Minimum credit score for Toyota financing?

well i wrote a personal check for the car (of course, this was 3rd check for 3rd Pri at same dealership) but i write it, give it to salesman, then go to waranty manager, sit down, talk with him, sign some more papers and then done. it takes about 10-15 minutes. then the salesman comes back out, hands me keys, (then tries to tell me how to operate car... i politely listened but also told them i had another appointment , which was true and to rush it a bit)

but during that time, they can easily verify my balance. its a local check, so not sure that its not verified before i leave since it would only take a few minutes to check

 

Thanks to all you generous folks who answered the question . It truly helped me and I learned a few tips on credit that I had not got from some of the Financial/credit books I own. Greatly appreciate it!!

 

Wow, that is REAL good! I have decent credit and got 4.44 through BofA and I thought that was pretty good.

 

• We have a good dealer here. Here is the financial info right from their website. They will match interest rates with local credit unions. Of course they do offer the overpriced extended warranty but will offer a deal if you know enough to ask.

Finance Pricing

Tier 1 - FICO 720+
63 Months 6.74%

Tier 1 - FICO 720+
66 Months 7.24%

Tier 1 - FICO 720+
75 Months 7.74%

Tier 2 - FICO 700-719
63 Months 7.24%

Tier 2 - FICO 700-719
66 Months 7.74%

Tier 2 - FICO 700-719
75 Months 8.24%

Tier 3 - FICO 680-699
63 Months 7.79%

Tier 3 - FICO 680-699
66 Months 8.29%

Tier 3 - FICO 680-699
75 Months 8.79%

Tier 4 - FICO 660-679
63 Months 8.64%

Tier 4 - FICO 660-679
66 Months 9.29%

Tier 4 - FICO 660-679
75 Months 9.94%

Tier 5 -
60 Months 10.04%

Tier 5 -
66 Months 10.79%

Tier 5 -
72 Months 11.54%

Tier 6 -
60 Months 12.59%

Tier 6 -
66 Months 13.59%

Tier 6 -
72 Months 14.59%

Tier 7 -
60 Months 13.78%

Tier 7 -
66 Months 14.78%

Tier 7 -
72 Months 15.78%



Finance Programs available for First Time buyers & Credit Challenged. Please Inquire



LEASE MONEY FACTORS


Tier 1 - FICO 720+
24 - 42 months 0.00214

Tier 1 - FICO 720+
48 - 51 months 0.00214

Tier 1 - FICO 720+
54 - 60 months 0.00224

Tier 2 - FICO 680-719
24 - 42 months 0.00254

Tier 2 - FICO 680-719
48 - 51 months 0.00254

Tier 2 - FICO 680-719
54 - 60 months 0.00264

Tier 3 - FICO 650-679
24 - 42 months 0.00334

Tier 3 - FICO 650-679
48 - 51 months 0.00334

Tier 3 - FICO 650-679
54 - 60 months 0.00344

Tier 4 - FICO 600-649
24 - 42 months 0.00388

Tier 4 - FICO 600-649
48 - 51 months 0.00388

Tier 4 - FICO 600-649
54 - 60 months 0.00398



Extended Service Protection
Months/Miles

Platinum Protection
84 months / 100K miles $1499

Platinum Protection
72 months / 80K miles $1197

Platinum Protection
60 months / 60K $1090


Other Products


Payment Protection


Credit Life / Disability Insurance
Premiums may vary according to state requirements, the amount of indebtedness, the age of the insured, length of re-payment term, and other factors. Call us for details.


Guaranteed Auto Protection (GAP)
Available on all Retail and Lease Contracts $595.00
* Rates depend on final approval by SET Finance & are subject to change without notice. Vann York Scion tries to keep finance rates as up to date as possible. We check every week for verification.

 

Yeah. Sorry, to hear about that, but I'm not surprised.

Sometimes dealers don't give you much because they know they can't/don't want to sell it themselves, so they'd just put it up at auction. I've had them tell me that w/one of my cars before.

I was gonig to suggest seeing how much Carmax would give you, but there are none near you (or me).

 

I am positive. It is not official yet. You will get dinged if 20 dealers run your bureau.. If you would like proof, simply PM your SS# I am kidding of course.

And someone else mentioned that I can run a bureau without an SS#. That is true, but I have to be VERY lucky. I need to know your exact address, DOB, and at least 7 out of the 9 numbers in the correct positions. If I get that, it will give me your bureau, and your correct SS#. But the odds are I won't be able to guess.

Cashier's checks aren't what they used to be. We had a gentlemen mail us a cashiers check that was such an obvious fake (no watermarks, no tiny printed script, etc). It looked like he made it on MS notepad, then printed it when one of his ink cartridges was running low. He was adamant about us shipping the car to him, and including the shipping costs that he was going to "pay". But he had to have it by a certain date. Tried to give some lame excuseas to why he needed it so quickly. We told the customer that it was shipped (having some fun with him) and it should arrive at a certain time on a specific date. He must have called the transport company 6 to 7 times (it was another salespersons cell phone). As the date got closer, we again confirmed the exact time, date, and address (this should have been a huge tip off to him). Last I heard, we had a driver there at the exact time we promised. The driver was a local sheriff.

