Question about 3.99% financing

First post. I’m looking to buy a 2023 and noticed they have a 3.99% 48 month financing deal. My credit is over 800 so I’m not worried about that.

My question is if this financing deal is guaranteed for anybody as long as their credit is good enough? Or is this something the dealer can choose to give or choose to withhold? I.e. do I have to negotiate for this or not?

thanks.

 

If it’s through Toyota you’re GTG.

And it’s against the law for the dealership to offer you a better interest rate if they add things to the purchase price of the car.

 

Does that 3.99% have an asterisk or other little mark by it? If it does, then there is fine print you need to read. They may only offer that on select models or trims.

 

It's simple really, but you're failing to mention some much needed information so let's just take a stab -

1. 3.99% could be an incentivized rate offered by Toyota Financial Services; this is not dealer specific as any franchise Toyota dealer can provide this if a buyer meets the required criteria IE valid social, qualifying credit, etc. If this is the case, you either take the loan with Toyota or ask to go through a different lender. You cannot go through TFS and expect a better rate than an advertised incentivized rate.

2. If you look up to see this is not an incentivized rate by Toyota Financial Services, it could be through a specific lender that dealership uses. Call and ask.

3. Nothing is stopping you from getting your own quote through your preferred bank or credit union; this gives you a strong hand.

Just coming from 12 years experience as a Finance Director and General Sales Manager.

Often times I would beat incentivized rates offered by specific lenders but that was based on the personal relationships I had with certain dealer relationship managers and will vary from dealership to dealership.

 

Hey OP,

I bought a 2023 just over 2 months ago and was able to get the 3.99% without issue. If it's advertised by Toyota and not just the dealer, you have good credit then there shouldn't be any issues at all.

 

That APR is through TFS. Get approved first. Go to dealer and find a truck. Get the best deal you can on said truck. When they get to financing just say "I'm pre-approved with TFS at 3.9%". Sign papers.

 

3.99%

 

Yeah, that $91 dollars over 5 years on $40K is gonna be a real killer. lol

 

Inside joke (not applicable here)

Signing at the incorrect rate for an incentivized rate would mean the contract being kicked back during audit, forcing a customer to resign.

Having a customer come back in to resign based on a simple typo is a huge inconvenience and at times, could cause him/her to get all pissy about the whole ordeal.

Buddy Jason who I was teaching finance signed up a deal as the other finance manager was on leave; he signed someone up missing the .09% at the end and yep it was a huge mess trying to get that person back in even after offering to send a salesperson with the paperwork to sign them up at their home (due to the inconvenience).

 

For sure. I double check all financial paperwork before it gets my sig. Posts on the internet? Not so much. lol

 

You don't get to 60k without fucking up at least half of them

 

3.99 though damn...is that the new low rate?

Interest rates really do suck now.

 

Just use https://www.calculator.net/auto-loan-calculator.html
Plug in your #s.
Just signed today. Did the 4.99 for 60 on $15k

that was after a few rounds of drawn up estimates with crazy incorrect rates. I knew my parents should be $285-300/mo.
As soon as you call them on it they knock w you know and they stop.

 

Yeah, this is the right way to do it. See what they offer, know your numbers, make sure you include applicable taxes and fees, then make sure they show you the price they can offer without seeing you pre-approval. Once you have that, explain to them you're pre-approved and that you expect you payment to be $---. If they don't re-run the numbers and get to where you expect it to be, walk out.

I just did this last Friday and it worked out perfectly. I'm over 800 as well, but did not have a massive down payment, so I went with the 5.49% for 72 months on $31k for my trdor. $524/month. My calculations got $532/month.

 

And try not to pay over MSRP right now. There are plenty of dealerships selling at MSRP or below. There's a Facebook page for Toyota sales people and buyers that advertise these dealerships. "NO MARKUP TOYOTA" and "Toyota BELOW msrp deals only (NEW)". Post up in those and see if there's a dealer close to you that will work with you.

 

Bought my truck in march with the 3.99
My bank, USAA, could only do 4.74%
Crazy that is the lowest rate I could get with a 831 rating.
USAA was a backup if the Toyota financing became a pain.

It was easy and without drama. The dealer had no markup, got a military discount of 750. I had a large down payment as I had already sold my previous truck.

 

I just got 2.75 for 36 through Toyota. Yes, you need to qualify but that should be no problem at 800.

 

Only an idiot would pay MSRP. Don't pay MSRP. If they say we are fi at MSRP, say you are firm at paying below. They will come back below. Happened to me shopping supra. Car market is falling

 

It wasnt too long ago that I would walk if they insulted me with a 2.5%. I have heard horror stories of double digit mortgages - and thank goodness that I never bought a home in the early 1980s. Well, that, and its hard to pay down a mortgage when one isnt yet tall enough to see over the countertop.

Its bad now, but its not 18% bad.

 

Around here you can get below MSRP if you take from dealer stock...
If they have to pull it from the Toyota Allocation stream you can get right at MSRP (Just went through this..)
There are STILL dealers trying to tack on the "Market Adjustment" but one call to another dealer with a "Hey can you beat this price" gets rid of market adjustments.