Sunday, November 22nd, 2009

How long must someone have a record in Credit Bureau to get a car loan?

Credit Bureau
Randy C asked:


My daughter applied for a loan at a Toyota dealership and they told her she needed to be in the Bureau for 3 years. She has perfect credit and had been in the Bureau for 1 1/2 years. Is this a Toyota thing, or not true at all?

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5 Responses to “How long must someone have a record in Credit Bureau to get a car loan?”

FaZizzle Says:
November 22nd, 2009 at 1:27 pm

It’s standard.

However, I would really push your daughter to not get the loan in the first place. A car loan is a terrible investment. The moment you drive it off the lot it loses 20% of it’s value. So you’re paying interest on something that’s not even worth it’s value 2 minutes after you drive it off the lot. AND THEN after 4 years of paying the first car off, you need a new car because that’s the American way.

Unless she’s in dire straights, I would suggest she:
1) Read Dave Ramsey’s book “Total Money Makeover” to get on the right path (start without debt)
2) Save up for a car that will get her from point A to point B. It doesn’t have to pretty or brand new. All it needs to be is reliable.

PATRICK M Says:
November 23rd, 2009 at 5:17 pm

It depends on where you get your loan and how much your asking for. I used to be an auto broker. If you cant find the answer your looking for shoot me an email with specifics relating to: how much she’s borrowing vs. credit, debt and how much your putting down. There are many different ways to get a loan. The details are helpful.

New Millennium Minds Says:
November 25th, 2009 at 4:32 pm

It is a Toyota thing, but they are probably pushing to get you to cosign, especially if you are acting on her behalf. You gave up your hand and let them think they could push you into cosigning. They want your guarantee, not her 1.5 year credit record. Think about it, they say, HMMMM do we sign her, or her Dad with his 20 year plus record and house and everything else. Go elsewhere for credit. She can get it, it might be a higher interest than yours would be, but that is life.

kelly h Says:
November 28th, 2009 at 8:11 pm

This might not even be a Toyota thing, it could just be a dealership thing. She needs to shop around with major dealerships. Most of them have many different lenders, with many different programs.

ryan m Says:
November 29th, 2009 at 5:56 pm

Why not a credit union or regular bank? You can shop loans on line and compare get pre-approved or a check in 24 hours so you have some bargaining power with a new/used car lot or even a private seller. My auto blog has some loan places to get free quotes so use all your resources before you make a final decision. Show her the smart way and don’t buy anything untill you know your getting the best deal.

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