Interest rates through Toyota?

[SInner]

Was curious what kind of rates everyone’s been getting recently. I know they’ve fluctuated a lot over the last year or so. I typically go through my credit union but we just picked up a new Tiguan for the wife and VW was actually lower than the CU.

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[MisterSkiz]

I have seen that too - most manufacturers now have lower rates than the actual bank.

No worries - soon prices will be crashing on cars because no type of Subprime buyer would even think of paying 7 APR on a car.

 

[Dannyvandelft]

I just picked up my GR Corolla and when I told him my % rate from my CU, the Toyota guy just laughed and said "yeah we can't match that"

 

[FlammasWRLD]

I'm gonna be going through Cefcu I think when my 2024 arrives. I have a 760 credit score with good history, so I am hoping for 6% max APR. If Toyota could do better I'd be happy.

 

[PRMANManman]

Toyota (TFS) ran my credit and it came back as 890 and they offered me 8.9% in July. Just to make the process easy I took it and then immediately refinanced to my credit union for 5.9%. So yea don't expect anything competitive from TFS

 

[FlammasWRLD]

Toyota (TFS) ran my credit and it came back as 890 and they offered me 8.9% in July. Just to make the process easy I took it and then immediately refinanced to my credit union for 5.9%. So yea don't expect anything competitive from TFS

I did not even know it was possible to get a 890 credit score holy crap lol. Yeahh, def just going to go for pre approval from Cefcu then.

 

[OldHead-MKV-Owner]

bought mine back in April, used with 2,800 miles on it. 5.5% through Toyota. Koons Toyota in Tysons Corner Va.

 

[nashcarr]

When I bought my 2023 Premium MT on 8/31/23 Toyota's rates were high! Finance guy told me that most people were being turned away by Toyota Financial and they were no longer matching or beating rates. I was able to get Bank of America to beat my credit union, 6.9% still terrible!

 

[puzzled]

I have absolutely no interest with Toyota.



(paid cash ).

 

[OldHead-MKV-Owner]

How are all your rates so high? low down payment? Shit credit?

I just (April lol) got 5.5% from Toyota on a USED $55K car

 

[Awales74]

Interest rates, especially from Manufacturer, is always funny money. They might show you the computer screen where it says Toyota says X% or Bank of the Northern Hemisphere said Y% but what they don't tell you is they might be adjusting the % up or down depending on how the price of the car was negotiated.

For example, you might see people say that got <5% but you dig in you find they paid sticker plus market adjust + the $1000 mirror covers (I still have PTSD from that). Someone else might say they only saw 9% but they were "smart" in that they negotiated the market adjustment

Anyways, this stuff is apples and oranges. It's best, if people are willing to share, is the total price on the Truth in Lending Statement. That's the tale of the tape IMHO.

 

[Diablo]

How do I laugh in 2.59%?







Just yanking around, got mine financed through WF 1/2021 before everything went tits up

 

[B54]

How do I laugh in 2.59?

I can make you cry in 2.59

My European bank negotiated 0.89 with me (around the same time in 2021).

But then again. I got torn open a new one by taxes. So apples/oranges.

 

[FlammasWRLD]

Interest rates, especially from Manufacturer, is always funny money. They might show you the computer screen where it says Toyota says X% or Bank of the Northern Hemisphere said Y% but what they don't tell you is they might be adjusting the % up or down depending on how the price of the car was negotiated.

For example, you might see people say that got <5% but you dig in you find they paid sticker plus market adjust + the $1000 mirror covers (I still have PTSD from that). Someone else might say they only saw 9% but they were "smart" in that they negotiated the market adjustment

Anyways, this stuff is apples and oranges. It's best, if people are willing to share, is the total price on the Truth in Lending Statement. That's the tale of the tape IMHO.

Only downside to mine is the $925 carbon fiber mirror caps as well. When I saw that as an option I almost fell over. You can get same quality carbon for half that.

 

[Canyon_Chris]

Was curious what kind of rates everyone’s been getting recently. I know they’ve fluctuated a lot over the last year or so. I typically go through my credit union but we just picked up a new Tiguan for the wife and VW was actually lower than the CU.

Toyota gave me 5.81% in July. My CU could only do 6.5%.
However, my CU had a brand program to retain and help out loyal members, pending review from upper upper management they matched the 5.81%.
So yeah there's definitely a fierce competition between manufacturer loan companies and traditional financial institutions right now.

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