Buying a Scion tC

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smc13

Senior member
Jan 5, 2005
606
0
0
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.
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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...
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My credit card has a better rate then that and a high enough credit line that I could put a scion on it. Stop giving bad advice.

OP. Have your friend check other places for financing as well as other dealerships. It is stupid to go to only one place and accept their offer. dealerships are notorious for giving people the highest rate possible. On my last truck purchase, I went online and found a cheap interest rate, went to the dealership, they offered me a high interest rate, I pulled out the financing with a low interest rate, and they turned around and gave me an even lower rate. I bet it wasn't even the best rate they had available.
 
5

50

Platinum Member
May 7, 2003
2,717
0
0
Originally posted by: TwiceOver
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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That's the xB, he's talking about the tC.
 
TwiceOver

TwiceOver

Lifer
Dec 20, 2002
13,544
44
91
Originally posted by: 50
Originally posted by: TwiceOver
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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That's the xB, he's talking about the tC.
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Whatever... Just don't buy the Scion that looks like a crate on wheels.
 
StageLeft

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Haha. Bad credit plus DAMN IDIOT who MUST have a new car NOW = getting owned on the interest rate. That's an incredibly high rate. Your friend is a sh*t for brains if he signs. I suspect he will, because he "has" to have this car now!!!

I agree the rate is not bad for somebody with no credit, but somebody with no credit is an a-hole if they try and buy a new car. Tell that pecker to keep his VW.
 
S

SuperTool

Lifer
Jan 25, 2000
14,000
2
0
What ethnicity is your friend? I think there were some lawsuits with car companies screwing minorities on APR.
 
W

WW

Golden Member
Jun 21, 2001
1,514
0
0

yep, a good strategy is to check out lending tree, eloan, or whatever bankrate.com says is the lowest (that you can actually qualify for...with cosigner..whatever). Get the 'blank check' from that company before going to the dealer

When financing comes up, tell the dealer no thanks. This will drive him crazy and they will proceed to beat your rate....otherwise they get no cut from the financing.
 
Vic

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Originally posted by: smc13
My credit card has a better rate then that and a high enough credit line that I could put a scion on it. Stop giving bad advice.
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Bad advice? And just how do you think an individual with no credit history is going to qualify for a credit card with a $14k limit and a fixed* rate of less than 13%?

Originally posted by: SuperTool
What ethnicity is your friend? I think there were some lawsuits with car companies screwing minorities on APR.
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:roll:

You can always tell the people who know nothing about lending. They always think that everyone should be offered the exact same thing regardless of their credit history and/or capacity to repay the loan.


* actual permanently fixed rates don't exist for credit cards
 
Amused

Amused

Elite Member
Apr 14, 2001
57,355
19,536
146
Tell your friend to cheer up.

If he takes that deal he'll no longer be a virgin.
 
Vic

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Bah! I took out my first car loan in 1990 (when I was 19 on a 72 240Z and my parents wouldn't co-sign) at 29.3%. Watch the shock! See the horror! Observe the trolls tell me I got screwed!

:roll:

Premier mortgage interest rates for perfect borrowers at that exact same time were 12%.



Tell your friend to get some credit history or a co-signer. I'm out of this thread now.
 
Maximus96

Maximus96

Diamond Member
Nov 9, 2000
5,388
1
0
i got scion's lowest rate at 4.6%. the wife and i both have excellent credit but 4.6 is the lowest they go.
 
T

tuongo

Member
Aug 10, 2002
157
0
0
I've heard lots of bad things about lendingtree.com from here and epinions - more than the usual amount of bad things you hear about "big" companies
 
iversonyin

iversonyin

Diamond Member
Aug 12, 2004
3,303
0
76
tell him to shove it up his a$$ and go to another dealer, he has no interest in doing business
 
PingSpike

PingSpike

Lifer
Feb 25, 2004
21,758
603
126
Credit is a pretty fair system. It does suck that they sort of don't "give you a head start" on it, but it doesn't really take long to go from no credit to good credit.

Thats why I buy everything with credit cards and pay those all off every month.
 
U

user1234

Banned
Jul 11, 2004
2,428
0
0
which is better Scion tC or Mazda 3s ? they have almost the exact same price.....what to choose ?
 
B

bigredguy

Platinum Member
Mar 18, 2001
2,457
0
0
holy crap! I bought my first car after only having a CC for like a year and got financed at 3.9%

A credit union is that dudes best bet, that or a cosigner.
 
TheLonelyPhoenix

TheLonelyPhoenix

Diamond Member
Feb 15, 2004
5,594
1
0
Scions use "pure-pricing". There is NO dealer negotiation, and I've never heard of single person getting so much as a nickel knocked off the sticker.

If the kid isn't putting down his parents' or some other guardian as co-buyer and doesn't even have a CC in his name, you can expect financing to fvck him over. No established credit line != good.
 
M

mrrman

Diamond Member
Feb 8, 2004
8,497
3
0
your friend is getting screwed....the % is way to high...most places charge 4% at the most
 
J

jalaram

Lifer
Aug 14, 2000
12,920
2
81
This thread should've ended when RossMan brought up the co-signer option.

If he can't find one, then he should start building credit using a credit card and hang onto his current car. Otherwise, bite the bullet on the percentage. If he pays always on time, this car loan will give him very good credit as well.

 
B

b0mbrman

Lifer
Jun 1, 2001
29,470
1
81
Originally posted by: Kroze
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....
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Laugh and walk away?

Or perhaps have his parents co-sign the loan...or just opt for a lesser car
 
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