What credit score do you need to qualify?

verbiosa · 05-16-2007, 12:18 AM

I'm just wondering, for those who got Toyota financing, what was your credit like?

SW03ES · 05-16-2007, 12:22 AM

Pretty much as long as its in the 600s or higher they'll approve you. The captive financing is VERY easy to get.

Now, thats no guarantee of interest rate. Toyota/Lexus Financial does not have great rates for buyers with excellent (700+) credit.

TheAnnoyingOne · 05-16-2007, 02:11 AM

<div class='quotetop'>QUOTE(SW03ES @ May 15 2007, 09:22 PM) [snapback]443053[/snapback]</div>

Quote:

Pretty much as long as its in the 600s or higher they'll approve you. The captive financing is VERY easy to get.

Now, thats no guarantee of interest rate. Toyota/Lexus Financial does not have great rates for buyers with excellent (700+) credit.
[/b]

Why get a dealer's financing

when you can get great rates through insurance companies, credit unions and banks.

allargon · 05-16-2007, 02:31 AM

<div class='quotetop'>QUOTE(The Annoying One @ May 16 2007, 01:11 AM) [snapback]443114[/snapback]</div>

Quote:

Why get a dealer's financing

when you can get great rates through insurance companies, credit unions and banks.
[/b]

Most of them require a significant downpayment. Toyota doesn't.

Darken · 05-16-2007, 04:21 AM

<div class='quotetop'>QUOTE(SW03ES @ May 16 2007, 12:22 AM) [snapback]443053[/snapback]</div>

Quote:

Pretty much as long as its in the 600s or higher they'll approve you. The captive financing is VERY easy to get.

Now, thats no guarantee of interest rate. Toyota/Lexus Financial does not have great rates for buyers with excellent (700+) credit.
[/b]

This is very true, (low 600's gets you tier 3) (mid 600's is Tier 2) but the plus for any consumer is, if you make the grade and get approved through TFS you CAN negotiate the interest rate regardless of your credit situation. The more volume a dealer does the more then can 'negotiate' the rate. Remember the dealer makes money off the finacing too.

In the end though if you have good credit, your rate will probably be better through a credit union, etc unless TFS is running special programs like they did with the prius in March.

verbiosa · 05-16-2007, 10:03 AM

Thank you. You've been very helpful.

mootsman · 05-16-2007, 10:10 AM

I got clean wholesale for a trade that left me with 14K to finance. I went with Toyota finance and then within two months got a credit card solicitation for up to 20K for 1.99% for the life of the loan. I used one of the cc "checks" to pay off the loan and now have a <2% note. Heck, I've done the same thing to by CD's (using a 2% loan to by a 5% CD sorta makes sense to me). I saw no reason to take savings to pay off the Prius when the cheap loan was available. This was last summer -- most of the offers I get now are around 4.9%. FWIW, my FICA is around 730 so I guess this is why they offer me these deals. On the other hand my income is rather modest....but I have a 40 year perfect credit record and have a long since paid for house/property. The only thing I don't understand is why they offer me such great deals when I have a pristine record. The only way they'll make money off of me is if I miss a payment and they can run the rate up astronomically -- that's not going to happen. Beat 'em at their own game, I say.

HTMLSpinnr · 05-16-2007, 10:19 AM

If you're lucky enough to be in the 700's, you'll likely get Tier 1 rates. I've heard, but don't quote me, that above 800 and you get something even better. I was lucky enough to have mid 700's when I bought mine and in Fall '03 got a 4.9% rate. Not sure what it would get me today though.

richard schumacher · 05-16-2007, 10:24 AM

You'll be noticeably happier ten years later if you don't borrow money to buy a new car.

tnymntna · 05-16-2007, 10:26 AM

Someone implied that in order to get over 800 is "LUCK"... Well I have 801 credit score, and let me tell you, it was not by luck. All you have to do is live BELOW your means and always pay you debt on time!

