What interest rate did you get on a 60 month loan from Toyota Financial?

i have a credit score of 685 and CU offered me 7.7%.....i dont know if its good or bad?
This is my first loan and i graduated 9 months ago?? is it possible to negociate rates offered by CU's?
Any advice from you experienced people??
Thanks in advance!!
aashish

 

I have good credit and got 5.95% at the end of March.

Consumer Reports gives good advice, don't tell the dealer what your lowest quote has been until they make their offer. Otherwise, they'll JUST undercut it and not necessarily give you their best rate.

 

<div class='quotetop'>QUOTE(AAWADKE @ Apr 15 2006, 01:33 AM) [snapback]240083[/snapback]</div>

You get better credit by taking out a loan and paying it off. That gives you a track record for being reliable and responsible. I had already taken out two car loans and a home equity loan and paid them off in my history with the credit union. I've been with them over 25 years. I also have direct deposit.

Do you have an account with the credit union? Are you working? Does your work offer direct deposit? You might be able to negotiate a little with the credit union if you have an account with them and can both direct deposit your paycheck and have automatic transfer of payments made from your account to pay the loan. Then they're sure to get paid. It also helps if you have some money for a down payment.

 

I got 3.3% back on 11/05 through Toyota dealer with of all banks the one I bank with! On self inquiry at the bank they wanted 5.75%. I was going to go with my credit Union at 3.9% and when the dealer made the better offer, I snapped it right up. BTW credit score 789.

I bank with Bank of America... Go figure the major difference in rate from the same bank!

 

<div class='quotetop'>QUOTE(Godiva @ Apr 15 2006, 03:21 AM) [snapback]240098[/snapback]</div>

Yes infact thats the rate they offered me for having direct deposit of my pay cheque and automatic payment from my account.

 

I was offered .05% off if I used direct withdrawal.

 

<div class='quotetop'>QUOTE(BayouBulldog @ Apr 13 2006, 07:59 PM) [snapback]239536[/snapback]</div>

Costco Capital One was 5.3 just a few weeks ago when I bought my Prius.

 

<div class='quotetop'>QUOTE(BayouBulldog @ Apr 13 2006, 07:59 PM) [snapback]239536[/snapback]</div>

My wife and I paid the Toyota dealership $10,000.00 cash up front, and then immediately handed over the remaining payment amount to our credit union. I’m pretty sure the rate we are paying is 3.5 or something percent–I know for damn sure it’s a better rate than through Toyota.