1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Toyota financial latest interest rates...

Discussion in '3rd Gen. Tacomas (2016+)' started by DEEP ROOTS, Jul 10, 2020.

  1. Jul 10, 2020 at 7:14 AM
    #1
    DEEP ROOTS

    DEEP ROOTS [OP] 2017 Tacoma TRD Off Road

    Joined:
    Jul 31, 2018
    Member:
    #261195
    Messages:
    21
    Gender:
    Male
    First Name:
    Shaun
    Vehicle:
    2017 Silver Sky Metallic TRD Off Road
    Husky floor mats
    Just curious if anyone has applied for a loan through Toyota financial in the last couple months and what did they give you for an interest rate? And what was your fico score to get that rate?
     
  2. Jul 10, 2020 at 7:22 AM
    #2
    JoeCOVA

    JoeCOVA IG @MightyJoeFlannel

    Joined:
    Nov 15, 2016
    Member:
    #202463
    Messages:
    7,856
    First Name:
    Joe
    Colorado Springs
    Vehicle:
    2017 DCSB TRD OR
    35" Trepadors w/ OMF Beadlocks, Kings, OBA, 5.29s etc
    Toyota and Lexus are offering 0% on most of their vehicles..
     
  3. Jul 10, 2020 at 8:16 AM
    #3
    siznarf

    siznarf Everyone my age is older than me...

    Joined:
    Sep 3, 2016
    Member:
    #196375
    Messages:
    2,844
    Gender:
    Male
    First Name:
    Francis
    Stockton
    Vehicle:
    2000 4runner
    91 Octane
    If I recall, you will need 690 minimum score to qualify for the 0% APR. Not guaranteed however, up to individual dealerships ...

    720+ gets you 0% for sure
     
  4. Jul 10, 2020 at 8:39 AM
    #4
    BkerChuck

    BkerChuck Well-Known Member

    Joined:
    Jul 8, 2020
    Member:
    #333775
    Messages:
    1,150
    Gender:
    Male
    First Name:
    Chuck
    Etters, PA
    Vehicle:
    2017 Tacoma TRD Sport Blazing Blue Pearl
    I just got a certified pre-owned Tacoma and picked it up last night. I got 1.9% for 72 months. My credit score is above 750.
     
  5. Jul 10, 2020 at 8:41 AM
    #5
    Ronzio

    Ronzio Well-Known Member

    Joined:
    Feb 20, 2018
    Member:
    #245114
    Messages:
    2,693
    Gender:
    Male
    Pennsylvania
    Vehicle:
    17 DCSB TRDOR
    The cost of credit is never free...if 0% is gonna get you to buy a vehicle then your gonna pay more for it. In other words the cost to service the loan is included in the sales price of the vehicle.
     
  6. Jul 10, 2020 at 9:17 AM
    #6
    Kairide

    Kairide Well-Known Member

    Joined:
    May 20, 2020
    Member:
    #328694
    Messages:
    1,058
    Gender:
    Male
    Vehicle:
    2020 White SR5
    Could you provide evidence of this? Toyota ran their 0% for 60 months through May to help boost sales. Toyota didn't change their MSRPs and people were still negotiating over 10% off MSRP. Sometimes it's just about moving inventory and Toyota did a very good job of moving their Tacomas in May with this incentive.
    Now if you're saying I could have negotiated an extra $500 off in lieu of 0%, but to pay an extra $6,000 over a 5 year loan..then technically you're right. But I think I'll take paying a few hundred more upfront to save a few thousand long term. BTW, those were just made up random numbers, but you get the point.
    The dealerships get incentives for total number of vehicles moved and I believe they get incentives back from Toyota for each loan through Toyota financial, even if it's at 0%.
     
  7. Jul 10, 2020 at 9:30 AM
    #7
    greengs

    greengs Well-Known Member

    Joined:
    Oct 13, 2015
    Member:
    #166550
    Messages:
    652
    Gender:
    Male
    Calgary
    Vehicle:
    2017 ORSB Blazing Blue
    Up in Canada we have some very good lease rates on the Tacoma right now. 2.99% on 3 year leases. If you're willing to put security deposits down this goes even lower, to as low as 1.5%. On a lease with high residual it's awsome.

    60 month finance is 1.99%.
     
