Question about 3.99% financing

Nothing like doing the mafs

 

That rate you need to be 730 or 740 or higher. That is it.

I got it 3 months ago. discovered I had a 803. My wife who doesnt work (for past 26 years) had a 826. Anyhow..

Ask what your rate is.. if they try and hide it

ask what "The buy rate" is on your financing. watch them immediately stop screwing with you. using that phrase indicates you know what you are talking about or find a toyota smart path dealer. That doesnt do addons on the window sticker.

all the info at my dealer was all on the sheet. it would be hard not to have seen everything.

 

An incentivized rate is the buy rate.

 

Wow. That’s fascinating. It doesn’t seem to be listed. I’m curious how readily available that is.

 

That would be a non-incentivized rate.

It's no different than getting a rate thorough your own bank or credit union.

 

The dealership I went to offered me 3% back in May 2021 for MSRP.

I was able to get 1.8% thru USAA with 831 credit score and they could not compete with that.

They offered $1K discount but then took it back once I did not finance through Toyota.

My suggestion...always have a pre-approved loan letter from the bank when you talk to the finance person.

 

It’s a Toyota offer not everyone will qualify . Have them run your credit to see if you qualify if u don’t like the offer u can walk away . Best of luck .

 

Heck!

Lock your credit once your bank approves you and Toyota can't ping it!

 

dealership would be a fool to lose a sale over some minimal kickback from their finance office..

 

funny thing is that it is also available on the TRD PRO trim haha!

 

Looking at Toyota website, 3.99% is going to be offered to anybody who qualifies. You are not going to get a lower APR than that atm.

 

I think a few months back they offered me 2.99% for three years and I was like I would rather go through a credit union and now it’s a killer deal.

 

People that have good credit know they have good credit and don't need to rack up a hard inquiry just to check if they qualify.

 

And people that have shitty credit go to 5 different lenders to get the best rate. Then 5 hard inquiries drop that shit credit even further. lol

 

Bought my 2023 about 6 months ago. With trade-in I only had to finance about $7k. They ran a credit check then came back with the 3.99% I didn't have to inquire about it.

 

Was finance director for a reason; I got sub-prime deals done where other dealers couldn't.

Pull up a chair, story time.

This one girl came in as a lead to our special finance department; really one guy ran that department and all he basically did was close the deals. He'd bring me their credit info, etc. and I'd work it (yeah a little backwards, but the deals stuck and they worked). At the same time, he'd have a salesman he would assign to that customer.

Well, she had 4 kids and was driving an X3 that was on its last leg. Really it was about to go back as she had got it from a buy-here-pay-here and couldn't afford both the payment and the maintenance.

Anyway, I got her approved on a Grand Caravan that would've been absolutely perfect.

Low-mileage fresh trade-in and I was familiar with it as it was a one-owner vehicle owned by an older couple.

I basically hung around the showroom floor as they tried to work the deal and convince her to take it for a test-drive when I kept hearing her deflect at every possible opportunity.

This broke my heart but, she left our dealership after saying out loud 'if I didn't have these damn kids'. They were all young, I'm talking the oldest being maybe 4 years old give or take and she left.

Asked my buddy what the issue was and the root of it was she was all too worried about the 'look' she'd portray driving a van. Her mind was still boy crazy as he told me he called her out on it, telling her she doesn't need a car to get a man and that she should focus on her family.

About 2 days later she reached out and said she got rid of the X3 and to see if we can try on something else. Talked to the lender with the approval and they told me she had been submitted to that same lender and multiple more and her score dropped even more (I knew when she left she'd go shopping again).

Worst part? I lost that approval I got her initially so she didn't get jack shit from us or anyone else.

 

Well if you are serious to buy the vehicle why not to see if u qualify . If you do great you drive off the lot in a brand new vehicle . Running your credit they look at your debt ratio not just a credit score .

 

Again, if you have good credit you don't need to run your credit beforehand for a hard inquiry.

Plenty of good advice in this thread, but it's easy to tell who's experienced and who isn't (generally speaking).

You can perform a soft inquiry with your own lender (as mentioned by myself a few times and a few others) to see about getting a fantastic rate unless the incentivized rate is already a great one.

For instance, if 0% is being offered, I ain't going to get my credit run. I'm going to work the best deal on a vehicle I wish to purchase without concern cause I know I'll get that 0%. Same as anyone else that's purchased anything big and taken out an installment loan.

 

Your debt ratio is part of your credit score. lol

 

Credit utilization specifically.

You can have $15k outgoing per month, but if that debt is made up of revolving debt and you make $30k a month, it isn't going to hurt anything.

It's about the percentage of credit utilized in relation to that account's limit.

Under 30% is key here.

However, if you have $4k outgoing, yet make $25k a month, but that outgoing consists of many cards being at 40% utilization, you could end up in the high 600's.