Toyota Loan Question?

Toyota Loan Question?

My credit score is 600 - 612 among the three bureaus.Im 19The status on every account is OK.The only thing knocking my score down might be high balances, typically more than 30% of the limit. I'-ve had tons of inquires last year too... HARD HITS =/If one pays 24 - 36 consecutive payments to Toyota Financial Services, is it possible to open up the doors to BMW Financial, Lexus Financial, and Cadallic Financial?I plan to pay off the payoff amount and bring everything as good as I can get it.


Don’t do it man, it’s a trap. You’re 19? Do you really need a BMW or Lexus? Where will you park it?Jesus…These cars are for RICH people.I’ve been in the auto finance biz and here’s what they’ll do. First, if your auto credit is OK (meaning you make all your CAR payments on time) you get extra gold stars. Second if your payment is roughly 2/3 of your take-home, more gold stars. Lastly, at 600 FICO it may be a struggle to get financed with a high line acceptance, so what the dealer will do is write you anyway then shotgun your application to half a dozen other banks that charge a higher rate, then he will try and sell you on the bigger payment, or he'll try and get you into an overprice (I mean "certified") used one. (bad move)Since you are already with Toyota, Lexus would be your best bet because it’s the same company. Again, why people buy a Lexus ( just a Toyota with an “L” on it) is beyond me but hey, there’s a sucker born every min HA! (just kidding)Of course, unless you are making great $ you will have to lease, which, unless you plan on hardly ever driving the car, is yet another trap. Don’t forget the $300,000 minimum insurance carried on lease vehicles.Lease your car on the last day of the month, you’ll have a way better shot at getting approved.But save your money. Don't do it.Because at the end of the term you’ll have a 5 year old car, with dings and scratches, that will hardly be worth 35% of what you paid, and will be needing expensive repairs. After the exorbitant insurance rates, maintenance, low MPG on premium unleaded gasoline (running ya $70 to fill up) what do you have to show for yourself? SQUAT that’s what. Besides, most high end cars stink anyway, they have terrible reliability.Buy a cheap car, and put that same money into Canadian energy stocks or some other investment. At the end of the 5 years you’ll be on your way to being a wealthy young man, not a broke wanabe with last years BMW.A 5 series BMW will set you back $850 per month EZ (with gas, insurance, have you priced a tire for a 535? a simple tune up will run you $1,800 no problem)$850 x 60 months = $51,000 flushed down the craperIf you would have invested that same money in a Canadian coal company, you'd be looking at $250,000 in the BANK !!So that stupid BMW ends up costing you a cool quarter mil in potential wealth... can you afford it?See the light - don't do it !The majority of the fools driving high end cars are barely making it. Don’t get fooled, they’re idiots, slaves to pride and ego. The ones that can afford it are usually the old bastards who paid cash.If you really want to be rich, don’t buy an expensive car, it’s a guarantee to eternal poverty. Invest now, and by your late 20’s you can pay cash for such a car if you really want one.Most rich people drive 5 year old Toyotas, this is a fact. (so you’re on the right path)If you can’t pay it off in 3 years, you can’t afford it.Read the book “millionaire next door” orGoogle guns and butter (baby boy) click on the links belowSource(s):……


Auto finance companies are an unusual breed. They can always find financing for someone but the rate could be the issue. It can affect your payment by a little or a lot. I would concentrate on paying off your debts on time or early. The credit score will take care of itself. Remember that inquiries do affect your score. Excesssive credit inquiries have an adverse affect. I would try to pay off what you have and if you can get your score higher, then approach the other auto dealerships if owning one is that important to you


Pay cash for your next car. Car loans will keep you poor because you are paying interest on a car that is losing value every day that you drive it. If you can't afford to pay cash for your new car, then you can't afford it.



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