Finances - Toyota Yaris Forums

Tonavi · 12-10-2008, 03:22 PM

Hello to all,

I bought my Yaris in 2007 (I just discovered this forum!) within 10 minutes of seeing it, and love it to death. But I recently took a cut in pay to keep my job, and was wondering how anyone else financed theirs while keeping their payments low. I bought mine with $0 down and the bottom line was $13,768 after all taxes, $12,660 for the car itself. I had a 5 year loan at 6.79%, then refinanced to a 4 year loan at 4.99%. My current balance is +/- $10k, and my current payments are $260.

What are you paying for your Yaris? Is there any realistic way I can get lower payments without increasing the finance charge?

Forrest · 12-10-2008, 03:29 PM

My son recently did a refinance on a nissan he purchased a couple of years ago. He got a lower interest rate and shortened the loan by a year. Payments are similar but paying less interest on borrowed amount.

Tonavi · 12-10-2008, 03:47 PM

I did that, too, when I went form a 5 to a 4 year loan. Would cosigning provide a lower rate at least do you think? My mom bought a Lexus ES350 at 2.9% interest for 5 years, but I do not qualify for that. Both of us have excellent credit if that helps.

SpaceShot · 12-10-2008, 04:16 PM

Your refi rate isn't too bad. I got 3.99%, but it was with a Credit Union that is associated with my employer. I shopped around 4 other deals before taking this one, the catch is that it is a very self service kind of deal. No payment book, envelopes, or anything. I paid $12.5K for the car and put some cash down anticipating what I was selling the old ride for.

As for the reduced pay, I took a hit on my retirement to get through a similar 6 mos period, 3 jobs ago. Then the company was bought out, and I made it up by maxing out on the new company's plan. (NOT a recommended gamble, but one way to keep from defaulting on the home and auto)

Tonavi · 12-10-2008, 09:21 PM

I guess I'll turn off the cable, phone, and internet to help out, maybe stop eating for the sake of the car.

12-10-2008, 03:22 PM	#1
Tonavi Drives: 2007 Yaris HB Join Date: Dec 2008 Location: die Vereinigten Staaten Posts: 134	Finances Hello to all, I bought my Yaris in 2007 (I just discovered this forum!) within 10 minutes of seeing it, and love it to death. But I recently took a cut in pay to keep my job, and was wondering how anyone else financed theirs while keeping their payments low. I bought mine with $0 down and the bottom line was $13,768 after all taxes, $12,660 for the car itself. I had a 5 year loan at 6.79%, then refinanced to a 4 year loan at 4.99%. My current balance is +/- $10k, and my current payments are $260. What are you paying for your Yaris? Is there any realistic way I can get lower payments without increasing the finance charge?

12-10-2008, 03:29 PM	#2
Forrest Drives: 08 LB BLACK Join Date: Oct 2008 Location: NY Posts: 244	My son recently did a refinance on a nissan he purchased a couple of years ago. He got a lower interest rate and shortened the loan by a year. Payments are similar but paying less interest on borrowed amount.

12-10-2008, 03:47 PM	#3
Tonavi Drives: 2007 Yaris HB Join Date: Dec 2008 Location: die Vereinigten Staaten Posts: 134	I did that, too, when I went form a 5 to a 4 year loan. Would cosigning provide a lower rate at least do you think? My mom bought a Lexus ES350 at 2.9% interest for 5 years, but I do not qualify for that. Both of us have excellent credit if that helps.

12-10-2008, 04:16 PM	#4
SpaceShot Drives: 2008 Yaris 5 speed HB Join Date: Oct 2008 Location: NH Posts: 171	Your refi rate isn't too bad. I got 3.99%, but it was with a Credit Union that is associated with my employer. I shopped around 4 other deals before taking this one, the catch is that it is a very self service kind of deal. No payment book, envelopes, or anything. I paid $12.5K for the car and put some cash down anticipating what I was selling the old ride for. As for the reduced pay, I took a hit on my retirement to get through a similar 6 mos period, 3 jobs ago. Then the company was bought out, and I made it up by maxing out on the new company's plan. (NOT a recommended gamble, but one way to keep from defaulting on the home and auto)

12-10-2008, 09:21 PM	#5
Tonavi Drives: 2007 Yaris HB Join Date: Dec 2008 Location: die Vereinigten Staaten Posts: 134	I guess I'll turn off the cable, phone, and internet to help out, maybe stop eating for the sake of the car.