info with you. If you're going under your parent's policy, make sure they bring the proof of coverage. Your interest rate will be based on your co-s's credit score.

Without a co-signer: You will need proof of income, 5 personal refrences (name, address and phone number of 5 people who know who you are) and proof of residence. The proof of residence can be a lease agreement or a utility bill in your name. You will have to get your own insurance policy since most insurance companies will not let you go under your parents if they are not on the loan or registration. Your interst rate will be the same as a tier 5 customer which is currently 15% in the Central Atlantic Region. If you have not been on the job for long, you may not get approved and the dealer may want to keep the car on thier lot until they get an approval from the bank.

If there is any way possible, get a co-signer. It really makes things easier and will save you a lot of money in interest and insurance.

 

Don't forget your plates if you're transfering, otherwise everything is covered like they said. Good luck!

 

PERFECT....perfect rig for a Bass Player. You won't be sorry.

 

He plays with bass? What? Carp, crappie and catfish aren't good enough?

 

Hi, I just bought my 2006 scion xb a few days ago. Like you I was also a first timer buyer.. My salesman explained to me that scion is completly different from others when it comes to purchasing.. scions are ment for young people therefore the intrest rates are much smaller... I got financed at 6.75% intrest which is not bad at all with no co-signer. The best insurance out there is progressive.. Yes! call every insurance u can for quotes!! I had farmers which I Thought was the best until I called around.. I was paying 150/monthly for my 91 Toyota MR2-liabilty only. I switched to progressive when I bought the 2006 scion xb and pay 180 for full coverage.. pretty sick huh? Anyways.. u can expect your payments to be around 350/monthly on the car note.. I also had a down payment of 2,000. Good Luck!

 

There are only two ways this is possible. Either you are a recent college grad with a job in your field or you had some kind of credit that got your score up to where you qualified for the lower rate. Being a first time car buyer doesn't mean high rates... but it does if you don't have any other credit history to back you up.

 

I basically have no credit the only credit I have is a foleys card and jc pennys card I have had for 2 months.. other then that I just paid off a 2,000 school loan.. but I was told that doesn't count?

 

It also depends on the people in finance. I did a deal for a young girl who didn't have the best credit, and her co-signer was worse off than her. But my finance department called around and got her in her new xB with no cosigner. Check out your bank too. Scion does make it easier for 1st time buyers to get into a new car.

 

A paid off school loan? School loans report on the credit bureau the same as a car loan or a mortage. Combine that with two credit cards and you should have a pretty decent credit score. People with no credit have no credit score. You have previous credit and therefore, you have a credit score. Based on the interest rate you got, its a fairly good score.

Remember, the interest rate is pure priced as well. The dealer can only do the rate that your score qualifies for.

 

yeah, i'm putting $2000 down, and i have a car right now that i'm gonna tell them i'm selling privately and name my price i'm asking for it. if they can meet me somewhere close to that, i'll trade it in. if not, i'll sell it after i get the xB and just refinance the loan after i sell it.

 

how long did you finance it for? i'm planning on doing 5 years, 6 if they'll let me. that'll bring my payments down, and since i plan on making extra payments when i can, i hope to shorten the length of it that way.

 

Here is what you will need to make it as painless as possible:
1. driver's license
2. paycheck stub as proof of income
3. insurance card as proof of coverage
4. Try to get preapproved for an outside loan either from a parent's credit union or bank. A credit union will more likely give you a loan in order to get family business. If you can not get outside funding don't be discouraged, Toyota has plenty of first time buyers financed.
5. Bring along your dad or mom just in case you need a cosigner.

 

I financed for 5 years.

 

Oh, hmm I thought it should count as well.. Before I bought the xb I was trying to buy a street bike and thats what they told me.

One thing is for sure.. when I finish paying for the xb I will have excellant credit!

 

All I can say is that you're going to enjoy the car like you can't imagine! I got mine on January 9th (06, automatic) and it's amazing how nimble this thing is!

enjoy it and post a ton of pics when you get a chance! ;-]
- sh00k

 

when i bought mine a year ago i had NO credit except for Snap-on and i only had that for 1 month i had to put down $3000 down my intrest rating was stupidly high 15.15%
my payments are around $340 a month

 

look out for salesman wanting to sell you every extra he can. Extended warranties can be really expensive but for what its worth your car will be covered for practically every thing for the length of your payments. i bought a 2005 bop and got the coverage.

 

i already know which salesman i'm going with, and he's cool. he mentioned accessories and showed me the brochure and everything, and i told him up front, "i'm just gonna be honest with you. i don't want any accessories, and i am in no way planning on leaving here with an xB other than a 5-speed bare with nothing on it. floormats, maybe, if there's no way i can get it without." and he was cool with it.