    Mrtacoman88 and Dogbird like this.
  8. Jul 10, 2020 at 10:33 AM
    #8
    KissmyTaco

    KissmyTaco Well-Known Member

    Joined:
    Feb 21, 2017
    Member:
    #211309
    Messages:
    276
    Gender:
    Male
    First Name:
    Eric
    Phoenix, AZ
    Vehicle:
    2017 Tacoma MGM DCSB TRD Sport
    I have a Gashole
    Can't use Toyota, but can use Ford as an example.
    Auto Nation Ford was offering 2019 Mustang base models with ecoboosts for ~$20,900. When you looked at the specifics of the deal, Ford was offering a bunch of factory to dealer incentives, factory to buyer incentives and then the dealers mark down as part of the deal. Dealers markdown off of MSRP was ~$4000.
    However, Ford was also offering 0% financing for 72 mo's.
    When I contacted the dealership I was told it was either one or the other. In other words, I had to choose. Either I got the low price for either cash, or with whatever the lowest rate was that I could find doing financing, or get the dealer markdown only and pay ~$25,000 for the vehicle and get the 0%.
    No such thing as a free meal.
    Dealers wouldn't budge, even with trying to get them to come down further in price for the 0% financing pitting one dealer against another.
     
    bigmw likes this.
  9. Jul 10, 2020 at 11:22 AM
    #9
    Kairide

    Kairide Well-Known Member

    Joined:
    May 20, 2020
    Member:
    #328694
    Messages:
    1,058
    Gender:
    Male
    Vehicle:
    2020 White SR5
    I think you're confusing yourself with this, it appears you're describing two different incentives, in which you can only choose one. This is fairly common and similar to what Toyota ran.
    Your Ford Example:
    Option 1: Take a $4,100 rebate so the price is $20,900
    Option 2: Take the 0% for 72 months

    Toyota:
    Option 1: Take a $1,750 rebate
    Option 2: Take the 0% for 60 months

    With either, the cash rebate would be off the MSRP/negotiated price of the vehicle. This doesn't mean that's the final price, it's just an additional rebate off the final negotiated price. Basically what it appears as if you're saying is that no Ford dealership would budge off the MSRP of $25,000. Therefore the rebate would be the only option if you didn't want to pay full sticker price. This doesn't mean the 0% financing incentive is causing this.
    There are times when you may not be able to negotiate the MSRP because a vehicle is a limited run, in short supply or maybe the dealer is just greedy. That doesn't mean it's the 0% financing that is causing the dealership to not budge on price. Overall the blanket statement that to get 0% financing you pay more for the vehicle is false. There are plenty of Tacoma buyers who purchased in late April/May and got well below MSRP and 0%.
     
  10. Jul 10, 2020 at 11:29 AM
    #10
    slomaro

    slomaro Well-Known Member

    Joined:
    May 29, 2020
    Member:
    #329722
    Messages:
    61
    Vehicle:
    2018 TRD OR
    My Taco was also a CPO and I got 1.9% for up to 72 months, my credit hovers in the 780s, I got antsy about it and paid it off before the first payment though :broccoli:

    But FWIW the finance manager said they were ending a lot of the promotions soon at least in the Austin area since supply was so limited.
     
    henryp likes this.
  11. Jul 10, 2020 at 11:52 AM
    #11
    Ronzio

    Ronzio Well-Known Member

    Joined:
    Feb 20, 2018
    Member:
    #245114
    Messages:
    2,693
    Gender:
    Male
    Pennsylvania
    Vehicle:
    17 DCSB TRDOR
    The MSRP is a figure created out of thin air...no need to lower it as its padded more than 30%. All sales gimmicks are factored into that figure. Just like US currency a form of private credit backed by labor when you sign your pay check every week you are effectively endorsing private credit and bonding the money supply so when the value of the dollar goes down the cost of goods go up but your pay stays the same. In other words the consumer of the product doesn’t matter what it is always pays for it.
     
  12. Jul 10, 2020 at 12:19 PM
    #12
    Kairide

    Kairide Well-Known Member

    Joined:
    May 20, 2020
    Member:
    #328694
    Messages:
    1,058
    Gender:
    Male
    Vehicle:
    2020 White SR5
    For your reading pleasure. Here is an article from Jalopnik that explains further on 0%.
    https://jalopnik.com/once-again-dave-ramsey-is-wrong-about-financing-a-car-1844328020/amp

    Sure the MSRP is padded, that’s how a brand makes money. You obviously need to sell something for more than it costs to make and sell it. It’s definitely not out of thin air though, you couldn’t survive as long as Toyoda/Toyota has if you just made up MSRPs.
    I feel like I’m responding to that idiot Dave Ramsey himself.
     
