Toyota Finance Rates?

We just refinanced her Prius IV and for my (hopefully have it in a day or two) Prius V w/AT at 3.99 for 6 years on both at a local credit union, hers was at 5.5 (5 ½ years) or something close with Toyota Financial.

 

When I bought mine a month ago, I got my loan through CapitalOne. I liked it as you apply online and they send you a blank check which you can use as any dealer up to the amount of your loan. It was one less thing to worry about at the dealership.

The paperwork guy at the Toyota dealer compared it to Toyota's rates and we found CapitalOne was about 0.1% less.

 

I had a 5 yr loan @ 4.49% all nailed down with my credit union when I went in to purchase my Prius. They didn't know this at first and showed me a hypothetical with their previaling 5.5% Toyota rate. When I explained that I didn't need their financing, that I had it set at a lower rate with my credit union, they came back in about 15 mins with a matching rate.
It was just simpler then to do it with the dealer, than to travel across town to the CU.

-BW

 

PenFed rate @ 3.99% on 2010 Prius; Toyota Finance on new 2009 Tacoma was 4.39% . . . which will be paid off within two months. TFS was 4.99% until I signed up for their Extended Warrenty which I cancelled even before it took effect @ $25 cancellation fee (a dumb move on my part to sign up for warrenty).

 

What kind of rates can a 22-year-old get?

 

If you have a steady job you should have little trouble getting decent rates. How about having mon & dad co-sign on a loan? Don't hesitate to check out PenFed CU. All you need to join is someone in the family w/ prior military service and $5 membership fee. :rockon:

 

I am an Army Reservist who serves about 50-75% of the time on active duty at an annualized rate of $53k; live with my parents when I am not on duty.
However, I just got off of 2 years of being a full-time student in May, so I am only just earning full-time money. I will finish off paying my student debt by the end of the year.

 

Toyota Financial Services is offering 5.9 for Fico score of 720 or higher. This is the rate for a Prius, as there are no incentives offered. When they ran my credit score they came back with a lower than advertised rate, so I know they have some flexibility. I was able to choose from a 5.39 on a 60 month, or a 6.19 on a 72 month. I have a Honda at 3.9 for 48 months and I threw that out at them and they said the Prius is in high demand...blah, blah, blah, so 5.39 was the best they could do.

 

I got 4.5% for 48 months from TFS just by asking for it (and having excellent credit). If your credit's good they're definitely willing to negotiate.

 

I went in with approval from a credit union at 5.25% and Toyota came in at 5.04%. They said this was good for whatever length of loan I wanted. They said being a previous Toyota owner could bring it down another .25% but that was as low as I could get.

I know I have very good credit so I'm a little bummed to see such good rates from others in here. Guess I could have negotiated that more, but this was my first time buying a car. Ah well.

Oh, also, I've never had a car loan before (have bought previous vehicles off of family members) so that may have factored into it? I have some student loans still but no credit card debt, no mortgage.

I was just happy to get one. Did C4C on the very last day (a week ago Saturday) and only got one because someone canceled their order in favor of a higher package, so when the car landed on the lot, the sales guy I had pestered a couple times called me up.

 

PenFed 3.99% for 60 mos. Go to their web site and fill out the loan app. there. Some have beaten that rate at their own credit union but this is a good rate. I thank those who previously alerted me to PenFed.

 

just today, My dealer offered to run my information and came back with 5.09 which beat the 5.45 the credit union had offered me. I too, thought I had pretty good credit and would like to get a hold of one of these 3.99 ers.

 

We put the max $6.5K on Toyota Rewards Visa, thus giving ourselves %5 worth of Toyota $ for any Toyota dealership products or credit toward a new car. %0 interest for 6mos. Planning to pay this portion of by then. Look into credit union, do not take their loan.

 

Just because of the rate, or....?

 

100% financing at 4.25% for 72 months. This through Bank of America. (BTW, my goal is to pay it off in 3 years.)

 

Had a 3.99% pre-approval from Pentagon Federal (check-in-hand) and the dealer wanted an opportunity to beat it. Chase came back with a 3.95% rate. .04% isn't much, but they seem to be willing to compete for your business. Having a low pre-approved rate from somewhere definitely gives then incentive to sharpen their pencil!!! I'm sure the dealer gets a 'finders fee', so it is in their best interest to keep the business 'in-house'.

 

I didn't expect Toyota's rate to be competitive with my credit union. I was pre-approved at my CU for 4.5%, 84 months but after a few polite refusals Toyota came in at 3.95%, 60 months. I went ahead and took it, although in retrospect I might have been better off with the 4.5% rate and the cashflow flexibility of a lower payment.

 

I was pre-approved through BofA at 5.1% for 48 months; I told the finance guy only that I had financing in place (did not disclose the rate), and told them to give me their best offer. They came back with 4.4% (48 mos.) through TFS.

 

This is largely equivalent to asking people for their individual credit scores. It's not like car prices; knowing that the next guy got a low rate will not help you negotiate a low rate if your credit score is poor.

Do your future self a favor. Save money to buy a car outright instead of borrowing any money for it. If you absolutely need a car and must borrow money for one, at least buy a clean used one instead of new. You lose thousands the instant you drive any new car off the lot.