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Just want to know if I got a good deal or screwed on financing w/ new 2011 Taco?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by kwelhand, May 24, 2011.

  1. May 24, 2011 at 8:11 AM
    #1
    kwelhand

    kwelhand [OP] Well-Known Member

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    Brought my new 2011 Access cab a few weeks ago and wondering if I got a good deal or hosed on financing.

    So I always wanted Taco and shopped around for a few weeks.
    I found my new 2011 Access cab 2.7L 5-speed w/ convenience package for $17,910 or $19,700 out the door.
    Interest rate was 5.5% APR w/ zero down for 75mts w/ no prepayment penalty.
    The monthly payment is around $310.
    I'm planning to payoff as soon as I've some money.

    I've excellent credit score (over 750) and expected to get 1.9% financing for 60mts.
    However, the dealership initially offered 6% then I got a letter from the Toyota financing that there was a error on my paperwork and they lower my APR to 5.5%... what's up with this??
    Did I get screwed on financing... I thought I could do better than 5.5%.
    Just wanted to know if I got a good deal overall...
     
  2. May 24, 2011 at 8:13 AM
    #2
    Jester243

    Jester243 ( ͡° ͜ʖ ͡°)

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    Kinda late now, just enjoy it.

    hold on, did you drive away with the truck before financing was complete?
     
  3. May 24, 2011 at 8:14 AM
    #3
    wlmuncy

    wlmuncy Well-Known Member

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    Does seem high for a 750. My used is 4.9 and my credit score is classified as excellent.
     
  4. May 24, 2011 at 8:15 AM
    #4
    rmWise1

    rmWise1 Well-Known Member

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    I have great credit (over 750 also) and I got 5.0% on my 2010 in September of '09. I wouldn't sweat it... as long as you're in a tacoma you're not getting screwed.. you'll have it paid off before you have any mechanical problems, and that doesn't happen with pretty much any other car/truck on the road. Congrats!
     
  5. May 24, 2011 at 8:16 AM
    #5
    georgeandkanoa

    georgeandkanoa the point is simply this

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    i just financed at 3.9%
     
  6. May 24, 2011 at 8:17 AM
    #6
    jhodge83

    jhodge83 Any dog under 50# is a cat and cats are useless... Staff Member

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    wat?
    normally, you'd be better off going with a local credit union vs. toyota financial. I'd check a local place and see what rates they could offer. Usually in the first 30 days, you can change the financing w/o having to actually refinance the vehicle.
     
  7. May 24, 2011 at 8:22 AM
    #7
    lembowski

    lembowski Rompin Around

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    I had a 740 when I financed with Toyota and got a 5.5%. After 6 months a local credit union was running a promotion and since my score went up to 765 during that time I qualified to refinace at 3.2% APR so I went with them. Saved me 4 full monthly payments over the course of the loan.
     
  8. May 24, 2011 at 8:25 AM
    #8
    Stuardoslls

    Stuardoslls Well-Known Member

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    You got a good deal... You got a real good rate for 75 months!
     
  9. May 24, 2011 at 8:31 AM
    #9
    0BlackTaco6

    0BlackTaco6 Ive got tiger blood

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    yea i could be wrong but if i remember right when i bought my truck the longer the term the higher the interest rate was adjusted. so for 75months thats pretty darn good especially through toyota financial and not an outside credit union.
     
  10. May 24, 2011 at 8:47 AM
    #10
    Pugga

    Pugga Pasti-Dip Free 1983 - 2015... It was a good run

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    For 0 down and 75 months that's not bad, but in my opinion those aren't great terms to buy a vehicle... The reason your interest rate is high is because you weren't able to give them any down payment and, as mentioned above, the longer the term, the higher the interest rate will be. At this point, it's a done deal so enjoy and congrats on the new truck!
     
  11. May 24, 2011 at 9:19 AM
    #11
    TeXian

    TeXian Shifting Member

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    It's the 75 months that will bite you in the end. Make sure to make extra payments as early as possible and your overall interest paid over the life of the loan won't be so bad. If you don't pay any extra towards the principle(the earlier the better), then you will end up paying much more because of the extra 2+ years.

    The best part is you own a Toyota which will hold its value much better than most other makes, and you've got the 4 cyl, which will save you a ton in fuel costs over the life of ownership.
     
  12. May 24, 2011 at 9:43 AM
    #12
    Richard Cranium

    Richard Cranium The lice...they hate the sugar

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    Picked mine up used during their last promotion - 2.9% with a 675 score. I've got perfect credit, I just don't have a lot of it. Was never on anyones books til about 2 1/2 years ago.
     
  13. May 24, 2011 at 11:07 AM
    #13
    stabngrab

    stabngrab Active Member

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    I did exactly this, refinanced with my local credit union last month and got my APR down to 4.3%.
     
  14. May 24, 2011 at 11:11 AM
    #14
    WoodsCustom

    WoodsCustom Well-Known Member

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    I ordered mine. Got 1.9% for 6 years and a FREE LIFETIME POWERTRAIN WARRANTY.

    WC
     
  15. May 24, 2011 at 11:21 AM
    #15
    JDCPA

    JDCPA Well-Known Member

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    I got 0% on my '09 Access Cab for 36 months but the dealer wouldn't give me anything off invoice. The 5 lugs aren't nearly as prevalent as the 6 lugs (at least around here) they don't last long on the lot. When it all shakes out we are getting essentially the same net deal in the end, I got it through the interest rate and you got price.
     
  16. May 24, 2011 at 11:24 AM
    #16
    TACOMA TRD

    TACOMA TRD Well-Known Member

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    Its not the best its not the worst. I have excellent credit and got 4.49 for 72 months. Payment is 285.00 month. Bout the same deal as you got.

    Like others said....enjoy the truck!!!
     
  17. May 24, 2011 at 11:32 AM
    #17
    TMASS

    TMASS Well-Known Member

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    I'll update soon
    The rule of thumb in buying a new vehicle is to get Pre Quallified through a Credit Union or even another bank BEFORE you step foot into a stealership. This is where they make their money on selling new vehicles. That, and all the stupid little add on's that people fall for.

    That 750 credit score should have put you around 2 to 3 points less. May not sound like a lot, but, it could mean several hundred dollars over a 5 year loan.


     
  18. May 24, 2011 at 11:39 AM
    #18
    Goober

    Goober Earthlings are fun to watch!

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  19. May 24, 2011 at 11:41 AM
    #19
    wmdpowell

    wmdpowell Well-Known Member

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    I think you did OK. 0% down and 75 months get higher than the best advertised rates (upto 4 yrs and 10-15% down gets the best rate.

    Some people have lease payments higher than that and have nothing to show for it at the end.
     
  20. May 24, 2011 at 1:01 PM
    #20
    penguins_cc

    penguins_cc Well-Known Member

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    Seems like you did OK. I had my pops get the loan (820+ credit score). $0 down, 48 months, and we got 3.9%. The salemen hadn't even seen a higher credit score before on an application so I think we did as well as we could. Mind you this was in August 2010, and I got the first 2011 the dealership received, so there were no 1.9% deals to be had.
     
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