Should I aim for the 0% financing?

[Anonymous]

I'm in a similar dilemma.  Expecting a new baby, and need a bigger vehicle.  Toyota Financial has 0% financing that starts at 660. 

I have a bk (2 years old now), and my CC's util are down to <25% (though not updated on the latest report).  MyFico just quoted 663 this morning.  I have been employed with the same company for the past 3 years, have lived in the same house for the past 3 years, and the only derogs on my report are from the bk.

I don't want to apply for the credit with TFS until I know I will qualify for the tier III financing, but don't know enough about the reports and scores to know how to do this.  I just paid off my CC's yesterday, the banks have yet to update the report (which is currently saying 53% util).  If I have TFS run the credit, will the hard inquiry react first, thereby dropping the 663 below the mark?  Or, should I wait until my banks update the util amount that I have on them - which is estimated to about a 673 at that point?

Thanks in advance for the advice.

[Anonymous]

Does anyone have a suggestion / opinion on this?

[tooleman694]

One INQ will be fine..

I was at a dealership last night, I checked my fico before going in and it was at 670.. when they ran it, it was 673..

[Anonymous]

Ok, thanks.

Now, does anyone know if the special financing just looks at the credit score, or will the bk impact my ability to get special financing?

[llecs]

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".

Ditto. Don't sweat the inquiry...inquiry damage is overrated. Also, if FICO is used and if the inquiry is coded as an auto-inquiry, any impact of that inquiry won't be felt until AFTER the 14-45 day inquiry window passes. This is the window by which you can apply as many times as you want for a car or mortgage inquiry without seeing any ding. Also that window is in plact to rate shop to get the best deal. FICO will ignore all but one of those inquiries after the window expires. The 14, 30 or 45 days varies based on the FICO score version used.

Also, don't go entirely off the scores from here when applying for a car note. Your lender will likely use an auto-enhanced FICO score which isn't available for purchase.

Finally, your CC balances should update around your statement date. Make sure your balances are at or near $0 on the statement date. Ideally, pay all but one off and get the remaining to a balance of under 9% of the CL. 25% is too high....if aiming for max points.

[Anonymous]

Thanks for everyone's advice.  It was extremely helpful.  Well, I decided to chance it and apply for the special financing.  Toyota is lowering incentives in November, so I had to try now.  I got approved!  I was extremely excited.  The score yesterday was 663 through Equifax, Toyota ran it at 661 - it appears the hit was at point of hard inquiry.  Anyways, it worked out really well and got a great deal!  Thanks for everyones input.  This shopping experience was the best yet!