What do you think my chances are with Toyota Finance?

[anthoney]

Hi everyone.  I've been a myFICO member for a while now, but I don't think I've ever asked a question.  Just wondering, based on my current situation, what you think my chances are.  

I'd really like to finance a new Scion xB.  I make 55k a year (roughly $4300 gross monthly).  I have cheap rent ($275 per month), a few credit cards with high utilization (About $3800 used of about $5000 available) - I was at almost 100% utilization but I started paying off last week and have already seen a nice little bump in scores.  No collections or missed payments.  I do have another car loan that I'm a year into a five year loan.  I signed a loan for my fiance last year since she was unable to get one.   The payment actually comes out of her check but I know it still factors into my DTI ratio.

I just updated all my scores on myFICO :

Equifax - FICO Score 8 645, FICO Auto Score 8 666, FICO Auto Score 5 712

Transunion - FICO Score 8 650, FICO Auto Score 5 672, FICO Auto Score 4 681

Experian - FICO Score 8 650, FICO Auto Score 8 659, FICO Auto Score 2 720

Also, I plan to put about 2 thousand down and could do a little more if I had to.  I drive a lot for work, and my 200k mile vehicle isn't cutting and starting to scare me a little.  Based on experiences, do you think I have a shot?

[anthoney]

Sorry, also the car retails for about 18k...

[Luscher]

You should have no problem with the info you provided. I don't know if your leasing or not, but I am sure you will be approved.

[Anonymous]

your fine, I was able to get approved with a 669 its called southeast Toyota financial services. I got approved for 20,000 . however total income was 90 with spouse. and 10 year report with auto installment history, but im sure you'll be ok. They pull through EQ, at least they did for me in Florida . 

[anthoney]

Thanks for the responses!

Racer, do you know which EQ score they used?  Also, what interest tier did you fall in to?

[Anonymous]

not sure what EQ score model they used and im at 12 percent interest 

[anthoney]

Update:

Went to the scion dealership today. Not saying I was the most prepared buyer ever, but I knew what I wanted, how much I could afford every month, had check stubs printed, credit scores, utility bills, etc. They looked at none of it...

He ran my credit as I was checking out the car, and came back about 5 minutes later so I feared bad news. He said you'll have no problem getting this case. He pulled all three and went with the highest. My scores he showed me were 681, 712 and 720... So they are using the older auto enhanced scores. Thank goodness!

They ran it to Toyota Financing and Forum Credit Union. forum beat Toyota by 1% so they went with forum. That seemed pretty cool to me.

Long story short, I drove away 4.79% and a new credit Union savings account! Thanks for the encouragement!

[Anonymous]

Thats awesome to hear! congrats on the ride and the APR

[anthoney]

Thanks so much! I felt like I was walking in with my tail between my legs.... And walking out feeling like a million bucks!