Finance Rates on the FR-S?
 

So I am trying to work out my finances for the FR-S. I was trying to figure out how much i can based off the dealership posted interest rate list. Does anybody know if they will go exactly based on your credit score and give you the rate that your credit score fits into? Do they factor in the fact that you have previously bought a car with Toyota Financial Services and never had a late payment and paid it off in half of the length of the contract? I might need to pull up my score another 10 to 20 points in the next month to get a better rate.

Ill be getting the penfed loan. 1.99%

They will go by your credit score with Experian. Whatever it is, it falls into the range posted on your dealer's website. Currently, I think it's 3.24% up to 60 months. I do believe they will give you "Encore", which is 0.25% rate discount if you have a previous TFS loan for more than 12 months and made timely payments. They also have an equity program too if you finance less than 80-90% loan-to-value and it amounts to another 0.25% off. With both of those programs, you could get as low as 2.74% up to 60 months. You would need to pay for tax and tags plus around $2000-3000 on top of that to get the equity discount.

Ruskymx

I would seriously look around for financing options. Ask your bank/credit union and look for online financers to get the best rate possible. I always make sure i have financing buttoned up BEFORE i get to the dealer. If they can match it/beat it that's fine, other wise you're most likely spending extra you don't need to.

This is exactly what I did when I bought my previous car. I went hunting for the best rate and presented it to the dealership. I told them to match it, and when they couldn't, I financed through the bank that had offered that rate.

Thanks for the info. I need to take advantage of those two programs. I have been crunching numbers for the last few weeks (finally that accounting degree came in handy.lol) to get my payments under $350. My previous goal was to go under $300 but that might not happen. But if i can get under $350 and make an extra $150 a month, i wont pay too much interest. I was planning on trading in my Corolla and probably gonna add another $5-6K. So hopefully this will give me a decent monthly payment.

Try credit unions around you....they tend to have one of the best rates....but of course you might want to shop around and slap the dealer with the lowest rate you found....

Put down 10-12k, you will hit your $300ish goal.....

Will shopping around a bunch hurt your credit score? Don't loan credit checks count as 'hard credit pulls' and therefore you'd really start racking up credit score demerits?

From what I've read, your credit score only drops if someone else runs your credit score without actually getting credit. I believe if you run it within a 30 day period of shopping around then it's considered a one time lookup.

The credit bureaus take into account multiple inquiries of the same nature (i.e. car financing). They look at it as one ding, within a reasonable timeframe (approximately 30 days).

Only reason I would consider financing with TFS is to get the $1000 off for students, I might immediately refinance with Penfed though and get that 1.99%.

Im putting down 12K and my rate with chase bank will be 2.5% for 2 years my credit score is in the mid 700's am i getting screwed over? should i check with other banks? The scion sales guy said toyota only offers 3%

Check PenFed. They seem to have the best rate right now, at least that I've seen.