Buying a Scion tC

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Kroze

Kroze

Diamond Member
Apr 9, 2001
4,052
1
0
My friend is looking to buy a Scion tC by the end of this month. So today i took him to the dealer and ask some preliminary questions regarding rates & trade-in value.





The guy at the dealer gave him a 13.45% interest rate!! saying that he's a "ghost" with no credit history.





I'm like wtf.





He's getting $1000 for his trade in (94 jetta)



with $3000 saved up for down payment, he's going to finance $14k.



The salesman claimed that the interest rate is non-negotiable. i'm like wtf? is this for real? they claimed that scion prices & interest rates are non negotiable....

 
S

sniperruff

Lifer
Apr 17, 2002
11,644
2
0
go elsewhere, or finance through bank. finance through dealers is unreasonable in this case.
 
aphex

aphex

Moderator<br>All Things Apple
Moderator
Jul 19, 2001
38,572
2
91
Why dosent he obtain financing elsewhere? Were buying a car tomm and have the check in hand already...
 
Vic

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Yes, Scion prices are non-negotiable and 13.45% is a GREAT rate for someone with no credit history. No credit is worse than bad credit. He should feel lucky. 20%+ is more common for no credit history car financing. Good luck getting approved at a bank. Very unlikely.
 
Boze

Boze

Senior member
Dec 20, 2004
634
14
91
For the love of God, get this person a secured credit card as well so he/she can start building up credit history on the double. I would laugh that salesman right out of his chair with a 13.75% interest rate offering.
 
Vic

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Originally posted by: Boze
For the love of God, get this person a secured credit card as well so he/she can start building up credit history on the double. I would laugh that salesman right out of his chair with a 13.75% interest rate offering.
Click to expand...
With no credit history? He'll laugh back.

IMO, credit is an extremely fair system. You prove yourself, you get a better deal. You have no credit or bad credit, you get the shaft. As the entire lending system is about risk distribution, it fairly puts the cost of the risk on those most likely to cause the risk. So when I see people with good credit argue that people with poor credit should be given better deals, I wonder why those people with good credit are trying to fsck themselves...
 
Aharami

Aharami

Lifer
Aug 31, 2001
21,205
165
106
try a bank dude. might get a better rate. or cant he get his parents to get him the lease?
 
S

skywhr

Diamond Member
Oct 30, 2000
3,866
1
0
no major purchases i.e. car, house, etc...=credit ghost
finance through a bank it will help a bit, get a co-signer, will help alot
 
Baked

Baked

Lifer
Dec 28, 2004
36,052
17
81
Bad credit? No credit? No problem! Come to... wait, what? Your friend sucks at the credit. Too bad.
 
D

destined

Senior member
Apr 17, 2004
490
0
0
my dad co signed for my camry. he would have had a nice interest rate but since he co signed for me, we got like 7%. damn dealer.
 
Ryan

Ryan

Lifer
Oct 31, 2000
27,519
2
81
Originally posted by: skywhr
no major purchases i.e. car, house, etc...=credit ghost
finance through a bank it will help a bit, get a co-signer, will help alot
Click to expand...

Not totally true - at 19, all I had on my credit history was a 500 dollar secured credit card that I had been using for over a year, and I was offered 3.99% via USAA when I bought my Scion.
 
Kaido

Kaido

Elite Member & Kitchen Overlord
Feb 14, 2004
51,559
7,238
136
Originally posted by: Vic
Originally posted by: Boze
For the love of God, get this person a secured credit card as well so he/she can start building up credit history on the double. I would laugh that salesman right out of his chair with a 13.75% interest rate offering.
Click to expand...
With no credit history? He'll laugh back.

IMO, credit is an extremely fair system. You prove yourself, you get a better deal. You have no credit or bad credit, you get the shaft. As the entire lending system is about risk distribution, it fairly puts the cost of the risk on those most likely to cause the risk. So when I see people with good credit argue that people with poor credit should be given better deals, I wonder why those people with good credit are trying to fsck themselves...
Click to expand...

I'm so glad I got my first credit card last summer, even though I didn't need it. I simply wanted to start building up credit. Check my scores online last week, all three were around 700. I'm happy. I've learned to keep very tight control of finances...small leaks sink big ships, as they say. I don't have much savings, but I'm not in debt, which is the important thing to me.
 
BurnItDwn

BurnItDwn

Lifer
Oct 10, 1999
26,353
1,862
126
If his place of employment has a Credit union, and if he is eligable, it may save him a lot.
Otherwise he may as well go with the high interest loan initially, but refinance in 6 months or a year.

When I bought my current car, I had very little credit history, and wound up paying nearly 15% interest. After 6 months, I refinanced through the credit union at work and was paying 5.9%.
 
TwiceOver

TwiceOver

Lifer
Dec 20, 2002
13,544
44
91
Just don't buy a Tb, I saw one in person the other week and it was so stupid looking (Crate on wheels, painted silver)
 
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