Need help on financial stuff for a payment on Scion FR-S?

LinkBack Thread Tools Display Modes
Old 17 Aug 2013, 02:40 am   #1 (permalink)
Junior Member
  • Join Date: Aug 2013
  • Posts: 1
  • User Status: Offline

Default Need help on financial stuff for a payment on Scion FR-S?

I'm a 20 year old United States Marine, with no credit cards or anything therefor my credit is none. I am interested in buying a Scion FR-S within the next few months. My biweekly paychecks are around 1900. My only bills at the moment are my phone bill and Netflix lol. I am married with no kids, I was wondering what my payments would be on a brand new Scion FR-S + insurance. I was also thinking of having my father take it out under his name. He has excellent credit and is currently at 0.8% for his Nissan. If I get an FR-S under his name would it be the same? I could also get a bank loan for a vehicle with NavyFed which is 1.99%. Could anyone estimate how much my monthly payments would be and leave me a comment. Thank you.
  Reply With Quote
Old 17 Aug 2013, 02:54 am   #2 (permalink)
Junior Member
  • Join Date: Mar 2010
  • Posts: 22
  • User Status: Offline


Navy federal's lowest rate for 61 month loan is 1.99. If your financing 27K would be about 460 a month with nothing down. PER Navy Federal website "*Rates are based on an evaluation of credit history, so your rate may differ". This means if you have NO or Little credit, the 1.99 is out the window.

If your father cosigns for you, he may get the rate, but this is going to depend on how much debt he already has out. Here is what I mean, and these number are ALL assumed for sake of argument:

Fathers income: 10K a month

Fathers total bills: 6K a month

Fathers "money to burn" 4K

with a FICO score above 699 he will probably get the 1.99 rate. If his bills are a certain % of what he makes (I think it's now 70%) than the bank will assume he may have an issue paying the bill if a family emergency happens.

It's worth a shot though, the FR-S is a nice car. On insurance, just go through USAA. I retired last year from the Army. In my 25 years I used 3 or 4 different insurance companies, USAA is by far the best and easiest to deal with.

Any smart "older" person would tell you though to put 10% of your pay into the TSP and save your money. A car is a car is a car. Sure you'll look cool, but once you buy it, that bill is yours for 5 years!

Hope this helps and good luck!
  Reply With Quote


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

All times are GMT -5. The time now is 12:17 pm.

Powered by Yahoo Answers is an unofficial community for car enthusiasts. is not affiliated with Toyota Motor Corporation in any way.
Toyota Motor Corporation does not sponsor, support, or endorse in any way.
Copyright/trademark/sales mark infringements are not intended or implied.