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toyota credit & ford credit

Frequent Contributor

toyota credit & ford credit

i have been pre approved for 30 days with cap1 auto finance.  i have also secured an auto loan from penfed, which resulted in a HP.  application is good for 30 days also.


im talking to 2 different dealers, toyota & ford.   both told me that ford motor credit & toyota financial might beat my cap1 and penfed offers.   when going to their credit apps, does anyone know if their approvals work like cap1 & penfed, where they do a SP and then a HP after you pick an offer?    im curious if i could get better offers, but i dont see the need in getting a HP from toyota & ford just to find out.  


the trucks, tacoma sr5 & ranger xlt are the same price, 37k.  im putting 14.5k down.  

not sure the rates for cap1, but i think it was 3.49% up to 84 months,  but penfed is 4.04% for 72months.


any input from someone with experience how their offers work would be appreciated

fico scores - August 2023:
TU - 727 | EX - 717 | EQ - 722 |
TCL - 122K - UTIL - less than 1%
Super Contributor

Re: toyota credit & ford credit

I don't think you would be able to get pre-approval from Toyota or Ford. Be prepared for some Hard Inqs. But nice thing is FICO would collapse all inqs into one for Auto and Home loans. I'll let fico experts chime in.

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Community Leader
Mega Contributor

Re: toyota credit & ford credit

Don't know about Ford, but Toyota will be a double hard pull. One by the dealer, one by TFS, auto8.

Message 3 of 5
Frequent Contributor

Re: toyota credit & ford credit

Do also note that while the rate shopping inquiries will be combined for scoring purposes, they still show as individual inquiries. Many lenders have thresholds where x inquiries means y behavior.  I have a high number of inquiries at present and have even been declined for SP CLI requests due to too many inquiries (despite that the vast majority of them are mortgage apps within two combining periods). 


There's really not going to be much difference in payment or total interest paid between the manufacturer offers and the in hand ones (even if they are better). Unless one of them is offering 0% (are any offering that at present?) the overall difference, to me, would not be worth the additional HP. 

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Discover: It $22.5k | Barclays: Juniper $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR VS $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retail card despite now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k
Message 4 of 5

Re: toyota credit & ford credit

I sell one of those brands and in my region your tier 2 and that does not qualify you for special rates. But you may get a tier bump but honestly from memory that only happens for recurring customers and sometimes as a promo. You should could get close whats your best rate with the drafts?

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