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Can I get approved By Toyota? Need help ASAP!

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Anonymous
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Can I get approved By Toyota? Need help ASAP!

I am planning on buying a 2009 Toyota Camry LE Automatic.
 
I have a bankrupty on my record, it was filed 3 years ago and has been discharged.
 
My FICO EQ score is 649.
 
I was denied twice for a loan from Road Loans. They claim insufficient comparable high credit.
 
I am worried that when I go to the dealership, I won't get approved and may need a cosigner.
 
I am putting $11,500 as a downpayment, the car is worth $22,000.
 
I only have one credit card from Victoria's Secret which has been open since 2004, and I always pay on time, I pay it off each month.
 
What can I expect when I go to the dealership today?
 
Unfortunately I can't wait to purchase a car, the one i'm currently driving is not in good condition.
 
Any advice/comments welcome!
 
ETA: I have done research on this vehicle, and I called several dealerships in my area to get the best pricing, I have two bids so far, and i'm waiting on another bid today. I will go with the lowest price. However, when i'm finished negotiating the price of the car, I know they will get me when it comes to my credit history Smiley Sad



Message Edited by darling on 07-31-2008 10:54 AM

Message Edited by darling on 07-31-2008 10:55 AM
Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Can I get approved By Toyota? Need help ASAP!

 
You have a fairly good score but with a BK could be harder to get financed. I'm not familiar with BK & assuming loans. Even with a good score Toyota may shy away but the dealer will try to get you financed with a bank they do business with. Just neg the rate to something you know that is fair and you are comfortable with and Don't Buy ON Saturday! Good Luck!
 
Message 2 of 12
Anonymous
Not applicable

Re: Can I get approved By Toyota? Need help ASAP!

Does having $11,500 as downpayment make a difference?
 
I was dissapointed that Road Loans didn't approve my loan, and it dropped my credit score 4 points because of their inquiry.
 
I don't want to resort to a cosigner, because I want to rebuild credit on my own without a cosigner.
 
Message 3 of 12
Anonymous
Not applicable

Re: Can I get approved By Toyota? Need help ASAP!

With financing a little less than 50% of the purchase with your dp seems like you wouldn't have that much trouble. Have you called local banks or credit unions? If not you need to start there... you can call and speak to a LO and tell them your scores and go over your credit report with them and they can tell you where you stand without running a credit check to bring your scores down any lower. Also, you may want to resort to renting a car for a few days while you work on your financing before running our to purchase and taking whatever rate you can get, renting could potentially save you a lot of money.Also have you considered purchasing a later model Camry since you have 11,500 for dp?


Message Edited by Bran9192 on 07-31-2008 12:33 PM
Message 4 of 12
Lance66
Established Member

Re: Can I get approved By Toyota? Need help ASAP!

I applied with Toyota on line and I got approved (I didn't end up going with that
though, went with another lender).  My score is lower than yours.  I also had a
BK 3 1/2 years ago.  I think you should give it a shot.. try their on line application.
It took about a day before I heard back from them after I applied but I eventually
got an email from them saying I was approved for like $23K or so.  Good Luck
to you!
 
  
Message 5 of 12
onmyway80
Valued Member

Re: Can I get approved By Toyota? Need help ASAP!

If you don't mind telling, what was your score and APR?
Message 6 of 12
Anonymous
Not applicable

Re: Can I get approved By Toyota? Need help ASAP!

I bet you end up fine.  One hint.  Go in next weekend (labor day).  They are always pushing sales really hard on long weekends and a good finance manager can get an approval on a questionable file easier during these "sales". 
Message 7 of 12
Anonymous
Not applicable

Re: Can I get approved By Toyota? Need help ASAP!

Hi darling, Smiley Happy
 
At the end of the day, I also think you'll be fine. Smiley Happy
 
Since your downpayment is so massive and your  EQ FICO is mid-600's
that should be more than enough for Toyota to finance you. If not, your
local credit union should have no problem making this happen for you. Smiley Happy
 
And yes, I would definitely make your purchase during the Labor Day weekend.
If you decide to work with the highest-volume Toyota dealer in your area, the finance
manager shouldn't have a problem putting a great deal together for you thru Toyota.
 
One suggestion: Since your Equifax is 649 you're gonna need an active and positive
tradeline with on-time payments to help boost your scores. So you might consider
cutting back on your downpayment from $11,500 to $10,000. Then use the $1,500
towards a few monthly payments so you'll be ahead and have some breathing room.
With mid-600 FICO scores, just having low monthly payments isn't the primary goal.
It's paying on time and having tradelines that reflect this fact. You may not be comfortable
with this idea, but it's something to consider since you're financing such a small amount. Smiley Happy
 
Hope this helps you, darling. Please keep us posted on your progress.
Enjoy the weekend!!!!! Smiley Very Happy
 
 
CanDo
 
"The right attitude is everything"
 
 
Message 8 of 12
islandchild82
Frequent Contributor

Re: Can I get approved By Toyota? Need help ASAP!

I doubt you will have any serious problems getting financed through Toyota or another lender like a credit union. You would probably be approved by Capital One, though maybe not with the best interest rate.
Message 9 of 12
Tons_of_Debt
Established Contributor

Re: Can I get approved By Toyota? Need help ASAP!

How did it turn out?
 
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 10 of 12
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