Toyota financing.

I've been watching the Toyota cash back offer go up as I wait for my new Sport. The dealer told me I'll get the current offer as of the day the vehicle comes off the truck.

THIS MORNING I see Toyota is offering 0% financing for 60 months on the TACOMA!

Depending on your situation, this may be the time to jump on a new truck.

 

Keep in mind that zero percent is for 'well qualified buyers'. When I bought mine in 2018 and they had the offer. The jackass finance guy smugly laughed when I asked about it and he said "very few people qualify, we will probably need to look at other options". You will likely need a credit score in the high 700s.

 

Very few people have a credit score in the "high 700s"? That's sad.

 

You better KNOW your credit score and be ready to argue and support the facts with the finance guy. They will try to confuse and screw you even if you DO have a 800 score.

 

Legend has it that Chuck Norris has a credit score of 851

 

PLENTY of Americans have credit scores good enough to qualify for this deal... You guys act like it's an exclusive club.

 

I was over 800 when I bought mine. Work and pay my bills is about all I do.

 

It really is, but going into debt and not paying your bills seems to be the American way. I've never understood that if you write a bad check you go straight to jail with no question, but you can run up your credit card and not pay for it and then just get a new card.

 

Looks like Gulf States is currently offering $1750 customer cash.
So if you can get financing under 3.4%, it'd be better to take the cash rather than the 0% interest (assuming $20k financed for 60 months).

edit: but if you're financing $35k, you'd have to get better than 1.94% for the cash to be the better option.

 

Those douche nozzles, I just bought a truck, my credit is good enough but not amazing. I already had my truck financed through Toyota with the special APR they were offering at the time. When I went to buy this one they told me I didn’t qualify, I said yes I do if any of your finance guys are worth a F*ck have them call Toyota and they will get me the deal. I have perfect payment history and have paid over every month. They called me back an hour later and said they got it. My score was pretty bad when I bought my first Taco, had just come out of a bad time. The sales manager had sold me a few Honda’s at another dealership, he again called Toyota and got me the special rate. Make these guys sell you are truck, you are doing them the favor of buying it. Unless your score is like sub 550 and you got multiple repos they should be able to get you the rate.

 

CC companies love when you don’t pay your debt. They get to charge interest. In the end they will get the money one way or the other plus the interest. Keep in mind interest a credit card company charges is far higher than what they could make if you paid the amount on time and they invested the money.

 

A lot time the low APR can't be combined with the cash back. I got outside financing (at a better rate than Toyota was offering) so I could get the cash back offer. And despite me walking in pre-approved, making them write the approval info on the paperwork the finance guy "accidentally" sent it to Toyota Finance anyway.

Got it worked out but got hits on my credit report instead of one for that deal. I'd chalk it up to an error but I caught them on three "errors" on the final paperwork.

 

Those numbers seem a bit skewed. Numbers I have seen put less than10% into the 'super prime' i.e. 'well qualified' category with scores above 780.

 

If you have good credit interest rates are low. Take the $1750 cash and double down on your payment. Pay your truck off ASAP and don't look back. Give me $1750 and 0% I might get excited.

 

Are you required to pay msrp if you take the 0% or cash?

Im not looking to buy just thought someone told me that once.

 

Nothing to do with MSRP. If you have good credit Toyota is offering 0% or $1750 cash. If you have shit credit they are offering $1750 off. The final price is between you and the dealer. You could negotiate 3k or 4k below MSRP and then Toyota throws in an extra $1750.

 

They offered me 0% but that was only for sticker price of 42k. I got mine 3 months ago and got it down to 35k before taxes and warranty etc and got an extra 1k from financing through Toyota (that’s included in my 35k). Next day walked to navy fed and walked out with my check and a 2.49% interest rate

 

Yeah it's always a zero sum game with dealers. They'll give you zero financing if you accept a higher purchase price. They'll give you a lower purchase price if you take higher financing. They'll give you zero financing if you don't take the cash back.

They're basically just finding out which carrot is the most appetizing to dangle in front of your face.

 

Just bought a 2020 TRD Sport this past Monday. Was able to get $5,500 off MSRP (plus some stupid intangibles like a bed mat and blackout emblems) and qualified for the 0% with a credit score of 700. My credit certainly isn't perfect - but the score itself isn't everything. Debt to income ratio, current credit balances, property ownership, etc all play into their game. Before going to the dealer go to a local credit union and see what they offer. Dealerships are hurting now and mine was more than willing to make a deal.

 

Interesting theory. When it comes to credit scores, I'll trust Experian over anyone on this forum.