Financing | Moses Lake, WA
Having no credit history is not the same as having bad credit. It usually means nothing has been reported in your name yet, which is common for a first car, a new 18-year-old or someone who has always paid cash. With no score to go on, lenders put more weight on your income, your job, your down payment and sometimes a co-signer. At Bud Clary Toyota of Moses Lake you fill out one credit application, and the lenders make the credit decision.
A credit score is calculated from your credit history. If no lender or card company has ever reported an account in your name, the credit bureaus may have no file on you, or too little in it to produce a score. In 2017 the CFPB estimated that about 45 million Americans had no traditional credit score (CFPB), so a first-time buyer in that position has plenty of company.
The CFPB's list of what auto lenders weigh starts with credit history and scores, then income and existing debts, the amount borrowed, the repayment period, the down payment measured against the car's value, and whether the car is new or used (CFPB). When the first item on that list is blank, the rest of it has to carry the application.
Some lenders may also consider the bills you already pay on time, such as rent or a phone plan, or the deposits and withdrawals in your bank account, as evidence that you repay what you owe (CFPB).
Three common starting points, and what changes for each one.
Young drivers
Washington sets 18 as the age when you can enter a contract and be fully bound by it (RCW 26.28.015). If you are younger, bring a parent or guardian into the conversation from the start. Once you are 18 you can apply in your own name, and a parent can still co-sign if a lender wants more than your own record.
Students and recent grads
Toyota offers a College Rebate on eligible new Toyotas financed or leased through Toyota Financial Services. It covers graduate students, students finishing a degree within six months and graduates from the past two calendar years, and each buyer must show proof of a current job or one starting within 120 days (Toyota). Toyota Certified used vehicles are not eligible, and Toyota Financial Services still decides on the credit. Current terms are on our College Rebate page.
Paid cash until now
Maybe you have always paid cash, or the phone and utilities are in a parent's or roommate's name. Bring records of what you do pay, like a lease with rent receipts or a few months of bank statements, because some lenders will look at them. When the lender reports the account to the credit bureaus, this loan becomes the first entry in your history.
We arrange the financing. The lender is the one who says yes or no, and sets the terms.
Lenders, not the dealership, decide whether to extend credit and on what terms. In dealer-arranged financing, the FTC explains, the dealer typically sells the contract to a bank, finance company or credit union, which then services the account and collects the payments (FTC).
Each lender keeps its own checklist. Call ahead and ask which documents your lender wants, so you only make the trip once.
Income from part-time work, Social Security or other benefits, and self-employment may count. Under the federal Equal Credit Opportunity rules (Regulation B), a lender may not discount income just because it comes from a part-time job, a pension or a retirement benefit, though it can consider how much the income is and how long it is likely to continue (12 CFR 1002.6). The lender decides.
Our used inventory draws from the whole Bud Clary campus in Moses Lake, so you will find more than Toyotas there. Start with used cars under $20,000, or look at Toyota Certified used vehicles if you want a newer used Toyota.
Every used vehicle we sell has passed a 117-point inspection and comes with a 3-day / 300-mile exchange, a 3-month / 3,000-mile limited warranty, two oil changes, two tire rotations and its CARFAX report at no charge. All credit types are welcome on any of them.
Buying new instead? Every new Toyota comes with ToyotaCare, Toyota's no-cost scheduled maintenance plan, so the first year or more of routine maintenance is already covered.
Have a car to trade? We will appraise it and buy it even if you do not buy from us, and a trade-in can count toward your down payment.
A negotiable documentary service fee of up to $200 may be added to the sale price.
Ask your lender whether it reports to the three nationwide credit bureaus. If it does, each on-time payment adds to the history you did not have before, and a late payment shows up there too.
Once the loan is open, pull your free credit reports at AnnualCreditReport.com, the site the FTC sends consumers to, and check that the account is listed correctly.
The credit application is online whenever you are ready. Sales is open Monday through Saturday 9:00 AM to 6:00 PM and Sunday 11:00 AM to 5:00 PM at 12056 N Frontage Rd East.
It can be done, and the lender makes the call. With no score to work from, lenders look closely at your income, your debts, your down payment and the car you pick, and some will ask for a co-signer. Apply once, and our finance team will walk you through whatever the lenders send back.
No universal minimum exists. Each lender sets its own standards, and when you have no score at all, it leans on your income, debts, down payment and the vehicle itself (CFPB).
Not always. The FTC notes that a buyer without a strong credit history may need one, and a co-signer carries equal responsibility for the contract, so pick someone who understands that (FTC).
Lenders set the down payment, and it depends on the car, your income and your history. A trade-in can count toward it. Call (509) 765-4517 and our finance team can talk through what lenders tend to ask for before you come in.
Yes. Toyota's College Rebate applies to eligible new Toyotas financed or leased through Toyota Financial Services by graduate students, students graduating within six months and recent graduates, with proof of present or future employment. Toyota Financial Services still makes the credit decision. See Toyota's terms.
A credit application lets lenders check your credit report. The CFPB says that when you shop for an auto loan, several inquiries made within a 14 to 45 day window generally count as one (CFPB).
