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Should I apply for Toyota Financing?

New Contributor

Should I apply for Toyota Financing?

Hi. We are in the market for a new minivan. I have already gotten preapproval financing from my credit union for $35,000 with a 2.9% APR for 60 months. I was wondering if I should apply for Toyota's financing. Right now they are offering 0% for 36 months (I don't think we'll actually want this one) or 1.9% APR for 60 months.

 

The only reason why Im hesitant about applying with Toyota is because I've heard (and read) that they run your credit through a lot of banks. We are in the Southeast Toyota area so I don't know if that makes a difference.

 

Has anyone had an issue with Toyota Financing. Also do you know which score they willl check. My CU checked our TransUnion score (808 for me and 798 for my husband). 

 

TIA 

Message 1 of 7
6 REPLIES
Valued Contributor

Re: Should I apply for Toyota Financing?

First I'd see if your CU would match Toyota's 1.9%   

 

If not, apply for Toyota.  They run the app through as many banks as they want, when rate shopping for cars (and mortgages) inuiries made within a set time period only count as ONE inquiry for score purposes.  BUT, all the inquiries will show up onyour reports.  Any lender looking at it will see it is for an auto loan and will know you were rate shopping.  Have you read the fine print about what credit score you need to qualify for the 1.9% and required down payment for this offer?  Might be deal breakers right there. 

 

Overall though, a difference of 1% isn't very much. 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 2 of 7
Contributor

Re: Should I apply for Toyota Financing?

I applied and got approved back in Feb 2010 with Toyota. I am also in the Southeast. They pulled my AE Fico with EQ and my score was 685. I also have the 60 mths. 1.9%. I hope this helps. I love my Toyota...Good Luck. Oh yeah they only ran my credit with one bank.

Message 3 of 7
Valued Contributor

Re: Should I apply for Toyota Financing?


ncscgirl2005 wrote:

Hi. We are in the market for a new minivan. I have already gotten preapproval financing from my credit union for $35,000 with a 2.9% APR for 60 months. I was wondering if I should apply for Toyota's financing. Right now they are offering 0% for 36 months (I don't think we'll actually want this one) or 1.9% APR for 60 months.

 

The only reason why Im hesitant about applying with Toyota is because I've heard (and read) that they run your credit through a lot of banks. We are in the Southeast Toyota area so I don't know if that makes a difference.

 

Has anyone had an issue with Toyota Financing. Also do you know which score they willl check. My CU checked our TransUnion score (808 for me and 798 for my husband). 

 

TIA 


You need to understand something: Toyata the dealership is a completely seperate thing then Toyata Financing.

 

The dealership pulls your credit and score to see where you fall and what will be the best options to pursue for financing. (generating an inquiry). based on the information in your score and in your bureau they decide which banks (of which Toyota Financing may be one of)  to submit your deals to- the other banks then either approve, deny or counter offer. based on these responses the dealership is able to offer you both terms and a loan.

 

It is actually in your best interest to have them submit your deal to several banks to see which is the best offer out there.

 

 

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 4 of 7
Epic Contributor

Re: Should I apply for Toyota Financing?

They have no reason to submit your application to any other banks if you qualify for the special with Toyota Financial... I was going to lease a Prius and they pulled my report and I did not qualify for lease but he said he could finance me... I did not move forward because the point was to be under $250/month.

My application was never shopped around elsewhere.

you should be able to say I have 2.9 through my credit union, if you want to get me approved for the 1.9 Toyota financing I'm willing to do that but I don't want the app sent anywhere else.

Message 5 of 7
New Contributor

Re: Should I apply for Toyota Financing?

Thank you for your replies. I think we're putting our new vehicle purchase on hold until the 2012 Siennas come out. There's not a very good selection out there right now.

Message 6 of 7
Valued Contributor

Re: Should I apply for Toyota Financing?

Just remember, newer vehicles have less incentives/rebates/preferred financing.

 

But extra time and putting the purchase on hold should give you more time to save up more down payment.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 7 of 7