Bad news

[.Kevin.]

Hi everyone, I got denied for my attempt to get a loan on my 2011 Toyota Tacoma.

Apparently we couldn't afford it since my money is invalid on my dads evaluations due to not being 19.

So now I was thinking of going for this Mustang V6, let me know what you all think about it, and if I could pull it off?

The Tacoma on a 5 year loan was like 40 grand, while this mustang is 16,000$ basically plus lets say the 5 grand of taxes making it 21 grand, HALF the price of the Tacoma. I was also wondering what you guys think about driving one around yearly. And what my chances are of getting one, and how to indicate a good salesman.

Also is it true that a dealership will sell cars that are not their name brand easier?

This Mustang is at a GM Dealership, and it is a Ford so I was trying to figure out if that is an upper hand.

What do you guys and gals think of the car iself? My chances?

http://www.woodwheaton.com/brochure....id=196&d_id=94

If not how much of a downpayment do they usually ask for something like this.

[djct_watt]

How do you go from looking at a Pickup truck to a Mustang? The Tacoma isn't exactly a sports car, and the Mustang can't exactly haul stuff.

As tempting as it is to be mean, it's an honest question. Trying to figure out what you actually want and need will be far more helpful then just answering the question alone.

Having said that, i worked in credit and can tell you exactly what criteria the underwriters will look at. Creditors don't care about "money," they care about credit history. Even if you're 19, if you're are legally allowed to have debt and have credit history (ie installment payments and not just a $500 Sears card), it will be useful. Secondly, they will look at your overall income relative to your outgoing minimum payments. Having a low ratio is very beneficial. . . often times you turned down for a $40k loan but can be approved for a $20k. Your overall max approveable payment will depend on combined income and overall debt.

If your debt ratio is over 50%, then forget about asking the banks for $5. Also, your credit rating (which I assume is good if you are asking for loans that large) will come into play. But IMO, on 5 years, that's a helluva lot of interest for that huge of a loan. You said the loan was $40k, so that's basically 100% financing given the MSRP of most Tacomas. If I know more details, I can tell you very accurately what you can approved for. Unless you guys are rolling in dough, I hope you consider how much interest you'll be paying over 5 years. . . even with a good rate.

In terms of the car, I think the choice stinks. If you want a Mustang, get a Mustang. It's a great car. But you wanted and needed a Tacoma, willing to borrow $40k to get it. So yeah. . . if the truck is worth that much to you, you should just get a more inexpensive truck. . . there are tons of options out there. Resale stinks, loans are hard to get, there are tons of repos, and the used market is flooded with great cars.

And whether or not the car will be easier to buy being on a GM lot. . . it depends. . . depends on how long they've had it on the lot, depends on dealer incentives and promotions to their employees to move new or C.P.O. vehicles. . . it's hard to say. 95% of the time, salesmen will ultimately try to sell whatever gives him the most commission.

[.Kevin.]

We said we'd get a mustang if not the truck, and the truck was 40k with everything included in the long term. 4.9pct interest.

Mustangs is 4.9 aswell and 5 years it will be 21ish or 23ish thousand.

Looks like I have a shot, and the mustangs been there a good 3 months or so. What details exactly do you need? Also yeah my dad has good credit but the question is the money factor he gets around 3k monthly and I get 1.2k but my money doesnt matter since I'm underage.

[1stToyota]

The solution to your new car problems...

[kimona]

You currently have a brand new Yaris sedan, that you don't want anymore. So, you decided to get a new Toyota truck, however, you can't get financing. Now, you're considering a used Mustang with over 50K miles on the clock, if you can get financing on it. Have I got this right?

[RedRide]

Originally Posted by .Kevin.

We said we'd get a mustang if not the truck, and the truck was 40k with everything included in the long term. 4.9pct interest.

Mustangs is 4.9 aswell and 5 years it will be 21ish or 23ish thousand.

Looks like I have a shot, and the mustangs been there a good 3 months or so. What details exactly do you need? Also yeah my dad has good credit but the question is the money factor he gets around 3k monthly and I get 1.2k but my money doesnt matter since I'm underage.

Exactly what is wrong with the Yaris?
It's evident that you are rather young and can't decide what to spend your limited funds on.
I belive a bit of maturing is in order as you put any extra funds into a bank account.

I don't mean to be so harsh but, I have been there and belive me, you have a whole lifetime ahead of you when you can't rely on daddy and a lesson learned when young is invaluable.
Driving a fancy vehicle does not earn respect. Being self assured and not living beyond your means does.

[frownonfun]

What in the world were you getting on this truck? Were you having them wrap it in gold? 40k for a tacoma?! I paid 33k for my Tundra Crewmax.

[jamal1984]

Originally Posted by frownonfun

What in the world were you getting on this truck? Were you having them wrap it in gold? 40k for a tacoma?! I paid 33k for my Tundra Crewmax.

+1 bought a Brand New Titan a year ago for $16500
40K for a Tacoma?

[JBougie]

They shouldn't even be allowed to make a V6 "Muscle car".

