Toyota Financial Approval w/ Bad Credit

[Credit_junkie98]

Hey all! My scores have tanked this last year due to credit card utilization. I bought an Explorer ST back in August, and it just wasn't what we needed, so we looked at a 2025 Toyota Camry. I knew my credit was crap going into this, but figured God can work miracles sometimes, and boy did he. Here are the stats of my approval, and I couldn't have done this without the seasoned finance guy working the deal: 

Primary Applicant (me): 

Credit Score pulled "Experian": 542

Income: $36,500

Late Payments: 0

Collections: 0

Co Applicant:

Credit Score Pulled "Experian": 577

Income: $180,000

Late Payments: 0

Collections: 0

Based on the Toyota Payment Calculator on the website, our rate should have been 21.99%.
I am also enrolled in school, which I guess gives a bonus to financing with Toyota. The initially came back with a denial. After 2 days, and multiple negotiations between TFS and the dealership, they got me a final approval for 72 months at 5.99%. Tier 1 at a 542. We pay our bills but had a ton of expenses causing us to use our credit cards, but we're paying them down now, but just wanted to share my experience with Toyota Financial Services. Also, they're very loving to past paying customers, but we've never used them before. So to recap:

Vehicle: 2025 Toyota Camry XSE

Rate: 5.99%
Term: 72 Mos

No prior history with TFS.

[Creditwiser]

Congrats on your approval !  It appears the hassle of negotiating and your dealers efforts paid off well 

[CreditCuriosity]

Very surprised on the approval with those scores more so on interest rate.  Why is you score so low if you say no collections/late payments are all your CC's maxed out?  

[cashorcharge]

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@CreditCuriosity wrote:

Very surprised on the approval with those scores more so on interest rate.  Why is you score so low if you say no collections/late payments are all your CC's maxed out?  

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Agreed!  

Congratulations on your Approval!!👏🏼🍾🥂

[TRC_WA]

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@CreditCuriosity wrote:

Very surprised on the approval with those scores more so on interest rate.  Why is you score so low if you say no collections/late payments are all your CC's maxed out?  

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Same question I had.

I've seen what high utilization does and yes every profile is different.  That being said a year ago I was 90% UTI with all but 2 cards maxed/over limit and the lowest my scores got was 636 with my perfect payment history. That was with 5 cards reporting "over limit" according to myFICO.

Seeing scores in the 500's to me suggests deeper issues.  

[Credit_junkie98]

I can understand your confusion, or what have you. I have 43 inquiries, 80% utilization on my cards, zero late payments and no derogatory marks. Navy Federal will pull me at a 650 all day long. Toyota pulled a 542 and credit karma says 580. So I suppose it just depends but I can't imagine Toyota giving me tier 1 with a 542 with baddies. Perfect and consistent payment history. I also have AAoA at 2 years 11 months. So I don't know. 

[pizzadude]

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@Credit_junkie98 wrote:

I can understand your confusion, or what have you. I have 43 inquiries, 80% utilization on my cards, zero late payments and no derogatory marks. Navy Federal will pull me at a 650 all day long. Toyota pulled a 542 and credit karma says 580. So I suppose it just depends but I can't imagine Toyota giving me tier 1 with a 542 with baddies. Perfect and consistent payment history. I also have AAoA at 2 years 11 months. So I don't know. 

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I'd ignore the CK score, but did TFS give you any other information about your EX score ( version , min  / max, etc.. ) ?

[Windchill92]

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@Credit_junkie98 wrote:

I can understand your confusion, or what have you. I have 43 inquiries, 80% utilization on my cards, zero late payments and no derogatory marks. Navy Federal will pull me at a 650 all day long. Toyota pulled a 542 and credit karma says 580. So I suppose it just depends but I can't imagine Toyota giving me tier 1 with a 542 with baddies. Perfect and consistent payment history. I also have AAoA at 2 years 11 months. So I don't know. 

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That's what we like to call a "LOL/24" number of inquiries. Toyota Finance really wanted you to walk out w/ a deal signed it sounds like.

Enjoy the new XSE Camry and drive it 'till for at least the next 15-25 years. Will easily last that long should you keep up w/ maintenance.

[Linnaea]

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@Credit_junkie98 wrote:

Hey all! My scores have tanked this last year due to credit card utilization. I bought an Explorer ST back in August, and it just wasn't what we needed, so we looked at a 2025 Toyota Camry. I knew my credit was crap going into this, but figured God can work miracles sometimes, and boy did he. Here are the stats of my approval, and I couldn't have done this without the seasoned finance guy working the deal: 

Primary Applicant (me): 

Credit Score pulled "Experian": 542

Income: $36,500

Late Payments: 0

Collections: 0

Co Applicant:

Credit Score Pulled "Experian": 577

Income: $180,000

Late Payments: 0

Collections: 0

Based on the Toyota Payment Calculator on the website, our rate should have been 21.99%.
I am also enrolled in school, which I guess gives a bonus to financing with Toyota. The initially came back with a denial. After 2 days, and multiple negotiations between TFS and the dealership, they got me a final approval for 72 months at 5.99%. Tier 1 at a 542. We pay our bills but had a ton of expenses causing us to use our credit cards, but we're paying them down now, but just wanted to share my experience with Toyota Financial Services. Also, they're very loving to past paying customers, but we've never used them before. So to recap:

Vehicle: 2025 Toyota Camry XSE

Rate: 5.99%
Term: 72 Mos

No prior history with TFS.

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That is amazing.  I have financed with Toyota for years.  I'm hoping they will give me that as well.   How much was the loan for? 

[Credit_junkie98]

It was about $51,000. I had an F&I manager fighting hard for me!