My Toyota chances?

[TwinGirls19]

So, today I filled out the credit application for toyota. Spoke to the sales manager and he said he could get me appove with a  640 ish experian which is what they pull. When I asked him what would be the APR on a 2012 camry he told me dont worry it wouldnt be more than 7% although we will try to get something lower. Im schedule to go and meet with him tomorrow, is this apr correspodent to a credit score like mind? any chances ill get approve? he told me theres a 95 percent chance but we know, people lie when it comes to selling cars... 

[Lynnst]

I purchased from Toyota a little over a month ago.  I was told a FICO score of 650 or above qualified for the 0% financing special they were having.  As long as you don't have anything too negative on your CR you should be in pretty good shape.  And perhaps your auto enhanced EX score will be a little higher?...  Good luck - and let us know how it turns out.

[odin308]

Go to a local bank or credit union and get a loan pre approval. Don't trust the sales manager to act in your best interest. They will get a low rate and add a few % on for themselves.

[blackie1]

Just curious, Where did you fill out the credit app, did you do it a a dealership or online?  If online did they not give you an answer right away?

[TwinGirls19]

Yea im fully aware of their tactics, legally they can add up to 2.5% on the apr. yea i actually filled it out online but got no answer, was told someone would reach me shortly ti discuss everything. i only have one collection left (midland) which they said thy would delete but would take 30-40 days to report, should i just wait and see if my score comes pass 650 ti get a better deal? Only thing is right now i really need a car.

[bbb3601]

I have 2 accounts with TFS, and was told by their CS dept that they use only TU for approvals....YMMV. That being said with your score you should be tier 2 and should receive any promo. I always app online and get approval decision in 2 minutes. Don't be afraid to go to another dealer because your approval will transfer mine did. 

[TwinGirls19]

Guys hows going, actually got a new 2012 camry, 24 month lease, paid for the tax plus dmv fees, at 350 a month. What do you guys think? Loving the car and the salesperson told me my score will sore within the first six payments. 

[Anonymous]

Congrats on the new car!! Your credit score will not soar because it is considered an installment loan and installment loans do not have a huge impact on your credit score. If anything, it will go down because of the new account added and hard pull inquiry. 

[Revelate]

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@bbb3601 wrote:

I have 2 accounts with TFS, and was told by their CS dept that they use only TU for approvals....YMMV. That being said with your score you should be tier 2 and should receive any promo. I always app online and get approval decision in 2 minutes. Don't be afraid to go to another dealer because your approval will transfer mine did. 

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I used to work at TFS, they pull any of the three major bureaus.

That said they have a loan product for just about everyone and are competive on rates.

Congrats on the approval TwinGirls!

[Revelate]

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@TwinGirls19 wrote:

Guys hows going, actually got a new 2012 camry, 24 month lease, paid for the tax plus dmv fees, at 350 a month. What do you guys think? Loving the car and the salesperson told me my score will sore within the first six payments. 

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If you are a first time buyer (i.e. you have no auto loans on your report) then yes your auto-enhanced FICO score should go up within six months.