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Financing sucks

Discussion in '2nd Gen. Tacomas (2005-2015)' started by Jeff3004x4, Apr 29, 2010.

  1. Apr 29, 2010 at 6:38 AM
    #1
    Jeff3004x4

    Jeff3004x4 [OP] Well-Known Member

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    I decided on buying a new truck verses used, I applied for a loan through capital one, thinking at the end of the application they would say, "Yup your approved", or "nope sorry". I hit the submit button and waited for my email saying weather I got approved or not. The next morning I had a message saying "you are approved the check is in the mail". I was like "wtf? No I just wanted to know if I was approved". It's been 9 days still no packet in the mail. I went back to the website and reviewed the application to try and figure out what happened. I noticed in tiny print it says “will not be delivered to P.O. boxes”, WTF I have a PO Box. I call capital one this morning, and talked to "Dave" (probably a guy in India) I could barley understand him, and the back ground noise was insanely loud. He told me that basically I’m not getting my packet. I don’t even really understand what is going on he wasn’t very helpful. He said the process was secure and my packet will just get sent back to capital one. So my question, WTF do I do? How do I get a loan with a company that I can talk to? I want to talk to a person I can understand If I have a problem. I was thinking of washing my hands of the capital one packet, and checking with my back? Or is it better to get a loan with Toyota when I buy the truck. What do you guys think?
     
  2. Apr 29, 2010 at 6:40 AM
    #2
    macgyver

    macgyver Well-Known Member

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    shop rates..whichever it better provided the loan length is the same, go with that one. its a car loan..it will be paid off in a few years anyways.
     
  3. Apr 29, 2010 at 6:48 AM
    #3
    TacomaGRG

    TacomaGRG Well-Known Member

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    I took the first loan through toyota then refianced through a local credit union to bring my rate rate down. It was just easier this way. But don't get too caught up on the rates. 1-2% is not going to make a world of difference on a car loan. Play around with the rates on like bankrate.com and you will see what I mean. Its not like a mortgage where even .5% can mean a few hundred more a month.
     
  4. Apr 29, 2010 at 6:48 AM
    #4
    Jeff3004x4

    Jeff3004x4 [OP] Well-Known Member

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    [FONT=&quot]Initially when I was checking with Capital One they had the lowest advertised rates. I just filled out the application I didn't read all of the info, because I was simply looking for a "Yes" or a "No". When I called today the annoying automated system informed me my rate was 2% higher than what was advertised, I was like "wtf". So now my bank is lower at 5% or so, I'll check into Toyota. I analyze things until no end so I need to make sure I pick the right financing method. I can't just make payments without knowing all of the details and how the system works. [/FONT]
     
  5. Apr 29, 2010 at 6:49 AM
    #5
    bb609

    bb609 O.F.

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    Are you homeless? Most lenders will want a physical address to know where to find the truck when you don't pay. With that, I would expect they would agree to mail it to a PO box but I'm guessing.

    Check out your local credit unions.
     
  6. Apr 29, 2010 at 6:50 AM
    #6
    V-TRAIN

    V-TRAIN Well-Known Member

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    do you have a equity line on your house, if so use that, that is what i did. the interest is tax deductable.
     
  7. Apr 29, 2010 at 6:55 AM
    #7
    Jeff3004x4

    Jeff3004x4 [OP] Well-Known Member

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    Lol yes I am homeless, well yeah I understand what your saying. However, they did have the option of making a "home address" line and a "mailing address" line on the application to avoid confusion, there are probably millions of people in this country without a mail box. I don't have a house I rent for CHEAP lol. I will check elsewhere thanks guys I was just wondering what everyone else did.
     
  8. Apr 29, 2010 at 7:05 AM
    #8
    Kyouto42

    Kyouto42 Iron Beard

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    First off, never use Cap One for anything, it's one of the worst 'banks' around.

    Aside from that, the cheapest rates and best loans you can get are typically from your local credit unions. Get pre-approved via them, know your full amount you are pre-approved from. Then deal down the total cost with your Toyota dealer, telling them you already have secured financing with x union and have the proof available if they try to deny it. Toyota Financial may choose to match or beat that rate... if they can there is nothing wrong with just going through them.

    Also check out USAA, they have awesome rates and an excellent bank to deal with. You do not have to be a member or military to use their banking, so check it out.
     
  9. Apr 29, 2010 at 7:05 AM
    #9
    xJuice

    xJuice My spoon is too Big!

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    Go somewhere where you can actually talk to someone in person. Get away from the keyboard and go interact with the world.
     
  10. Apr 29, 2010 at 7:13 AM
    #10
    macgyver

    macgyver Well-Known Member

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    Agreed, My truck is financed through USAA.

    Like someone else said...interest isn't going to matter that much, but I would still shop for a good rate.

    You can use microsoft excel to figure out the effects of rates, downpayments etc.

    In cell A1 put your total purchase price (just put numbers dont use $ sign), in Cell A2 put the amount of downpayment(just numbers, no symbols), in Cell A3 put the rate in decimals (7% = .07), in cell a4 put the term of the loan (36,48, etc)

    in cell a5 put in this formula =PMT((A3/12),A4,(A1-A2))

    then you can play around with the various factors to determine how much your payment will be.
     
  11. Apr 29, 2010 at 7:16 AM
    #11
    Jeff3004x4

    Jeff3004x4 [OP] Well-Known Member

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    NICE I'm checking that out! Thanks guys!
     
  12. Apr 29, 2010 at 7:19 AM
    #12
    nad

    nad mmmm tacos!

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    just go to a bank and get a loan, I have a friend who is a personal banker and I do all my banking and loans with him.
     
  13. Apr 29, 2010 at 7:21 AM
    #13
    97Blk_one

    97Blk_one Well-Known Member

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    I don't know how the system working right now. I bought my truck 15 years ago. Back then fresh out of college and working only one job,it's hard for me.I got jacked by toyota back then. Now Toyota have the incentive 5 years 0 down,0 interest. I don't know how that work. I like to get a new Tacoma, But I likes the one I have and can't let go...I guess I'll stick to what I got...for now..
     
  14. Apr 29, 2010 at 7:23 AM
    #14
    98tacoma27

    98tacoma27 is gooder 'en chicken Moderator

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    Local Credit Union FTW. You can always understand what they say, and sometimes they have hot chick tellers.
     
  15. Apr 29, 2010 at 7:24 AM
    #15
    jassco

    jassco Well-Known Member

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    Go through your local bank or CU (lots of them in CT try charter oak or something in Putnum/Norwich area). Ask around for the best rates and sometimes a deal will spring up when you open or move an account. Do not deal with larger national banks as their deals usually have a kickback that doesn't work in your favor.
     
  16. Apr 29, 2010 at 7:25 AM
    #16
    97Blk_one

    97Blk_one Well-Known Member

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    I wish. At my bank all we got are senior citizens :D
     
  17. Apr 29, 2010 at 7:30 AM
    #17
    98tacoma27

    98tacoma27 is gooder 'en chicken Moderator

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    Do they have lolly pops?
     
  18. Apr 29, 2010 at 7:35 AM
    #18
    Jeff3004x4

    Jeff3004x4 [OP] Well-Known Member

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    My bank has lolly pops and hot girls!
     
  19. Apr 29, 2010 at 7:37 AM
    #19
    macgyver

    macgyver Well-Known Member

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    I think you found yourself a good deal then.
     
  20. Apr 29, 2010 at 7:51 AM
    #20
    97Blk_one

    97Blk_one Well-Known Member

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    Nope !:D
     
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