Minimum credit score for Toyota finance?

My dealership is trying to "save me money" by possibly getting approved through Toyota finance....does anyone know what the minimum credit requirements are? Honestly our credit is not good right now and need to know before we apply....thanks!

 

yikes honestly ours is 560-600 so we are probably a no right? Or could we get it just not that rate?

 

Try to get pre-approved at a local credit union and use that quote to go to your dealer.
Don't forget: dealer "interest rates" are negotiable. There is a profit margin built into the rates. It's not a 1:1 from the finance company, probably even when using TFS

 

we tried our credit unions and its a no go....right now we are approved through capital one for 10.34 for 6 years....good bad? anyone delt with them before? good or bad?

 

Pretty high interest rate in my opinion, maybe wait and build some more credit that way it doesn't kill you in the long run.

 

Is it realistic to say that we will refinance when our credit is better? Get a better interest rate and payment?

 

Not really. There is no market to refinance car purchases. Even if you will find someone who can do it I doubt you'll get a better rate. All it will do for you, at the most, is take your current loan balance and spread it out over 5 more years, effectively lowering your monthly payment by $20-$50 depending how far into the loan you are.
Seriously, walk into a local credit union office and have them make a car loan offer to you. You'd be surprised. Then you can use them to finish the purchase if you don't get a better offer from the dealership.

 

Ive tried my credit unions and they base it on slow pays or credit score and they tell me no....Our debt to income is great and we have things paid on time and up to date its just past mistakes we are still paying for.

 

They don't want your loan based on your credit score? That's not very encouraging.
I say let the dealer give it a try. They'll get you approved; that's almost a guarantee nowadays. The question is whether you're willing to pay the price of the loan.
Good luck.

 

My CU loaned me money at 4.25%, could've gotten 3.99% if it had of had less than 30,000 miles (had 32,000), this for 48 months.

 

Well we have the current loan worked out so we have it but I just dont want the dealer trying all the finance crap that they try....you think the dealer can get a better rate than what we are approved for?

 

t4daddy - but how is your credit score?

 

With your lower score, i'd take the rate you got. You can refi in about a year as long as your score goes up and drop it down. I'd only ask if there is a fee to re fi. You'll have to pay a higher rate for a year and you'll be out a couple hundred bucks, but you'll have the truck you want and when you refi it will drop as long as you keep your stuff at 35%. ex. you have a card for 1000 limit, keep the balance around 350. It will pull your score up fast.

 

In my case, I got 2.9% from my local CU in January and at signing Toyo asked me what my rate was and said they could have given me 2.3%.
In your case, I would say to pay down your debt and fix your credit score before making any significant purchases.

 

There are a lot of people that will loan you the money but the lower your credit score the higher the interest rate will be. I don't know what the baseline is for Toyota Credit but very careful of who you borrow the money from. You may get a better deal if you put down a larger down payment. There are companies that will refinance car loans if you have a history of paying it on time for a couple of years but by then you will have paid most of the interest on the loan anyway.

 

Ive been calling other credit unions this morning they are all telling me they would approve but rate would be 12-13% which is higher than current rate.

 

credit score is not the only thing that is considered when financing institutions are thinking about giving you a loan. they also take into consideration, your debt to income ration and history. TMCC (toyota motor credit) would rather have someone with a 650 score, a paid auto loan, and 50% available credit on a $10k credit card rather then someone with 750+ score and 100% available credit on a student credit with a limit $500. ... anyways, how bout finding a cosigner?

fyi, you can always just take the higher rate now and refi it later after you have build your credit up =)

 

You CAN refinance a car loan. The asset it yours to pay how you want. A bank or credit union will refinance your loan if you qualify.

OP what is the underlying reason your credit is so bad. Sub 600 is bad..and in this tight ass lending market your going to pay. I'd recommend finding out why its bad and correcting the problem and once your credit report improves..2-3 months then pulling the trigger.

 

I just went through the process, and toyota financial was outrageous if I could remember correctly.

The T2 lower cutoff was 680, and that was for a 9% I believe. I think the T3 percentage rate was 11 or 12(disclaimer: I did a lot of truck shopping at the time... so it could have been T2-6% and T3-9%...kinda hazy). I already had an 08 civic financed with a credit union, so I went with them and got a 4.9% rate and they threw gap insurance in on the Tacoma for $80. IMO... if you are serious about a taco... 650+ is where you really want to be for a reasonable deal.