Toyota Financing Question

Anonymous · ‎05-11-2012

When you apply online with Toyota Financing do they tell you what interest rate you have been approved for or do they just say your approved for a certain amount?

Thanks.

bbb3601 · ‎05-11-2012

for me I had to find out from dealer. I figured they would try to pad it, but I told them what rate I wanted or I wouldn't buy!

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kimmiller112 · ‎05-12-2012

I bought a Toyota 3 1/2 years ago and it was financed through Toyota. They told me the APR before I signed the paperwork. I thing I did ask was if I would be able to call the finance company after about 2 years to refinance the loan to get a better rate and they told me that I absolutely could - three different people told me this. Over the past 6 years, I have been working very hard to improve my credit and knew that it would get even better over time. Two years into the loan, I called the finance company and they told me that they do not do any kind of refinancing at all. Between this lie and them not paying me for a referral I sent them - this person bought a car from them, I will never buy a Toyota again. I would not have bought the car if I had known that it couldn't be refinanced.

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Revelate · ‎05-13-2012

@kimmiller112 wrote:
I bought a Toyota 3 1/2 years ago and it was financed through Toyota. They told me the APR before I signed the paperwork. I thing I did ask was if I would be able to call the finance company after about 2 years to refinance the loan to get a better rate and they told me that I absolutely could - three different people told me this. Over the past 6 years, I have been working very hard to improve my credit and knew that it would get even better over time. Two years into the loan, I called the finance company and they told me that they do not do any kind of refinancing at all. Between this lie and them not paying me for a referral I sent them - this person bought a car from them, I will never buy a Toyota again. I would not have bought the car if I had known that it couldn't be refinanced.

To be honest, I'm not a Toyota Financial Services fan: I was on a project for them and frankly I think they're an awful company to work for; however, from a consumer perspective, they're better than average.

Most lenders won't refinance a loan that you have with them. That's pretty standard actually, and don't read too much into what CSR's say... they aren't hired for their knowledge or their IQ scores, and that's a fact in every customer service department in virtually any organization in human existence.

In this case, it doesn't matter: just go refinance the loan with someone else, you don't have to refinance with the group you bought the car from, and generally I would suggest that you don't anyway. TFS does well at what it does: namely, providing financing for Toyota / Lexus vehicles to pretty much everyone regardless of their credit situation... they got you in the car, they served their purpose, but now you've graduated from where you need that level of approval, so go get a better deal somewhere else.

Edit: The referral on the other hand is wrong, absolutely, and potentially worth discontinuing business with a company over in any market that has so many options... which is true in the auto space.