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Looking into a lease or loan

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Looking into a lease or loan

My current car is slowly taking its toll on the pocket book, so have decided to look into loans or leases. Some information, My EX is Auto 8 is 689, Eq 581, and TU 701. Total Utilization between cards is 16% and make around $45,000 a year.

My Eq is weighed down with $1800 in hospital Bill's, but other than that, 100% on time with all CC payments. This will be my first loan or lease, I started payments through the collector for my debt at $50/mo as wanted to pay it in full come bonus time.

I'm afraid of doing a lease due to hearing places like Toyota financial are CFA's, been working hard on my scores for awhile, wouldn't want them hurt.

Anyone have any advice? Any good auto loan companies that pull from EX and TU? Is leasing worth it if its through Toyota Financial (they will pull all 3 and use the best score to finance me.)
4 REPLIES 4
Frequent Contributor

Re: Looking into a lease or loan

So I have an auto loan with Toyota Financial. My car is a Mazda, but TFS was the only approval at the dealership that was lower than my DCU loan. They do not report as a CFA on my report, but I financed so I don’t know if that matters. I should mention that TFS has been great and their website is easy to use and make payments. The app needs work though.


July 2019:

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New Member

Re: Looking into a lease or loan

Thanks for the input. I shopped around across 100 miles and found the car I wanted, with many dealerships trying to compete, so that's a plus.

I go in next Friday to test drive it and go through financials. Being the first time doing this, is it better to get there earlier? Or does time frame not matter when it comes to financing and driving away?
Message 3 of 5
Regular Contributor

Re: Looking into a lease or loan

I bought a new Toyota in June using TFS (pulled my Tu and Eq reports here in Texas). TFS appears on all 3 of my bureau reports as an auto loan and not a consumer finance account. Dealers have alot of sales traffic on Fridays and Saturdays. I went in around 10 am on a Saturday and was driving away before 1pm. This was my third time using TFS and the finance department at this dealer was amazing and easy to deal with as always.
I've been where you are trying to go and I don't wanna go back.
Message 4 of 5
Frequent Contributor

Re: Looking into a lease or loan

My process took longer. I went in on a Saturday around 10am, took the car for a test drive, and then started the paperwork. I didn’t leave the dealer until around 4pm! It can be a long process (especially if they’re busy) so earlier can be better. FYI, I just checked my reports and TFS only pulled Experian.

By the way, I highly suggest that you try to go in with a preapproval so that you have leverage. Check out Capital One Auto Navigator and see if you get any offers. It’s only a soft pull, so you can see where you’ll stand (regarding interest rate).


July 2019:

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Message 5 of 5