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.

Will do man!! Thanks for the advice!!

You also might not want to trade in your car. Our guy said that they would only give us 1k for her 96 toyota, but I all ready have someone who will give us 3k for it.

Well I have a 2005 Toyota Corolla CE with 110,000 miles. I would said from a scale from 1-10 (10 being perfect), I would honestly ranked mine at a 4. So I am hoping to get atleast $4,000 either by trading it in or selling it.I bought it brand new(well 200 dealer miles) and switch it to Synthetic oil every since the first oil change.But I realized that would make to a car buyer. Does $4K sound reasonable?

I would check the kelly blue book auto price guide or e-bay for pricing ideas.

you might want to try carmax as well. it's a free appraisal, and if they offer more than toyota will for the trade, it takes some of the hassle of trying to sell it private-party.

Sold my 350Z to carmax and got more than i expected...

check with your local credit unions, if you have good credit you should be able to get 1.99% @60 months.

Always have your financing figured out before heading into the dealership. Gives you an upper hand when negotiating too.

I just purchase my Experian Credit Score and it is 37 points lower than my Equifax Credit Score. So that was really disappointing, might need to wait a few more months.

It's a good idea to shop around, but unless the dealership is doing in-house financing (which is almost never the case with Toyota, as they have Toyota Financial), they cannot adjust the rates, which are set by Toyota Financial. But I agree with the general consensus, look around and check with your local credit unions. Sometimes banks have decent rates for new auto loans, but usually there is a lot of fine print with banks. For example, Chase usually talks about some rate (which is pretty good, but not great), but for example you might have to have a prima checking account (or whatever it's called) and EFT, otherwise if you don't have all of those things, your actual rate might go up .50-.75%.

The credit reports that you can buy online will have different scores than what the dealership will pull. I am a prime example. I got an email from Experian to pull my credit for $1 and I did. I recently had my credit pulled from my dealership to get the lease approved etc for when my FRS arrives. It was 68 points HIGHER when the dealer pulled it.


Ruskymx

For reference..

PenFed Credit Union 1.99% for 60 months.
StateFarm (through my insurance agent) - 2.25% for 60mo with autopay out of statefarm checking account (free to open). Includes free GAP insurance.. good deal!
Also, know that dealerships can match these rates.. I got an offer to match from my local dealer.


Lots of good rates out there if your willing to search for them.

Yeapo penfed is great But if toyota can match them then I will just go thru them to make life easier.

Toyota did have a credit Union match program, but I never looked into if it applied to Scion or not. I believe that you needed to have a trade line on your credit report with the lender that they would match. You couldn't just search for the bank with the lowest rate and say that they are your bank and Toyota needs to match it.

Ruskymx

I applied and was approved for a PenFed loan yesterday. Anyone know how long it them takes to cut a draft check and mail it to you? I just found out my BRZ may be getting here as soon as next week.

My local Credit Union has 2.24% 72mo :)

Anyone between the ages of 19-22 that are buying the car on their own get a low interest rate?

That's cool, but do you really want a 72-month term? Even with $0 down, that calculates to only a ~$300 difference (depending on the exact purchase price) throughout the course of that loan (when compared against a 60-month term), but it's six years.

Age doesn't matter that much, just make sure your credit history doesn't suck while having a good credit score going into the purchase. When I financed my first Evo, I think I was 23, though surprisingly I ended up having a pretty solid credit score of 768, even though all I had was one or two credit cards, both of which I had for maybe a year or two overall while staying on top of my payments (and having $0 balances on them by the time I was making my car purchase). That got me the best rates, at that time.

All this talk of financing made me do a little research and I found out I qualify for pen fed and navy fed... I love you guys!

Got approved for 2.24% up to 60months via my CU. includes GAP coverage and a extra .25% deduction if i do autopay bringing it down to 1.99%

Which credit union? Schools First?

USC Credit Union