First 6th gen, Check engine light? Options

[irocknikes74]

Hey i recently bought my first 6th gen celica (automatic). I bought it from dude for about 1650$ The bodys in very good condition for a 1994 whcih made me belive it was a steal. During my Test drive No lights on the dash board came on so i wasnt worried until the drive home. Half way it turned on, It stayed on for a bit and then just shut off. It continuously does this...? and Another thing, when im accererating from a stop..The shift from 1st to 2nd seems to lag a bit. It feels like if i were to keep my foot on the gas, it would redline. But when i ease off it finnaly shifts up fine. But i dont have any problems with it in any other gear. Please give me your input.. anyone. Im not that intelegant when it comes to cars