Toyota 0% quandary

[Anonymous]

I've been planning on getting a new SUV at the end of the year. I've just signed up for myFICO so I could improve my scores by December.  But now that Toyota is offering 0% financing I could save about $5000 by purchasing now.

Aside from my TU score which has some issues (they show a recent late payment but I can't figure out where or when) I'm close to the minimum score I need to qualify. (fico of 650)  I'm tempted to apply now, but I'm concerned that if I'm denied, it will just drive my score down and jack up the rate for financing in December.

How bad is the ding from the auto loan inquiry without a loan added?

Any thoughts?

[dilligaf_racing]

That depends on how many inquiries are already on your CR's, and which bureau the Toyota dealer pulls. Also, they may use an Auto-enhanced version of Fico scores. My recent experience with hard pulls has had no effect on my score. I have 3 on EX, and 0 on the others. 

Another thing to consider with auto loan shopping, Fico will count multiple inquiries as only one if its done in a short period of time. Approx 2 weeks.  

[Anonymous]

This offer will go until at least 10/31.......Is there a way that something new will report before that date to give you the few extra points?

...Most likely ALL auto dealers offers will get better before year end......

THIS IS NOT YOUR LAST CHANCE!!! 

Be patient a bit longer! :-) 

[fishbjc]

my boss just financed with 0%...his score is 785.  I would be surprised if 650 will get you 0%.

Have you called a finance guy & discussed what's needed to qualify? 

[Anonymous]

Here's a qoute I read online:

Kerry Rivera, spokeswoman for Toyota's finance arm, Toyota Financial Services, said the requirements to qualify for the offer include a FICO credit score of at least 650. The median FICO score is 720 on the scale that ranges from 300 to 850, according to a spokesman for Fair Isaac Corp.

"This is similar to how we've priced zero-percent deals in the past," Rivera said.

Here's the article

I thought I also saw the fico score listed on Toyota's website.  But I also thought they had the incentives on 09 4runners.  Now I see it only lists 08 4 runners.