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Hi All,
I'm looking to purchase a 2019 Tacoma... the care in question has a sticker of $38K, got it down to $35k + taxes and license.
I'm looking to put $8k so the finance amount would be around $31 to $32k after taxes/fees.
They are running a special right now for 1.9% APR through Toyota Financial.
I'm not sure what the qualification requirments are.
My length of credit is 10 years. I have 16 accounts on it. One paid off car ($21k) and one leased car (current car).
0 derogatory marks.
9% utilization.
Total credit available is around $50k.
Fico 8 scores are: Ex: 735, Eq: 760, TU: 775
My concern is the Auto enhanced scores that I have no idea where they stand at this time.
Anyone have any words of wisdom?
Thank you!
Sign up with myfico to get all your scores. 720+ is tier 1. Only concern is that there have been reports of TFS deals showing up as Consumer Finance Accounts on people's reports.
Thanks for the tip, what's the negative of it running as a consumar finance account?
EDIT: Just pulled my auto scores...
Exp Auto score 8: 723 Auto score 2: 732
TU Auto score 8: 802 Auto score 4: 755
EQ Auto score 8: 762 Auto score 5: 754
Well if anyone is wondering here in Los Angeles the dealer only pulled Ex Fico 8... not auto enhanced and then Toyota Financial pulled Ex Fico 8 as well (not AE). Was enough to qualify for the Tier 1 rate.
Congrats!!
@Anonymous wrote:Thanks for the tip, what's the negative of it running as a consumar finance account?
Some subsidized loans infrequently get labeled by the credit bureaus as "Consumer Finance Accounts" and may negatively affect your credit scores. It's a relatively minor concern, since it doesn't happen very often and the affect is relatively minor. It's also less common with auto manufacturer's captive lenders like Toyota FInancial and Ford Motor Credit than with other types of loans offered by independent finance companies. It's usually a small price to pay compared to the thousands of $$ you'll save by obtaining very favorable loan rates.
As others have said, your scores will qualify you for Tier 1 or A credit rates. Enjoy your new Toyota!
How does it negatively affect your credit though?
@Anonymous wrote:How does it negatively affect your credit though?
See #6 in the Experian FICO Score Factors Guide.