Trying to Finance a Car?
I am in love with a sweet deal on a Toyota Corolla that my brother found me in Iowa. I am in Texas. I have tried to finance it through my local bank, was rejected, as well as the Toyota dealership in Iowa. It doesn't look good at the local credit union. My credit score is 632. I have been responsible with my bills for about 6 months. I have saved a significant down payment...and I can afford the payments after. What is the likelihood that I can get help from an online lender? What are the interest rates for someone in my boat? I don't want to get completely bent over, although I am aware that if I want a car I may have to take a higher rate and then prove myself and may be able to refinance later. Any other suggestions? I don't want this to slip away if I possibly can. It sounds bratty, but I don't have TIME to fix my credit if I want this car. Here are the details of the car: 2004 Toyota Corolla, silver 29,000 ish miles 4 door automatic alloy wheels moon roof power doors and windows fabric interior cruise and tilt AM/FM/single CD etc etc I don't know about the engine. Carfax is clean. One owner, mostly highway miles. The only thing bad I have heard about is some wear (not tear) on the backseat from a carseat...mainly naps the wrong way. Blue book is around 15000. The dealer can let me in for 13,500 plus TTL. I can put down about 2500.
Public Comments
- In my experiance the dealerships have always had the best deals for financing. It all depends on your past credit, but more on how much you make and what other bills you have too. If your total of monthly bills goes over a certain percent then you have to many and the banks wont want to give you the loan. I wouldnt deal with online banks, just for the fact that you can never see the people or walk into the place. It will probably result in a lot of phone calls and you'll be lucky to get a real person on the line. When I went to buy my last car. I checked out a Chevy dealer on a car for 13 grand, and they wouldnt finance me. My local bank would give me 12 grand at the most. So I went to the Honda Dealer and they hooked me up with a $17,000 Accord. I didnt even need a down payment and the job I had at that time paid me like $700 a month. I got lucky I guess. My car payment is $320, I do have a much better paying job now of course. If I were you, I would try a local place in Texas or maybe a few different banks. Dealerships should be your best bet. Cars from Iowa are more likely to get rust, because we salt the roads heavily this time of year. I would love to get ahold of a car from Texas. Hope this helped.
- Try this site they may qualify you for a loan http://www.allsolutionsnetwork.com/cgi-bin/d.cgi/CB9051/auto_loans.htm and you can try this site to find a car http://refer.ccbill.com/cgi-bin/clicks.cgi?CA=928797-0000&PA=1184873&BAN=0
