Finance Rates on the FR-S? - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

mickey177 · 05-07-2012, 07:01 PM

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.

kanundrum · 05-07-2012, 07:43 PM

Ill be getting the penfed loan. 1.99%

ruskymx · 05-07-2012, 07:46 PM

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

Natheria · 05-07-2012, 08:13 PM

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.

Subie · 05-07-2012, 08:35 PM

Quote:

Originally Posted by Natheria

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.

mickey177 · 05-07-2012, 08:54 PM

Quote:

Originally Posted by ruskymx

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

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.

DieDriving · 05-07-2012, 09:13 PM

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....

DieDriving · 05-07-2012, 09:14 PM

Quote:

Originally Posted by mickey177

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.

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

feedbag · 05-07-2012, 09:22 PM

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?

Natheria · 05-07-2012, 09:55 PM

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.

kmbkk · 05-08-2012, 12:32 AM

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).

Trojan_SC · 05-08-2012, 12:38 AM

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%.

track_warrior · 05-08-2012, 01:01 AM

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%

Subie · 05-08-2012, 01:02 AM

Quote:

Originally Posted by pcasso87

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.

05-07-2012, 07:01 PM	#1
mickey177 Senior Member Join Date: Apr 2012 Drives: Whiteout AT Location: austin, tx Posts: 233 Thanks: 10 Thanked 24 Times in 16 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	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.

05-07-2012, 09:13 PM	#7
DieDriving I aint no snitch Join Date: Jan 2012 Drives: 330i, C300, "00 lude, "94 Accord Location: Riverside, CA Posts: 177 Thanks: 2 Thanked 16 Times in 11 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	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.... __________________ http://www.cardomain.com/ride/495318/1994-honda-accord

05-08-2012, 01:01 AM	#13
track_warrior Track Junkie Join Date: Mar 2012 Drives: Faster than the Stig! Location: TX Posts: 1,338 Thanks: 530 Thanked 770 Times in 363 Posts Mentioned: 10 Post(s) Tagged: 0 Thread(s)	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% __________________ Compensating a heavy car with horsepower is like giving an alcoholic cocaine to sober him up...

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05-07-2012, 07:43 PM	#2
kanundrum Senior Member Join Date: Jan 2012 Drives: 2013 Whiteout FR-S Location: Laurel, MD Posts: 5,364 Thanks: 2,704 Thanked 3,016 Times in 1,711 Posts Mentioned: 106 Post(s) Tagged: 3 Thread(s)	Ill be getting the penfed loan. 1.99%

05-07-2012, 07:46 PM	#3
ruskymx Senior Member Join Date: Oct 2011 Drives: 13 HotLava FRS, 93 4Runner, 97 Taco Location: Orwigsburg, PA Posts: 407 Thanks: 96 Thanked 351 Times in 113 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	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

05-08-2012, 12:32 AM	#11
kmbkk First 86 Driver Baby! Join Date: Jan 2012 Drives: FR-S, Flex Location: Williamsburg, VA Posts: 1,760 Thanks: 520 Thanked 525 Times in 356 Posts Mentioned: 32 Post(s) Tagged: 3 Thread(s)	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).

05-08-2012, 12:38 AM	#12
Trojan_SC Senior Member Join Date: Apr 2012 Drives: '14 Monogram FR-S(RIP) Location: Long Beach, CA Posts: 909 Thanks: 258 Thanked 417 Times in 202 Posts Mentioned: 11 Post(s) Tagged: 0 Thread(s)	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%.

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