Another newbie trying to buy - Toyota Yaris Forums

swidd · 07-27-2007, 01:47 AM

Hi I'm new,

I've fallen in love with the Yaris... both its cute looks, and the numbers makes more sense with the current gas prices... With the Yaris, I'd be paying less for gas + insurance + monthly payment, than I pay for gas alone in my Ford Explorer.

Now here's the problem: I've been to two Toyota Dealers, and they've both denied me credit because I don't have a credit history, as I received legal permanent resident status just a few weeks ago, and therefore don't have a credit history on file in the US (in fact my SSN was established just a year ago).

I could shell out and pay cash for the whole car, but that wouldn't help me establish credit history... + it would bit the expensive right now.

I was wondering if anyone have been in the same situation, with REALLY bad or no credit history, young of age (I'm 22), and what kind of deal they made with the dealership to be granted financing? I applied with $1500 down payment, $2000 trade-in value, but with no job (as I wasn't allowed to work before). I'm however a pilot, with strong marketability and good income prospects (but no paycheck to show, yet).

I've been quoted the price of $13,523 for the hatchback with power package, convenience package, floor mats and destination charge ($620). I think that's a decent price, and would LOVE to sign and drive a.s.a.p. Any advice how I can tease some dealership into approving financing more easily? Las Vegas area.

Thanks for any advice.

leasaunce · 07-27-2007, 01:52 AM

welcome! I'm also planning to buy a Yaris shortly. I have to wait 3 months till I can get a car loan from the bank (since I just started a new job)

so if you just started a new job, its best to wait for a month or two before they will grant you a finance.

sherryberry · 07-27-2007, 03:15 PM

Well, if you had just graduated from college or grad school, I think they're more likely to help you out in terms of financing and be able to get the $400 grad discount. I am 22 as well and I got quoted 13724 b4 taxes, license, etc. and this is w/ power package, convenience package, weather package and a $8500 trade-in value. My dad helped me get the deal and I ended up paying $5,733.

One thing you can do is just finance it high and just pay it off asap. They should allow you to pay it off early without consequences. Anyway, good luck! let us know how it goes. Just remember to get that job soon

and get some credit cards... like one or two.. that'll help you establish credit fast.

bearda · 07-27-2007, 04:54 PM

Maybe try and find a cosigner?

Kaotic Lazagna · 07-27-2007, 06:01 PM

yeah, if you have a cosigner, like what i did (but didn't really need to), then you should be good, but you do, however, need to show proof of income. i would wait until your paycheck comes in.

YarisBlazer · 07-28-2007, 03:39 PM

Here's a way I heard to establish a credit history fast; go to a bank and tell them you want a loan for any amount, say $500; you can even show them your own cash as collateral; once u get the loan money open a savings account at that same bank and put the money in and DONT TOUCH IT; when the loan is due pay it off with that money and VOILA you have a good credit history!!!

07-27-2007, 01:47 AM	#1
swidd Drives: Yaris HB Join Date: Jul 2007 Location: Central Alabama, GOD BLESS AMERICA Posts: 755	Another newbie trying to buy Hi I'm new, I've fallen in love with the Yaris... both its cute looks, and the numbers makes more sense with the current gas prices... With the Yaris, I'd be paying less for gas + insurance + monthly payment, than I pay for gas alone in my Ford Explorer. Now here's the problem: I've been to two Toyota Dealers, and they've both denied me credit because I don't have a credit history, as I received legal permanent resident status just a few weeks ago, and therefore don't have a credit history on file in the US (in fact my SSN was established just a year ago). I could shell out and pay cash for the whole car, but that wouldn't help me establish credit history... + it would bit the expensive right now. I was wondering if anyone have been in the same situation, with REALLY bad or no credit history, young of age (I'm 22), and what kind of deal they made with the dealership to be granted financing? I applied with $1500 down payment, $2000 trade-in value, but with no job (as I wasn't allowed to work before). I'm however a pilot, with strong marketability and good income prospects (but no paycheck to show, yet). I've been quoted the price of $13,523 for the hatchback with power package, convenience package, floor mats and destination charge ($620). I think that's a decent price, and would LOVE to sign and drive a.s.a.p. Any advice how I can tease some dealership into approving financing more easily? Las Vegas area. Thanks for any advice. Last edited by swidd; 07-27-2007 at 02:20 AM. Reason: wrong price

07-27-2007, 03:15 PM	#3
sherryberry Drives: 07 Blazing Blue Yaris Join Date: Jun 2007 Location: Illinois Posts: 1,305	Well, if you had just graduated from college or grad school, I think they're more likely to help you out in terms of financing and be able to get the $400 grad discount. I am 22 as well and I got quoted 13724 b4 taxes, license, etc. and this is w/ power package, convenience package, weather package and a $8500 trade-in value. My dad helped me get the deal and I ended up paying $5,733. One thing you can do is just finance it high and just pay it off asap. They should allow you to pay it off early without consequences. Anyway, good luck! let us know how it goes. Just remember to get that job soon and get some credit cards... like one or two.. that'll help you establish credit fast. __________________ Don't Milk the Cat! -Said by me during a game of Cranium.

07-27-2007, 04:54 PM	#4
bearda View User's Garage Drives: 2006 Mazda3 Sedan Join Date: Jun 2007 Location: Germantown, MD Posts: 116	Maybe try and find a cosigner? __________________

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07-27-2007, 01:52 AM	#2
leasaunce Drives: Toyota Yaris Join Date: Jul 2007 Location: Sydney, Australia Posts: 131	welcome! I'm also planning to buy a Yaris shortly. I have to wait 3 months till I can get a car loan from the bank (since I just started a new job) so if you just started a new job, its best to wait for a month or two before they will grant you a finance.

07-27-2007, 06:01 PM	#5
Kaotic Lazagna View User's Garage Drives: '14 GT86, '08 Vitz Join Date: Dec 2006 Location: Central Valley, CA Posts: 9,873	yeah, if you have a cosigner, like what i did (but didn't really need to), then you should be good, but you do, however, need to show proof of income. i would wait until your paycheck comes in.

07-28-2007, 03:39 PM	#6
YarisBlazer Drives: 2007 Yaris Liftback Join Date: Jul 2006 Location: temple terrace fl Posts: 52	Here's a way I heard to establish a credit history fast; go to a bank and tell them you want a loan for any amount, say $500; you can even show them your own cash as collateral; once u get the loan money open a savings account at that same bank and put the money in and DONT TOUCH IT; when the loan is due pay it off with that money and VOILA you have a good credit history!!!