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Toyota Financial Services


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I'm interested in a pre-owned Camry in the $15-17k range, putting around $2.5k down. My EX score is 527, but I have high utilization. EQ is 420. TU is a split file. Both are lower because of the utilization and CO's, etc. I have a perfect payment history with Toyota, however. In 2006, I leased a Corolla. I financed the same Corolla at the end of lease with Toyota. In 2009, I financed a 4Runner through TFS. How much is the past history with Toyota likely to factor in? EX could hit approximately 580 by the time I am looking to buy (July).

 

Any thoughts greatly appreciated.

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If it were approved through Toyota, even at a high interest rate, the game plan would be to refi the car note with a credit union, in 12-18 months when the credit situation improves. I was more curious if Toyota would approve based on prior history with them notwithstanding the low scores. Maybe Marv has some thoughts?

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I'm sure it may help a little but also look at it from their standpoint, you paid the other loans with no issues but your credit was also better then it is know. They probably won't want to take the risk. But depending upon what scores the lenders are using you should be able to get. Loan someplace with a 500 is score.

 

Every one has high hopes of refinancing out of a high interest sub prime loan but that often doesn't happen. If your scores don't improve enough or the car isn't worth enough etc. it won't happen. You need to make sure your paying extra on the loan and working to improve your credit or you will be stuck with that rate.

 

You may even be better off looking at some new cars around that price range, lenders are more likely to finance a new car then a used car and often have special programs for sub prime buyers.

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If it were approved through Toyota, even at a high interest rate, the game plan would be to refi the car note with a credit union, in 12-18 months when the credit situation improves. I was more curious if Toyota would approve based on prior history with them notwithstanding the low scores. Maybe Marv has some thoughts?

 

Even without the loyalty history;

 

Toyota will approve with low 500's.

 

Interest will probably be around 20%

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I can say anything about whether or not you could get financing through Toyota, but if you were willing to go to car max you could probably find a camry in that price range and get approved. I got approve a car in the same price range my credit score was 540, i put down about 40% down payment so i am sure that helped but the reason i put down so much is because i have a real low income. Anyway I got approved through american credit acceptance with 15.9 interest rate. I did apply for financing through Toyota but I assume i wasn't approve because they never got back in touch with me, but i think it was because of my income and not the credit score. Toyota and carmax both pulled equifax by the way.

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