    henryp, LDrider, ABA180 and 1 other person like this.
  13. Jul 10, 2020 at 12:35 PM
    #13
    KissmyTaco

    KissmyTaco Well-Known Member

    Joined:
    Feb 21, 2017
    Member:
    #211309
    Messages:
    276
    Gender:
    Male
    First Name:
    Eric
    Phoenix, AZ
    Vehicle:
    2017 Tacoma MGM DCSB TRD Sport
    I have a Gashole
    Not exactly. The sticker MSRP on the base model Ecoboost Mustang for the vehicles they had on their lots was around $29,900-31,000 depending on some minor options.
    Ford was offering factory to buyer incentives of ~$5000 bringing the price down to about $24-25,000. The dealer was offering their own "discount" to bring the final price to ~$20,900.
    So, like your example for Toyota, you loose the $5000 rebates and are looking at negotiating off of a sticker of ~$30K, which the dealer already stated in their ad would drop the price to ~$24-25K.
    Then you would pay either cash at that price or get the 0% financing.
    If you wanted all the rebates, then you couldn't have 0% and paid interest.
    So in the long run you still pay the same with interest.
     
    Last edited: Jul 10, 2020
    Taco_mike73 likes this.
  14. Jul 10, 2020 at 12:43 PM
    #14
    JoeCOVA

    JoeCOVA IG @MightyJoeFlannel

    Joined:
    Nov 15, 2016
    Member:
    #202463
    Messages:
    7,856
    First Name:
    Joe
    Colorado Springs
    Vehicle:
    2017 DCSB TRD OR
    35" Trepadors w/ OMF Beadlocks, Kings, OBA, 5.29s etc
    Eh not really. The price is negotiated and the loan is not included in the price. You can negotiate a price then pay cash, it’s the same price as the 0%

    Certain cars get better rates so they can move them. That’s why some cars are 0% and others 2.9 and so on.
     
  15. Jul 10, 2020 at 12:44 PM
    #15
    mccool

    mccool Well-Known Member

    Joined:
    Jun 9, 2020
    Member:
    #330914
    Messages:
    175
    Vehicle:
    2017 TRD-OR 6M

    Damn thats a deal! We just bought a 2017 and got 3% for 72 months, and i thought we did good. Our credit scores are well above 750 as well.
     
  16. Jul 10, 2020 at 1:14 PM
    #16
    DMel

    DMel Member

    Joined:
    Jun 19, 2020
    Member:
    #331954
    Messages:
    24
    Gender:
    Male
    Vehicle:
    2020 TRD OR Cement
    6 years, finance, 1.99%, 799 credit score, Canada, 2020 Trd off road
     
    DEEP ROOTS [OP] likes this.
  17. Jul 10, 2020 at 1:16 PM
    #17
    Taco_Coma

    Taco_Coma That's a lovely accent you have. New Jersey?

    Joined:
    Oct 30, 2018
    Member:
    #271144
    Messages:
    2,468
    Gender:
    Male
    South NJ
    Vehicle:
    2018 DCSB SR5
    pre-owned and new aren't the same when financing. You'll never get 0 percent on a used car
     
    DEEP ROOTS [OP] likes this.
  18. Jul 10, 2020 at 1:18 PM
    #18
    BkerChuck

    BkerChuck Well-Known Member

    Joined:
    Jul 8, 2020
    Member:
    #333775
    Messages:
    1,150
    Gender:
    Male
    First Name:
    Chuck
    Etters, PA
    Vehicle:
    2017 Tacoma TRD Sport Blazing Blue Pearl
    I know preowned and new aren't same. I was simply stating that at the dealership I bought from they were offering the same interest rate right now on certified preowned Tacoma and Corolla models that was being offered on new.
     
  19. Jul 10, 2020 at 1:21 PM
    #19
    Degrey

    Degrey Member

    Joined:
    Mar 9, 2018
    Member:
    #246762
    Messages:
    16
    Gender:
    Male
    First Name:
    Miles
    Central Arkansas
    Vehicle:
    2016 Tacoma TRD
    My mom purchased a CPO Rav4 a week or two ago. She got 0% I'm sure her credit score is around 750-800.
     
  20. Jul 10, 2020 at 1:24 PM
    #20
    EdFlecko

    EdFlecko Well-Known Member

    Joined:
    Jan 22, 2014
    Member:
    #121211
    Messages:
    341
    Gender:
    Male
    First Name:
    Ed
    Sacramento, California
    Price...terms...supply...demand. It's a balance of those facets thereof.

    Ed
     

Products Discussed in

To Top