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Minimum credit score for Toyota finance?

Discussion in '2nd Gen. Tacomas' started by aimcat, Apr 15, 2011.

  1. Apr 15, 2011 at 8:35 AM
    #1
    aimcat

    aimcat [OP] Well-Known Member

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    My dealership is trying to "save me money" by possibly getting approved through Toyota finance....does anyone know what the minimum credit requirements are? Honestly our credit is not good right now and need to know before we apply....thanks!
     
  2. Apr 15, 2011 at 8:40 AM
    #2
    whippersnapper02

    whippersnapper02 Well-Known Member

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    Honestly not sure. My first car loan was through them and I got 5.5% APR for 5 years on a used Ranger. At the time my credit score was 700ish. For the Taco I 5.9% for 7 years with a credit score over 720.
     
  3. Apr 15, 2011 at 8:41 AM
    #3
    chris4x4

    chris4x4 With sufficient thrust, pigs fly just fine. Staff Member

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    Min. score for the advertised promotions is between 720 and 740
     
  4. Apr 15, 2011 at 8:44 AM
    #4
    aimcat

    aimcat [OP] Well-Known Member

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    yikes honestly ours is 560-600 so we are probably a no right? Or could we get it just not that rate?
     
  5. Apr 15, 2011 at 8:46 AM
    #5
    SCFirefighter

    SCFirefighter on idiot patrol ;)

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    Try to get pre-approved at a local credit union and use that quote to go to your dealer.
    Don't forget: dealer "interest rates" are negotiable. There is a profit margin built into the rates. It's not a 1:1 from the finance company, probably even when using TFS
     
  6. Apr 15, 2011 at 8:49 AM
    #6
    aimcat

    aimcat [OP] Well-Known Member

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    we tried our credit unions and its a no go....right now we are approved through capital one for 10.34 for 6 years....good bad? anyone delt with them before? good or bad?
     
  7. Apr 15, 2011 at 8:57 AM
    #7
    TacPro45

    TacPro45 Well-Known Member

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    Pretty high interest rate in my opinion, maybe wait and build some more credit that way it doesn't kill you in the long run.
     
  8. Apr 15, 2011 at 9:05 AM
    #8
    aimcat

    aimcat [OP] Well-Known Member

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    Is it realistic to say that we will refinance when our credit is better? Get a better interest rate and payment?
     
  9. Apr 15, 2011 at 9:12 AM
    #9
    SCFirefighter

    SCFirefighter on idiot patrol ;)

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    Not really. There is no market to refinance car purchases. Even if you will find someone who can do it I doubt you'll get a better rate. All it will do for you, at the most, is take your current loan balance and spread it out over 5 more years, effectively lowering your monthly payment by $20-$50 depending how far into the loan you are.
    Seriously, walk into a local credit union office and have them make a car loan offer to you. You'd be surprised. Then you can use them to finish the purchase if you don't get a better offer from the dealership.
     
  10. Apr 15, 2011 at 9:16 AM
    #10
    aimcat

    aimcat [OP] Well-Known Member

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    Ive tried my credit unions and they base it on slow pays or credit score and they tell me no....Our debt to income is great and we have things paid on time and up to date its just past mistakes we are still paying for.
     
  11. Apr 15, 2011 at 9:19 AM
    #11
    SCFirefighter

    SCFirefighter on idiot patrol ;)

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    They don't want your loan based on your credit score? That's not very encouraging.
    I say let the dealer give it a try. They'll get you approved; that's almost a guarantee nowadays. The question is whether you're willing to pay the price of the loan.
    Good luck.
     
  12. Apr 15, 2011 at 9:21 AM
    #12
    t4daddy

    t4daddy Well-Known Member

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    My CU loaned me money at 4.25%, could've gotten 3.99% if it had of had less than 30,000 miles (had 32,000), this for 48 months.
     
  13. Apr 15, 2011 at 9:21 AM
    #13
    aimcat

    aimcat [OP] Well-Known Member

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    Well we have the current loan worked out so we have it but I just dont want the dealer trying all the finance crap that they try....you think the dealer can get a better rate than what we are approved for?
     
  14. Apr 15, 2011 at 9:22 AM
    #14
    aimcat

    aimcat [OP] Well-Known Member

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    t4daddy - but how is your credit score?
     
  15. Apr 15, 2011 at 9:32 AM
    #15
    skybob

    skybob Well-Known Member

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    With your lower score, i'd take the rate you got. You can refi in about a year as long as your score goes up and drop it down. I'd only ask if there is a fee to re fi. You'll have to pay a higher rate for a year and you'll be out a couple hundred bucks, but you'll have the truck you want and when you refi it will drop as long as you keep your stuff at 35%. ex. you have a card for 1000 limit, keep the balance around 350. It will pull your score up fast.
     
  16. Apr 15, 2011 at 9:33 AM
    #16
    TacoSport

    TacoSport opinions are like assholes; everyones got one.

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    In my case, I got 2.9% from my local CU in January and at signing Toyo asked me what my rate was and said they could have given me 2.3%.
    In your case, I would say to pay down your debt and fix your credit score before making any significant purchases.
     
  17. Apr 15, 2011 at 9:45 AM
    #17
    scottri

    scottri Well-Known Member

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    There are a lot of people that will loan you the money but the lower your credit score the higher the interest rate will be. I don't know what the baseline is for Toyota Credit but very careful of who you borrow the money from. You may get a better deal if you put down a larger down payment. There are companies that will refinance car loans if you have a history of paying it on time for a couple of years but by then you will have paid most of the interest on the loan anyway.
     
  18. Apr 15, 2011 at 9:50 AM
    #18
    aimcat

    aimcat [OP] Well-Known Member

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    Ive been calling other credit unions this morning they are all telling me they would approve but rate would be 12-13% which is higher than current rate.
     
  19. Apr 15, 2011 at 10:13 AM
    #19
    KDogg311

    KDogg311 Well-Known Member

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    credit score is not the only thing that is considered when financing institutions are thinking about giving you a loan. they also take into consideration, your debt to income ration and history. TMCC (toyota motor credit) would rather have someone with a 650 score, a paid auto loan, and 50% available credit on a $10k credit card rather then someone with 750+ score and 100% available credit on a student credit with a limit $500. ... anyways, how bout finding a cosigner?

    fyi, you can always just take the higher rate now and refi it later after you have build your credit up =)
     
  20. Apr 15, 2011 at 10:17 AM
    #20
    wiscdave

    wiscdave Lets Do It!

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    You CAN refinance a car loan. The asset it yours to pay how you want. A bank or credit union will refinance your loan if you qualify.

    OP what is the underlying reason your credit is so bad. Sub 600 is bad..and in this tight ass lending market your going to pay. I'd recommend finding out why its bad and correcting the problem and once your credit report improves..2-3 months then pulling the trigger.
     
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