Should I jump on this 2018 offer right now?

My credit is in the 800's and Toyota wanted to hit me with 6% as well. I got 1.9% from my bank and went with them.

 

Accurate. There are 3 credit agencies and one is always significantly lower than the others, I think Equifax but cant remember. Of couse they pick the lower one so they can charge more interest.

 

When i bought I used credit karma and credit dot com and split the difference (used the middle number) if you have any card that has the score program attached to it, use it and don't be scared to show it to them. On my 16, I walked in pre qualified from a credit union but dealer beat that thru cap one. This time I actually demanded 1.9 from dealer period......And got it (still lower than credit union When I tried to refinance 3 months ago) the whole process sucks and it is a total game...Just gotta know what you have in your deck so you can ask for orr demand things lol

 

Your saying you don’t have much of a credit history, if so then it’s probably a fare deal. Pay on it for 6 months, then put money down and refinance

 

I have never been to a dealer that doesn’t offer financing with all local credit unions, banks both large and small.

I don’t get any different rate going through any of them separately than I do going through the dealership with the same lender.

Also prime credit is like 710+, 750 doesn’t change the rate when you’re getting the best available already at 710 - in my experience in NorCal.

 

Run! Don’t walk out of that dealership. Very bad deal.

 

weird, mine was actually the opposite. had much better rates through honda financial when we bought my wife's CR-V and Toyota financial back when I had my truck. most banks/CU's i tried wanted 5-6%. Toyota offered 1.9 and Honda was 2.9.

 

Yes, run! Granted I have a 2017 TRD OR, but I just bought it about a month and a half ago and got it for 33,000 out the door.

As an FYI to you and anyone else reading, Equifax is what dealers go by. Credit Karma gives you your Trans Union score and Experian score. They are usually about 40-50 points higher than what Equifax is. Dealerships like to use Equifax so they can lock you in to a higher interest rate.

Also, anything financed OVER 60 months also locks in a higher interest rate. I financed my truck at 2.3 for 72 months. I could have gotten 0% interest had I gone 48 months. It was 1.9 for 60 months.

Just know that dealers can come off the sticker price. Once your salesman gets all your info and takes it to the “tower” for the finance guys to go to work, he’s going to come back with the first set of numbers. These will include a 48 month, 60 month and 72 month payment. They HOPE you agree to these numbers, but don’t. Just laugh and send him back to the tower. I ALWAYS reject the first 2 or 3. Once your salesmen says that is the absolute lowest they can go, send him back to the tower and tell them to knock off another 500.00-1,000.00 and you’ll sign. When financing, every 1,000 financed is equal to 16.00-20.00 dollars. For example, a 30,000.00 truck with no money down is going to be roughly 600.00 a month payment.

I hope this helps. Just get your game face on. Don’t be afraid to hurt your salesman’s feelings. He doesn’t make shit off selling you a new car anyway. Salesman make their money selling the used cars. Whether you pay sticker or get them 3,000-4,000 off the sticker, he’s going to make about 150.00-200.00 off a new truck sale.

 

Good deal for you. I’ve never received an offer from a finance manager that beat my credit union’s rate. It’s to the point I no longer entertain finance rates from dealers, I go directly to my credit union for financing.

 

I go to USAA and get a quote, then hand it to the finance guys and tell them to beat it.

 

USAA has great rates on a variety of services. You’re fortunate, my friend.

 

They are awesome! Especially on Insurance rates.

 

Everybody has great advice about checking with other banks. I always go in preapproved and showing my FICO to them so they can't play with numbers.

The best time to make a deal is 1-2 hours before closing on the last day of the month. Right now you have a great opportunity to score a deal since it's month end and year end is coming up.

Dealers are willing to lose money on 1 car if they make their bonus goals. I've read this and confirmed with a friend who's in the business.

I had to close earlier on my wife's Lexus RX350 but I got a great deal on it as I had 5 dealers I was working with for the best price.

 

For reference, I paid $37k before tax for a 2016 TRD OR DCSB 4x4 automatic with the JBL/tech package and tonneau cover in Feb of 2016. Dealership was a pita about 3rd party financing so I went with their Alaska USA credit union financing at 2.75% for 60 months - which at the time was competitive.

 

OP - the dealerships tend to be at least 2 percentage points higher when you go through them than getting it on your own at a credit union.

 

1. Join any credit union & get preapproved for a loan & get the letter.

2. Join Costco, even the lowest cost membership $65 I think) & go to their buying service.

3 go to kbb.com & request a quote from up to 3 dealers each time.

I used Costco for my 17 limited $38k about before tax, tags & trade. Dealer is 8 hours away, all negotiatons on the phone & paperwork by mail. I was in the dealership for 2 hours because they waited till I got there to wash it

I bought the 13 T4R limited by going to kbb at 11 Saturday night, got an offer at 9:30 Sunday morning. They beat what I was told was the Costco price about $38k before tax tags & trade. I was in the dealership about 2 hours on Sunday afternoon & got a 3rd row seat for the price of one w/o it because I didn’t want black. Preapproved by credit union as well

 

Nothing about this makes sense. The fact that they even had the nerve to offer you 6% interest tells me you're in over your head there. Also sounds like you are robbing peter to pay paul by mentioning selling another car in 2 months? If that's the case then you need to hold off for 2 months until you have the money in hand, then go in and get yourself a good deal with your newfound 15k of bargaining power.

I would say back off and figure out exactly what you want to do as far as financing, or they are going to bend you over. Actually they are going to bend you over either way, just depends of how hard you're looking to get fucked.

 

Ok so I didn’t get much of a chance to reply to everyone yesterday, but I definitely took everyone’s advice. I’ve never known my credit to be in the 600s, the salesmen insisted it was and when I checked it it was in the mid 700s, he tried giving me some bs excuse. Also, when I mentioned a credit union, my apr suddenly dropped from 6% to 4.. so that’s when I just walked out.

I applied to a credit union and for a credit union auto loan, and see what rates I get. I also took the paper with the deal he was offering so I’ll use that as leverage for other places.

I’ll be buying within December, if not then In about 2 months so I’ll update this as I go along

 

Smart to walk out. That update had shady written all over it.

 

Good for you, brother! Way to go!