Minimum credit score for Toyota financing?

[TomInOregon]

Just wondering if anyone knows the minimum credit score to be approved for Toyota financing or how the different scores relate to percentages. I have good (not great) credit but recently purchased a house and a used car which will bring my score down. I am wanting to buy a Prius 2 with remote start and security system. I want to trade in a truck under cash for clunkers ($4500) as well as trade in my wife's car (I expect another $3500). If I have ~1/3 down, I would think it would help some with the financing. I'm trying to find out if I would be better off with Toyota or my Credit Union financing. Not wanting to run my credit report more than I have to.

Thanks,
Tom

[DaveinOlyWA]

not quite sure a definitive # would be the tipping point for a decision. probably would be a combination of several things including income, expenses, time at the job, etc.

ya know, running a credit report is only a red flag for credit reporting companies only because it implies of potential of added liability. after a few months, any detrimental effects are gone.

[eklabbers]

I just went with OnPoint CU financing when I bought my Prius and that was really easy to do at the dealership itself. Not sure which dealer you are planning to purchase from. The percentage rate was the same.

[jay_man2]

Originally Posted by DaveinOlyWA

not quite sure a definitive # would be the tipping point for a decision. probably would be a combination of several things including income, expenses, time at the job, etc.

ya know, running a credit report is only a red flag for credit reporting companies only because it implies of potential of added liability. after a few months, any detrimental effects are gone.

Inquiries stay on your credit report for two years, but the effect on your FICO score is small. And the scoring takes into account a cluster of inquiries that you'll likely have when buying the car (dealer, Toyota Motor Credit, banks, all around the same time).

My credit is excellent, and I was expecting to go through Toyota Motor Credit, but the dealer alleges that they got me a better rate through a bank. Something like half a point better. It's the same bank where I have a safe deposit box, and with the auto loan and opening a free checking account with $100, they dropped the safe deposit box rental from $94 a year to $4 a year, and gave me a $10 credit into the checking account. Woopee!

[TomInOregon]

Originally Posted by jay_man2

Inquiries stay on your credit report for two years, but the effect on your FICO score is small. And the scoring takes into account a cluster of inquiries that you'll likely have when buying the car (dealer, Toyota Motor Credit, banks, all around the same time).

My credit is excellent, and I was expecting to go through Toyota Motor Credit, but the dealer alleges that they got me a better rate through a bank.

That's something I was never sure of...does the dealer run you through a number of places to get the best rate?

[jay_man2]

Originally Posted by TomInOregon

That's something I was never sure of...does the dealer run you through a number of places to get the best rate?

Usually with me it's two places - Toyota Motor Credit and a bank. Once it was Toyota Motor Credit and two banks. And the one by the dealer of course.

[TomInOregon]

Would I be better off getting pre-approved through my credit union before I go in to make the purchase? Allows me flexibility in financing, but may make a 1-2 point difference in score.

[claridiva]

Originally Posted by TomInOregon

Would I be better off getting pre-approved through my credit union before I go in to make the purchase? Allows me flexibility in financing, but may make a 1-2 point difference in score.

We did that, got an approval letter from our CU and took it in and asked whether they (Toyota) could beat the rate being offered by the CU. Fortunately, they were able to beat it by over 1/2 a point so we went with Toyota. It is always good to have something for them to beat; they want your money and the interest, and most often they will come in lower than the bank just to have that opportunity.

Good luck!

[richard schumacher]

Nobody likes to hear this, but you do yourself a huge favor by saving up until you can buy a car for cash. Borrowing money to buy a new car, even with a cash-for-clunkers credit, costs additional thousands right off the top.

[TomInOregon]

Paying cash for cars does nothing for improving your credit. Ask me how I know!