How much are you paying for your 2017 Tacoma?

Are CUs reluctant to give good rates to Taco loans or something? I'm seeing a lot of SD area CUs with 1.5ish% APRs for new auto loans with tier 1 credit.

https://www.pmcu.com/?Cabinet=Main&Drawer=Rates&Folder=Rates&SubFolder=Loan+Rates

 

Thats a pretty decent rate and I never have problem with financing-- curious if they have a limit on the amount financed? The couple banks I dealt with started inching their rates up as soon as the vehicle hit > about $35K.

 

Off the top of my head I think I've read about a minimum 25k financed, never about anything over. But in the end can't hurt to go in and talk to them.

 

I have a few friends at credit unions , I'm gonna check with them , to see what rates they offer

 

I will! ~1.5% sounds like practically free money.

 

I got 3.9% financing through the dealership, then I refinanced within a couple of weeks when I found out I could get 1.9%. I found out the hard way that dealerships are 2% above what you can get on your own.

On the topic of Tacoma incentives, there seems to never be like a 0.9% deal even though they'll run the ads, it's usually on the Corrollas and Camrys...everything but the trucks.

If you find a better rate on your own it is really easy to refinance at little or no cost. Also, believe it or not State Farm is in the loan business. That's who I went with.

 

My credit union offered 2.44% and Toyota financial offered 3.09%.

I went through TFS because the higher rate isn't that big of a deal and I'm sure my dealer got something and that gave me more flexibility for negotiating price.

 

I use farm bureau bank a lot and got approved for 2.9% but I will search around. I tell dealers that I want to finance through TFS and want extended warranty when dealing with negotiating.

 

If you are Tier 1 you should have no problem getting 2.1% or lower on 60. The rate is the same as buying a truck, you find the best rate and have the dealer match it.

Like Duckytw said, rates at 1.5 is free money. PenFed CU is a starting point for reference.

 

I was looking at the invoice on your truck and its around $36,391.00 I would hit him at this and walk if he can not get close. I'm not sure about SC but I think you can get a better deal. It's a proccess and you have to put in the time and take the I want it now on hold. Just think if you get another $1,000.00 off you can do more mod's.

7544 - TRD OFF ROAD DOUBLE CAB 4X4 V6 AUTO........... $ 32153 | $ 34705 * Invoice updated, no change msrp

HH - OR/Sport Prem & Tech Pkg no JBL (DC Only)....... $ 2100 | $ 2360 - +26/+30

TC - Tonneau Cover................................... $ 579 | $ 650

TO - Towing Package.................................. $ 579 | $ 650

All Other Regions is showing as $940 currently. * +40 (Updated per press release from Toyota)

 

It'd be worth looking into refinancing. 3.09% vs 2.44% on a five year $30k note is a little over $500 in interest.

Loan terms will often affect rates. My CU starts to bump the rate on loans over 48 months, and again at 63, 75, and 84 months. They're currently at 1.95% for tier A+ up to 48month, then has a couple quarter point discounts for over a certain loan balance and for high equity.

 

A few previous responses already provided some options but Penn is usually a good start - Toyota seems to be stuck at 2.99% - 3.4% but lots of credit unions are lower.

 

Is Toyota Finance actually through Toyota Corp or is it "a relationship" of the dealer with local lenders?

Also a smart thing is to take out like a 60 month loan and pay it off in 3 years or so. This saves a bunch of money as well. Plus, since we live in such uncertain times, if you had to go the full 60 months then no big deal...gives you options.

 

See https://en.wikipedia.org/wiki/Toyota_Financial_Services

You can also have regional distributor related financing: https://www.setf.com/about-us1

Some dealers may also have local lender associations. My dealer has a direct relationship with the credit union I've used for fifteen years, which made my financing simple and easy at the same great CU rate. It's an additional option for folks who want it.

Only if you're not paying a higher rate for that 60 month loan. My CU bumps the rate 35 basis points when you go beyond 48mo (and stay under 63mo).

Doesn't mean it's a bad idea to pay a bit extra in interest to buy some flexibility, just don't assume anything and run the numbers so you know what you're dealing with.

 

The best Toyota offered me was 3.9% with 776 credit score in my area.

California is worst. This dealership in California best interest rate for tier 1+ (720+ credit score) customers is 4.75%. Yikes!
http://www.longotoyota.com/financing/rates_and_products.htm

It's not the end of the world for me paying 3.9% as I like Toyota's easy online payment option and I will only be paying interest for 3 out of the 5 years of the loan.
I took out the loan to increase my credit history since I only have 3 years of credit history with a lease from Toyota and a couple credit cards that are only 2 years old.

Toyota motor credit was good to me because they approved me for a lease with no credit history or credit score at a low money factor for my first car.

 

Looking at the SD CUs, most are offering 1.X% for 60 months, with SDCCU being an exception at 2.X%.

Really though, even with a 1.X% pre-approved financing I want to finance through TFS for their rebates, so I'm hoping the dealer can match the CU rate. Don't really see why they couldn't if I'm pre-approved for it.

 

If you are buying a Tacoma the only rebate TFS offer is the military or college grad rebate for $1000.

I did get the college grad rebate which is why I financed with Toyota and didnt bitch about the interest rate.

 

Rebates can certainly change the equation. Always worth seeing if you can negotiate the dealer rate but don't be surprised if they don't budge. If that happens, double check the fine print to ensure no prepayment penalties and if the value is worth the time/effort refinance at the CU after the rebates all get settled out.

The nice thing with financing is (assuming you've learned whats what) the numbers are pretty objective and it's easy to know exactly how much one option costs over another option.

 

Yeah I qualify for College Grad so thats $750 off.

Just trying to get the best deal I can. I don't have wiggle room on price for Pros so I need to squeeze back out some money in the financing department!

 

Like I said, run the numbers for each option and see what the interest costs are over the expected term of the loan. I've not seen an auto loan with a prepayment penalty, perhaps they exist, look for the clauses in the documents. I know credit unions can vary in terms of whether they have a different rate for refinance vs purchase, see what your CU's policy is in that. If the dealer won't match rate, simply refinance once you've gotten the rebates.