I'm speaking tongue on cheek of course, but there is no law that says a dealership has to buy your trade in. We do it because we need the trade in and feel we can make money on it, can live with the trade in and really need to sell the new one, or we appraise it for less because we don't want it. Another story here, but I recently had a customer try to trade in an avalon with 181k miles. Car was a piece of junk. Rusted, smoked in, ripped seats.. junk. She had a "for sale" sign in the window asking $3,500. She confided in me that she had a buyer at $2,000 but he backed out. When I told her we would only give her $500 for it, she flipped out. "I had a buyer for $2,000, so you should give me the same!" "Well, you had a buyer, but since he walked, his offer means nothing. If he offered you $8,000 for it, and backed out, does that mean your car is worth $8,000 now? I don't want your car. I don't want to have to run it through the shop. I'm going to send it to the junkyard within hours of you leaving it with me. Therefore, to the dealership, it is only worth $500. I know it is less than you want, but it is the most money you are guaranteed to get for it so far."

I'm not saying your Altima is in as bad a shape as the avalon, but to that particular dealer, at that particular time, it is only worth $1,000 to them.And, speaking tongue in cheek still, I am pretty sure it will be easier to get rid of a 2010 Prius than a $1,000 Altima right now. Please don't take offense at my demeanor here.. I know this is a serious subject when it comes to people's pocketbooks this day and age. Just trying to let you know how the other side of the desk is looking at things.

 

I thought they offered you $1000--the wholesale value of the car to them at that time? If folks are paying MSRP without a trade, you're on the same playing field as them. You probably should try to sell it yourself if you believe that will be the best option, but they didn't tell you to get lost by any means. They probably offered you what they'd get for it from a used car dealer or auction if they wholesaled it.

 

Playing devil's advocate here, but the dealer doesn't need to do that on a hot selling car. Jim256 is correct. If you want me to give you more money for your trade, more than I am prepared to give, to sell a commodity that is in hot demand, where is the incentive for me? I would rather just pass on the deal you offer and wait for the next person to walk in behind you and sell it to him. No hoops to jump through, no worrying about whether I can sell your car and break even on the deal. Since demand is high, and supply is low, simple economics tells us that the owner of the product writes all the rules.

Let's flip the tables. What if I had 50 2010 Prii on the ground. I would be more than willing to give you more money for your car in that situation to help get one off my lot. Are you saying that if I offered you $2,000 instead of the $1,500 you want (strictly examples), you are going to say, "No, keep your extra $500." No buyer in their right mind would do that since it is a buyer's market. You can, and should, demand more "hoops" for me to jump through in that scenario.

 

one of the many ways the seller "earns" profit is by investing capital in the dealership and in the inventory

think of a dealer with 200 new cars at an average of 25K cost each that is what - $5M tied up? what about the dealership itself? Is there a note on the real estate? What of salaries of employees? Salespeople are on commission by and large i assume, but the lady who does the tags isn't, as one example of many.

 

Tom, will you please call me?
All of this back and forth rhetoric. Just call me. Not to buy a car, because that's silly, you have no tax where you are, but to clarify things.

One thing that sure is getting my attention, and Jabber's sorta trying to explain it... if the market wholesale for your Nissan in the geographic area you're in IS indeed $1000, and that's what a dealer's willing to pay for it, you take it or you leave it. If you sell it privately to get more for your car, there are pluses and there are consequences that CAN apply.

Dianne

 

Sorry, I'm going to have to side w/some of the others in this thread. You stated yourself that the $1000 is what the dealer could confidently get at auction. It doesn't make much sense for the dealer to want to give you more money on a trade when they feel they can get another Prius buyer where they don't have to bend over backwards/go the extra mile/give extra on a trade, etc.

I definitely wouldn't sell your Altima first before buying the Prius. I'm a single guy w/2 cars and when I bought the Prius, I had 3 cars for a few weeks.

As for your last option, well, if you're concerned about higher loan payments, then don't finance it or finance less of it. Maybe you could make a big payment to cut down on the interest cost if there's no prepayment penalty.

FWIW, I paid cash (check) for my Prius and my former Maxima. I went in assuming that I wouldn't trade in since a dealer would likely give me a lot less than I could sell it myself for. I was right and sold old cars both privately.

BTW, you're very fortunate that you have no sales tax. It recently went up to 9.25% here from 8.25% (yet our state is still having budget troubles - another story in itself). Also, a friend in Oregon mentioned some sort of $1500 tax credit and I dug up this http://www.oregon.gov/ENERGY/TRANS/hybridcr.shtml. We've never had anything like that here. (Not having been to Oregon to go Prius shopping) That might be what's helping dictate hybrid pricing, supply and demand there.

 

I applied and was approved for a 5% loan through my credit union in mid June. When my Prius arrived on June 22nd I contacted the dealer requesting that they send the documentaion requested by my credit union, I was transferred to their finance manager who offered to handle all the paperwork through Toyota for a competitive interest rate of 5.09% for 60 months. I traded a 2000 Lexus RX 300 with 39K mileage for $10K and put another $5K down which had something to do with the lower Toyota interest rate, which was posted at 7.9% in the dealer's showroom. I opted for bi-weekly payments deducted from my bank account which reduced my payment by $20 monthly and the term from 60 months to 57 months.