Just my opinion.

Do they have any used GTs? For a couple grand more, you can get a V8....

And I'm with everyone else ... $40k?! That's insane for that truck.

[BailOut]

We already touched on this in your previous thread, but I feel it's important to go deeper into your psyche now.

You are young and have little income, yet you have already had a brand new car which you have wantonly snubbed. My parents didn't have a new car until I was a teenager, and I didn't have one until I was in my 30s.

You just tried to saddle yourself with 5 years of debt at 50% (!) of your meager income. I'm sure it wasn't an altruistic move for them to deny you financing, but at least it appears that lenders are being more realistic these days.

Now you're talking about saddling yourself with 5 years of debt again, still at 25% of your meager income. Geez.

I do not mean this as an attack but merely as pertinent observations: It appears that you are spoiled and clueless, bumbling through life with no direction, little sense and even less beneficial guidance. Your father should be the one putting the brakes on and it's sad that he isn't, so it's up to you to check yourself and save up for a used vehicle that you can pay 50% down on. This will teach you how to save while also allowing you to build some credit history while not saddling you with too much debt.

We live in a debt-based society that brings a modern day form of indentured servitude. The crazier thing is that no one *has* to buy into it hook, line and sinker but so many do. Those people are why I get 5% cash back on gas, groceries and pharmacy, and why I don't pay any State tax.

Would you like to be one of the people that supports these things through debt, or one of the people that benefits from it all? Your path began when you bought your Yaris and is currently headed in the debt direction.

[fnkngrv]

Stick with what you have. Bottom line. There is ABSOLUTELY nothing wrong with your car now. Cheaper all the way around and easy to maintain. I really don't care what the numbers say about sales, a Ford will always be a toss up on whether or not it will cost you more than the car is worth in the long run or not unless you go with a pre-70s Ford. At this point you are most likely going to catch a lot of flack because even though people might not know you per se they will care enough to give you an honest evaluation of the situation. You are still really, regardless of if you like hearing it or not, and heaven willing you will have plenty of years down the road to get to where you want to be. The ONLY way that you will do so is to be smart as well as patient now and keep rolling with what you have.

[JumpmanYaris]

Mi amigo sinceramente yo tu me quedo con el Yaris el auto no es el mas rapido en el mundo pero resuelve y no se ve mal con modificaciones oviamente yo no le puse todo rapido al auto por la misma razon, el dinero Que tienes Que invertir, cuando yo compre Mi auto yo sentia Que era un auto Como para femeninas pero, pero Como te dije con modifications looks 100 times mejor. Y Si esa tacoma esta super cara, piden demasiado dinero por ella. Bueno suerte con Lo Que decidas, Si necesitas consejos para modificarlo oh Como oh hasta para opiniones, me puedes dejar saber.

[djct_watt]

I don't know about in Canada, but in the USA, min age for credit is 18. I guess it's different in canada. I've worked with partners up north, and don't recall that legality.

If you want to do the math, add up all your minimum credit payments on your max reported balance (highest balance ever) on your credit cards (from a
credit report), all other installment payments (ie car/home + taxes and insurance/12), or rent. Keep in mind a soft pull (like pulling ur own credit vs applying for a loan isn't the same... One will ding ur credit). All of those payments added together
must not equal more than 50% of gross income per month, including the new payment. Calculate the max payment to get to 50%. Also, your new payment should be no more than 30% of income. If those criteria are not met, you will be deep into subprime credit, and it will be VERY difficult to approve the loan.

[djct_watt]

You're looking at a $400-500 payment/mo, and considerably higher insurance... Bear in mind this will cost u a TON of money if u have no downpayment.

[Vioz]

Originally Posted by 1stToyota

The solution to your new car problems...

WOW

that is a really nice car there, i would go for that one.




but if you really want an old ugly lookin mustang (todays models look better) go for a v8, v6 is for chix (no offense). Otherwise the car right above is sexy as hell

[DebbyM46227]

Stick with your Yaris.

[.Kevin.]

You guys missed the part where I am paying for it, my dad is just getting the car since I cant due to being under aged.

As for spoiled? My dads lesson to me was buying an old shitty mustang and making me restore it.

I have a yaris and this thing in a storage unit, I only got the yaris cause its my dads dream car not mine.

Anyways I guess I'll just save to be safe. Sigh the only thing that pisses me off about the Yaris is it didnt even come with foglights and dealers here charge a fortune and I cant buy any offline.

sigh I will learn to love you Yaris.

[Kal-El]

First off, a Tacoma can only be optioned up to about $32,000 (unless you add on aftermarket or special dealer accessories). Are you adding in you total interest to get $40K?

Kevin, I think we are all curious. What TYPE of vehicle do you NEED.

Bouncing between a pickup truck and a sports car? And this is after initially choosing an economy sedan. That's like someone not being able to decide between a Hummer or a Prius.

Perhaps you could describe your logic here. Surely you don't NEED a pickup. So why did you try to buy one?

It's too bad you don't like your Yaris sedan. I love mine more than anything in the world.