tips for financing new allocated Tacoma?

Not sure where to post this so, mods let me know if I need to move this thread.

I have and ETA of 5/15 for my Access Cab Off-Road. I'm looking into financing prior to delivery. Anyone got tips on going through either Toyota Financial Services or a credit union?

I'm putting a hefty down payment and have great credit. Just wondering what else I should consider during the process.

One mystery to me is that the dealer had me sign a "pre-purchase agreement" which was the truck at MSRP.... I'm sure they're gonna want to sell me a warranty, accessories, etc on top of MSPR. How do you budget for that when applying for a loan.

Maybe this is basic stuff but last vehicle I purchased new was 10 years ago and I definitely didn't do any research prior.

 

What I did was go to my local credit union before I went and found a truck and told them what I was looking to buy. They ran my credit and got me approved. Then I got an approval letter to take to the dealership with the loan officers contact information. Inventories weren’t like now then.
Since you have a pre purchase agreement I’d take that to the loan officer at your credit union and get approved for the vehicle plus all required fees minus your down payment and or expected trade.

Edit
All the cost should ideally be on that agreement. When I actually found my truck they gave me a sheet with all the taxes, fee and the total I needed before I put my deposit down to. So I'd assume that is part of the pre purchase agreement you have.

 

^

Same

 

This is easy. Just don't buy any of the dealer's overpriced, worthless crap.

My credit union just writes a blank check "up to" a certain amount. So if you decide to buy the extended warranty for overpriced steps or whatever, just use more of the "up to" amount.

 

LOL yeah, I'm definitely not buying a warranty. Slightly considering a tonneau cover though.

 

I wound up using BOA who had better rates than both my credit union and the dealership. In fact, the credit union called it an “excellent” rate. Being approved doesn’t obligate you to close on the loan-you still have an opportunity to ask the dealer to beat it (in more ways than one ;-).

The bank gave me a letter and said that the dealer could access the loan electronically at closing. It went off without a hitch.

 

Don’t get the tonneau through the dealer. They’ll rob you blind. Get in and get out asap and don’t buy anything extra.

 

usually you go with a pre-approved loan, or the dealer sets that up. and this is before they order the truck, they will even give you your estimated monthly payment before any fees ( like permaplate, GAP or a VSC). i dont know if this is a new technique to order once vehicle and if the loans does not goes trough they just keep it as a lot car so they can Adjuster the shit out of the market on that truck.

 

Matter of fact, as soon as you sign the paperwork delete your tacomaworld account also unless you like being broke.

 

Let you dealer send in the credit app to TFS and they can see what the interest rate is with them. If approved they will just include the add ons later. You can set up TFS for automatic payments from your account. I think it is easier than a bank, especially if you trade with a balance still owed.

 

You don't need anything the sales or finance guy is going to throw at you extra. Make sure all the numbers line up before you agree to a pay price. You have until your bumper/bumper warranty runs out to buy an extended warranty.

 

This is exactly what I did with success and lowest available loan interest rate in late February.

 

I googled best auto loan interest rate. Found PenFed, applied and did they deal. No ragrets.

 

Always nice to get preapproved by your bank. My bank approved me @ 3.5%, but when I went to Toyota they got me 2.4%, no brainer to go with TFS there.

 

Yup what others are saying, came in pre-approved from BECU. The dealership got me a better rate going through TFS so that was a win for them to get the financing money and a win for me to get the rate so I took it.

 

This.

It also doesn't make sense, to me anyway, to finance a tonneau.

The finance person is like the final boss. Don't take their crap if you don't want it. You're under no obligation to. Just a firm and polite "no" will do wonders. By the time my finance lady was half done her list of things she it was pretty clear I was just there for the truck and nothing else. When we bought our second vehicle from that dealer she hardly even bothered. Just a few signatures and we were on our way with the deal I had negotiated when I placed a deposit.

 

If you making a large down payment or trade in, figure the total interest charge for the whole loan. With current low interest rates it might only be $200 or $300 difference. Then go with a local lender or TFS who well help credit rating and/or ease with getting a future loan.

 

please out of all the shop throws at you for added extras. just get the GAP in case the car gets totaled. and unless you want something specific like a TRD Pro lift kit/intake ore something like that, you can see how much it is and if you just want to finance it.

 

I also used Bank of America a year ago and it was painless. You can get prequalified on their website and then take the award letter to the dealer. It's especially easy if the dealer is "in network."

I always qualify for the best Toyota Financial incentives (like 0% for 72 on our Corolla) but last year they were only doing 2.49% so I took the $500 rebate and used BofA which had 2% for 60 months. They ran my credit and didn't beat 2% so we just used my bank.

I didn't buy any warranties or add-ons, and the F&I guy said he wasn't even going to try to sell me GAP insurance since the truck would always be worth more than I owed on it. I put $3k down on a $30,700 SR 4x4, paid sales tax separately (out of state) and owe like $23,000 after a year.

I added $3000 aftermarket equipment insurance for some add-ons and the camper shell and it is like $17/6 months through my car insurance.

 

Thanks for your help everyone... I went to my credit union and I got 2.9% and they said they'd beat or match what the dealer offers at the time of signing.