WOW big secret right? Well sad to say, it really is a big secret for most Americans! Always trying to live WAY BEYOND their means!

05-16-2007, 10:10 AM	#7
mootsman Senior Member Join Date: Jul 2006 Posts: 109 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	I got clean wholesale for a trade that left me with 14K to finance. I went with Toyota finance and then within two months got a credit card solicitation for up to 20K for 1.99% for the life of the loan. I used one of the cc "checks" to pay off the loan and now have a <2% note. Heck, I've done the same thing to by CD's (using a 2% loan to by a 5% CD sorta makes sense to me). I saw no reason to take savings to pay off the Prius when the cheap loan was available. This was last summer -- most of the offers I get now are around 4.9%. FWIW, my FICA is around 730 so I guess this is why they offer me these deals. On the other hand my income is rather modest....but I have a 40 year perfect credit record and have a long since paid for house/property. The only thing I don't understand is why they offer me such great deals when I have a pristine record. The only way they'll make money off of me is if I miss a payment and they can run the rate up astronomically -- that's not going to happen. Beat 'em at their own game, I say. __________________ The Old Home Page

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Where to Improve credit score	KenMarshall	Gen II Prius Main Forum	4	05-06-2007 10:47 AM
Possible High Score	Tadashi	Gen II Prius Fuel Economy	7	06-10-2006 07:05 PM
Hybrids score well in IntelliChoice.com car awards	TimBikes	Prius and Hybrid News	9	02-15-2006 07:04 PM
Would hitting a couch qualify as 'appearance modification?'	cybele	Gen II Prius Modifications	17	08-01-2004 06:36 PM
Perfect Score on the Consumption Screen	twindad	Gen II Prius Fuel Economy	4	04-14-2004 07:47 PM

05-16-2007, 12:18 AM	#1
verbiosa Junior Member Join Date: Mar 2007 Posts: 16 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	I'm just wondering, for those who got Toyota financing, what was your credit like?

05-16-2007, 12:22 AM	#2
SW03ES Senior Member Join Date: Dec 2004 Location: Gaithersburg, MD Posts: 1,509 My Car: 2004 Prius Model: Package: #9 Thanks: 6 Thanked 41 Times in 28 Posts Friends: 1	Pretty much as long as its in the 600s or higher they'll approve you. The captive financing is VERY easy to get. Now, thats no guarantee of interest rate. Toyota/Lexus Financial does not have great rates for buyers with excellent (700+) credit.

05-16-2007, 10:03 AM	#6
verbiosa Junior Member Join Date: Mar 2007 Posts: 16 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Thank you. You've been very helpful.

05-16-2007, 10:19 AM	#8
HTMLSpinnr Gen III Forums Moderator Join Date: Dec 2003 Location: Surprise, AZ (Phoenix) Posts: 4,075 My Car: 2010 Prius Model: IV Package: Solar Roof Thanks: 218 Thanked 437 Times in 196 Posts Friends: 18	If you're lucky enough to be in the 700's, you'll likely get Tier 1 rates. I've heard, but don't quote me, that above 800 and you get something even better. I was lucky enough to have mid 700's when I bought mine and in Fall '03 got a 4.9% rate. Not sure what it would get me today though.

05-16-2007, 10:24 AM	#9
richard schumacher Destination: Eschaton Join Date: Mar 2004 Location: United States Posts: 5,514 My Car: 2004 Prius Model: N/A Package: #6 Thanks: 100 Thanked 93 Times in 66 Posts Friends: 0	You'll be noticeably happier ten years later if you don't borrow money to buy a new car.

05-16-2007, 10:26 AM	#10
tnymntna Join Date: Apr 2007 Posts: 17 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Someone implied that in order to get over 800 is "LUCK"... Well I have 801 credit score, and let me tell you, it was not by luck. All you have to do is live BELOW your means and always pay you debt on time! WOW big secret right? Well sad to say, it really is a big secret for most Americans! Always trying to live WAY BEYOND their means!