Toyota Financial Approval?

[Credit_junkie98]

Hey y'all. I am looking at a 2022 Toyota Tundra Platinum. I am wondering if anyone knows anything about Toyota Financial? I have read plently of forums on this site, and I still am unsure. I understand everyones credit situations are different. I currently own a 2021 Genesis GV80. Its financed through Genesis Finance (Hyundai Motors Capital). I got a 7.25% rate on it for 72 months. My score at that time was 646. High credit card utilization is what is killing my score. I am looking at getting out of this car, and into something that will drastically reduce my monthly payment. I don't want to lose features, even though I know the smart thing would be to pay things off and live a more humble life lol. Here are my stats:

23 years old.

2 auto loans;

-Hyundai Motor Finance for $42,000 $723 per mo. 72 months 6.99 %

-Genesis Finance for $83,000 $1436 per mo. 72 months at 7.25%

Utilization on credit cards is about 50%

Current Fico according to experian is 644. 

Income for me alone is about $45,000. My fiance is co borrower on both vehicles and will be on the Toyota as well. Co borrower is in about the same boat, but add $150,000 in student loans, and 80% card utilization with a score around 615 and an income of $60,000. Were paying off a huge chunk of credit card debt, and a personal loan. Should bring our scores to the high 600's by the time we go to buy the Tundra (around August). I don't plan to carry much negative equity over, I will be putting $9,000 down. So more than likely will break even on the negative equity, and get out of my trade with no equity. We need to lower payments for now. Our income will almost double for both of us next year, but in the mean time, we need to lower our bills to where we are still comfortable and happy. So what are my chances of approval with Toyota Financial to get tier 2 or up? 

[username7]

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@Credit_junkie98 wrote:

Hey y'all. I am looking at a 2022 Toyota Tundra Platinum. I am wondering if anyone knows anything about Toyota Financial? I have read plently of forums on this site, and I still am unsure. I understand everyones credit situations are different. I currently own a 2021 Genesis GV80. Its financed through Genesis Finance (Hyundai Motors Capital). I got a 7.25% rate on it for 72 months. My score at that time was 646. High credit card utilization is what is killing my score. I am looking at getting out of this car, and into something that will drastically reduce my monthly payment. I don't want to lose features, even though I know the smart thing would be to pay things off and live a more humble life lol. Here are my stats:

23 years old.

2 auto loans;

-Hyundai Motor Finance for $42,000 $723 per mo. 72 months 6.99 %

-Genesis Finance for $83,000 $1436 per mo. 72 months at 7.25%

Utilization on credit cards is about 50%

Current Fico according to experian is 644. 

Income for me alone is about $45,000. My fiance is co borrower on both vehicles and will be on the Toyota as well. Co borrower is in about the same boat, but add $150,000 in student loans, and 80% card utilization with a score around 615 and an income of $60,000. Were paying off a huge chunk of credit card debt, and a personal loan. Should bring our scores to the high 600's by the time we go to buy the Tundra (around August). I don't plan to carry much negative equity over, I will be putting $9,000 down. So more than likely will break even on the negative equity, and get out of my trade with no equity. We need to lower payments for now. Our income will almost double for both of us next year, but in the mean time, we need to lower our bills to where we are still comfortable and happy. So what are my chances of approval with Toyota Financial to get tier 2 or up? 

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Swallow your pride and buy a used Toyota out of a lease with 25-35k miles on it. Got mine last year through Toyota Financial 0% APR $17250 for a 2018 model. Sure, it doesn't have automatic seats but the trunk goes up on it's own and it's reliable. Oh, the sunroof too.

Just get a car you can afford without a cosigner.

[Brian_Earl_Spilner]

They pull all 3 bureaus. Dealer may use CoreLogic as well which would be additional pulls. If I remember correctly, they'll use the highest FICO 8 score. There is also the chance the loan will show as a Consumer Finance Loan which can negatively affect your profile for as long as it's reported. As for tiers...

What is Tier 1 Credit?

Basically, the higher your credit tier, the more likely you can afford your car payment each month and the less of a financial risk you appear to be to lenders. When it comes to Toyota credit lease tiers and Toyota financing tier rates, a credit score of 720 and above is considered “excellent” and tier 1 credit. According to Toyota, this means you “have a long, established, positive credit history.”

Additional Toyota Credit Tiers

• Tier 2: A credit score of 690 to 719, which is considered “great.” It means you “use my credit wisely and never miss a payment.”
• Tier 3: A score of 670 to 689, and that’s “very good.” This tier means you “have a positive credit history with no recent late payments.”
• Tier 4: A good credit score ranges between 650 to 669 and means you’re “responsible with my credit and usually make my payments on time.”
• Tier 5: A fair credit score ranges from 630 to 649 and means you “try to be responsible with my credit but have had some recent credit challenges.”
• Tier 6: Below 630, you get into the poor credit tiers. A poor score of 610 to 629 means you “have a number of issues with my credit.”
• Tier 7: A very poor score of 580 to 609 means you “have significant credit issues or have only very recently established credit.”
• Tier 8: An extremely poor score of 579 or below means you “have an extremely poor credit history or I have no credit history at all.”

[Credit_junkie98]

So does it report as a consumer finance account on all tiers or just sub prime? I learned the hard way with affirm about consumer finance loans. 🙃

[TattnallTrio]

I bought a new Highlander this past fall and it reports as an Auto Loan. 
Also, the finance guy told me that since my LTV was less than 110% he was able to ask Toyota to do a tier bump to get a better rate. My Fico8 was 695. I didn't ask what tier I was but according to this I went from Tier 2 to Tier 1. 

[djcingular]

This is good info to report, thanks for sharing.  Is Toyota using Fico 8, or FICO Auto 8? I am also considering a new a Tundra. 

[Jwitherspoon0010]

Hey. Did you ever find out which of the two they use. Whether it was the fico 8 or ficoauto8