What interest rate are you getting?

[TKinWhiteOut]

2.75% for 5 years, no cosigner, from Toyota of Temecula Valley. They were great about giving me different options. My original interest rate was 4% for 5 years, but they gave me the option for the Mechanical Warranty which lowered my rate to 2.75%. I put down $13,000 and was happy with the lower rate. The FR-S is my second car that I've financed in my life.

My first one was for a 2007 honda civic, with $10,000 down back in 2006 and my interest was 4-5% (can't remember the exact percent, I just know it was high) for 6 years with no cosigner. I paid it off in 5 years to try and pay less principle.

I thought rates are low right now so I'm surprised so many have high rates. My credit is high at 815 (tier 1) so it might depend on how your credit score rates. Just ask the dealership and see if they can work with you on different options, payments and rates.

[BlaineWasHere]

I got 1.59 from Toyota.

[Pen.suhl]

Last July 4th - 8.99% through the dealer, or 31% through a local credit union for $16K

This March 6th - 1.99% for the same $16K.

My credit disappeared, due to no activity, and I just turned 25.

[fistpoint]

Originally Posted by TKinWhiteOut

2.75% for 5 years, no cosigner, from Toyota of Temecula Valley. They were great about giving me different options. My original interest rate was 4% for 5 years, but they gave me the option for the Mechanical Warranty which lowered my rate to 2.75%. I put down $13,000 and was happy with the lower rate. The FR-S is my second car that I've financed in my life.

They offered a lower rate if you buy something else? That means you qualified for that lower rate already, especially with an 815. You qualified for the lowest possible rate Toyota Financing has available.

When getting approved at a dealer that offers x%, you have two answers you want to hear from them: yes you did qualify for our lowest x%, no you did not qualify.

Doing it any other way allows them to add bonus points for themselves, which they clearly did. Toyota currently has several models at 0% upto and including 60 months, or as low as 0.9% upto 60 months for other models.

However, I doubt the FR-S is included in those lowest %'s...I'm thinking they have 1.9% at best @60 months. No one in this thread posted lower than a 2.2% through Toyota, except the one guy who had them match another banks 1.75%

What I'm saying is that if your credit score is an 800+ or you have a co-signer with an 800+, then you qualify for the lowest rate they have, period. Do not negotiate your rate if you meet the above criteria, you simply ask if you got it or not. They have 0.9 available, did I qualify or did I not?
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For what it's worth, I think they "got" you for .76% which is only about $5 a month using your numbers. Not a big deal.

[Crackseed]

Originally Posted by powerj2

5.99 over 72 months. my first car on my own. Traded in a kia forte. Live in canada.

Similar for me - I put 500 down and got 6% for 6 years. Only reason it was that high is again, first car loan ever so they generally won't give you as low a rate.

I plan to re-finance in the near future though and am paying extra per payment to chip away at the interest.

[strat61caster]

Originally Posted by Enraged21

For those of you with 0 credit, how'd you get approved? I myself have 0 credit as well but with a co -signer around ~650 credit, they're offering me 16% in interest. That's too high.

"Recent college graduate" promotion qualifies you for the lowest rate Toyota offers. I know that 650 is the cutoff for the good deal at my credit union, the difference is about 5% depending on where you land.

[TKinWhiteOut]

Originally Posted by fistpoint

They offered a lower rate if you buy something else? That means you qualified for that lower rate already, especially with an 815. You qualified for the lowest possible rate Toyota Financing has available.

When getting approved at a dealer that offers x%, you have two answers you want to hear from them: yes you did qualify for our lowest x%, no you did not qualify.

Doing it any other way allows them to add bonus points for themselves, which they clearly did. Toyota currently has several models at 0% upto and including 60 months, or as low as 0.9% upto 60 months for other models.

However, I doubt the FR-S is included in those lowest %'s...I'm thinking they have 1.9% at best @60 months. No one in this thread posted lower than a 2.2% through Toyota, except the one guy who had them match another banks 1.75%

What I'm saying is that if your credit score is an 800+ or you have a co-signer with an 800+, then you qualify for the lowest rate they have, period. Do not negotiate your rate if you meet the above criteria, you simply ask if you got it or not. They have 0.9 available, did I qualify or did I not?
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For what it's worth, I think they "got" you for .76% which is only about $5 a month using your numbers. Not a big deal.

Thank you for your post fistpoint. Whether or not they "got" me, I am happy with my purchase including the mechanical warranty. The mechanical warranty is for 6 years/100,000 miles (whichever comes first) that includes any mechanical issues (mechanical issues are more costly than routine maintenance, i.e. oil change, topping off fluids, brake inspections, etc.). It also includes a rental car for as long as it needs to be repaired. They mentioned the change to a lower rate because with the warranty, it helps ensure that the car will be taken car of, thus lasting longer. I don't plan on doing any after market internal work to my FR-S, so I'm really happy to not have to pay out of pocket for any major mechanical/internal issues that my car may have.

You are right, that I'm not paying much for it. Overall, it is a small price to pay for the extra security in maintaining my car and to keep it in the best shape possible.

[fistpoint]

Originally Posted by TKinWhiteOut

You are right, that I'm not paying much for it. Overall, it is a small price to pay for the extra security in maintaining my car and to keep it in the best shape possible.

Indeed. Use the info for the next purchase. I'm also considering the extended warranty but won't decide on that until close to the originals expiration date.

How much was your warranty by the way? That is also negotiable from dealer to dealer. I've never bought one so I am at a loss as to what to expect from today's warranty costs. The last time I even checked prices they were $600-$800 for my '93 Civic way back then. I suspect they are about double that now.

[TKinWhiteOut]

Originally Posted by fistpoint

How much was your warranty by the way? That is also negotiable from dealer to dealer. I've never bought one so I am at a loss as to what to expect from today's warranty costs. The last time I even checked prices they were $600-$800 for my '93 Civic way back then. I suspect they are about double that now.

Hi Fistpoint,

Yes, you are right again. It's about double now if you paid $600-$800 before. I paid $1439 (which is about $20/month) for Plan B (PM) Exclusionary of 6 years/100,000 miles. I always opt for the longest one based on my driving. My last car only had 77,000 miles on it and it was 7 years old. The FR-S is more fun than my previous car, so I might drive it more.

Toyota has different warranties and I guess it all depends on what you want. I also try to get the longest warranty because I am terrible at anything that has to do with internal issues of a car, especially major issues. I've been scammed before by companies who charge me for things that I didn't need because of my lack of car knowledge. So I always figure if I have a warranty, I can take it to the dealership routinely and make sure my car is better taken care of.

I'm sorry if I'm not more helpful on warranties. This is just how I pick my warranties. If you can fix your own car or have a favorite shop that you go to, you may not even need a warranty. If I was more handy, I'm sure I wouldn't have such a long warranty.