Using Same Lender When Trading In Help With Rate/Approval?

[ihatecollections]

The family has grown, and we can no longer fit inside the SUV. Suppose you were to have a vehicle financed through Toyota and have a stellar payment history with them. Does that help when you purchase another Toyota/Lexus through Toyota Financial Services? I was at the dealer the other day looking and got instant approval and payoff sight unseen since they have access to all my car records through TFS. My FICO is still 705-710, 2.8 years post Chapter 11, and my concern is that chapter 11 will scare away my credit union and some potential lenders as there is a rash of repossessions right now. I have low utilization on all credit cards and have paid more than the minimum ($715) for the past two years. Just curious if it's a good idea to test the waters by continuing to finance a Toyota/Lexus through TFS. I got a pretty good rate (less than 4.0%, less than banks are offering now) through Toyota/Lexus in April 2021. I will be trading in the Lexus for a mid-size Toyota SUV. The cost of the new SUV is around $50k, which I financed when we got the Lexus last year, and I will not lose anything on the trade and will get the pre-paid maintenance and GAP refunded. Or would I be better off spending the time shopping around? I was looking at Chevy Suvs, but the dealer markup and rates are not worth it at this now

[MarvBear]

17 hours ago, ihatecollections said:

Suppose you were to have a vehicle financed through Toyota and have a stellar payment history with them. Does that help when you purchase another Toyota/Lexus through Toyota Financial Services?

Oh, HECK yes!!!!!!!!!!!!!

[direct]

I asked this question at my local Honda dealer as I cosigned for a friend about 5 years ago.  They told me that once you are in with them and make your payments on time and fulfill your obligation, they are more willing to give you a great rate and overlook some things that other lenders may not on the next loan/lease.  Fortunately, my friend's credit score was much higher the 2nd time around (3 years later) and got approved at the best rate on her own.