Third Gen Financing Rates

Has anyone recently financed a 2016 Tacoma through Toyota? I haven't seen any financing incentives given the popularity of the vehicle. Has anyone beat 1.89% over five years with Toyota? That's my offer from the credit union, which seems pretty good.

 

I'm in same boat and Toyota is offering 1.9% here in Houston, Texas. Your quote of 1.89% is a pretty good deal since they hardly run any promotions for the Tacoma.

 

Toyota Financial's best is something like 3-4% and .5% less if your a returning customer. I don't have exact rate in front of me but your hard pressed to be the 1.89% rate. The only incentives they had back when I bought my truck was for the Tundra. Sounds like you have some good financing lined up.

 

That's even better than I would have expected from them. If all else is equal, I would just as soon bring in a check and be done with it and not have to deal with financing it through Toyota. Plus, it gives my local credit union my money. Toyota's getting enough of my $$$$ as it is!

 

I just purchased my 2016, I got 3.49% for 72 months with TFS. (please refrain from telling me financing is dumb or that 72 months is, its what I can afford, its my money and I'm young, etc. would rather avoid the pep talk)

 

I got 1.75% through a local FCU

 

Curious......

Wouldn't the rate from Toyota be based on the buyers credit score, or score range, like every other financial outfit?

Or do they just offer a fixed rate regardless of credit worthiness?

If it's score qualified, you are best off shopping around for sure.

If it's fixed regardless, I'd be concerned that a low score buyer would not be getting the best final price. They're gonna take up the risk slack somewhere.

 

Its based on credit score which puts you in a certain tier, but like anything else dealers cant negotiate your rate with TFS.

 

WOW that's killer. Lowest around here is 2.24% on 72mo right now. Top Tier.

 

My score is by no means top tier either when they told me the rate they got me I was pretty happy. My 2015 I actually refinanced later because Toyota gave me a lousy 6% rate.

 

My credit score is > 800 and Toyota came back with a 5% rate on a 20k loan. I went with Bank of America which gave me a 2% rate. It was likely the Toyota rate was a base % + some silly dealer add on, such as 2% from Toyota and a 3% rate hike from the dealer to make more $$. Regardless their rate was bad and they were stunned I didn't take it.

 

My dealer hasn't gotten back to me about my rate inquiries, which was why I posed the question here. I agree that is likely the deal with the high interest rate. And I think they are ignoring my question until my truck gets here and they just assume I am going to come in and sign off on whatever rate they have so I'm ready to drive out. Sounds like I will be going to the credit union and coming in with a check.

 

Nailed it...If at all possible avoid financing with any dealer...Normal practice is to keep a 1. or 2. which is pure profit for them

 

TFS can easily be beat by credit unions if you do some shopping around. I went through a small credit union back east. They almost always have some type of membership loophole to join, even if at first it appears like an "exclusive" type credit union. One exception is USAA they have pretty stringent requirements to join and hold fast to their rules however I have found their rates not to be really all that great for 60 month or greater loan terms. Moral of story is shop around, check all the obscure little credit unions around the country, they almost always post their current auto loan terms and rates on their websites.

 

1.74% from Navy Federal. 60 mo. That was back in November.

G.

 

anything between 1.5 - 3% up to 7 years is amazing for a traditional car finance.

i'd enquire on balloon rates too since the taco has such good resale.

 

I financed with the dealership - put down a large chunk and got 2.35% over 6 years. My credit union was offering like 2.25% but the difference is negligible.

 

I had outside financing at 2.19% from Sun Trust. Went into the dealer with that paper work and we negotiated down to 1.9%. Before I had the outside financing, they were quoting me 4-5%. Best to go get another offer and play them off of each other.

 

how many months?

 

60 months. I also had $12.5k down payment. The dealer first came back at 1.99%, but I pointed out that sun trust would beat the rate by 0.10%. I had to pull out my phone and start dialing Sun Trust, but they came around. Wife and I signed for the car, both strong credit scores >750. I wanted to go with TFS from the beginning, but their rates were impossible without the outside financing to bring them down.