This is for everyone who's financing their car...

Just wondering what everyone's APR for their loan is and where they got it? Dealership, or a bank?

I'm in the process of getting one from my credit union at 5.25% for 48 months.

 

it all depends on what region you live in. right now you could get 4.35% from toyota for up to 60 months. rates differ from region to region.

 

Oh really? Region by region. I hear that I should check with LendingTree.com too? I'm in Massachusetts.

 

for MA if you finance through toyota your rates would be

excellent above 730: 4.45%
Very Good 690-729: 4.55%
Good 650-689: 5.10%
Fair 620-649: 9.25%
Poor below 619: 11.5%

so even if you fall in the "Good" range you will still have a better rate than what the bank is giving you. have you had the dealership check to see what they can get you for a rate?

 

In IL, my wife got 8.4 through Toyota, she has about a 650 credit score because its her first major finance. We are in the process of refinancing through our local back for 4.25%, 4.2 w/ if it is debited out of her account every month. Point being, that you can get a much better rate if you don't go through toyota.

 

Where did you find that information? I'de like to go through the process that you went through and print out something like that for myself.

I haven't visited a dealership yet. I have this auto loan check from my credit union that I can use to purchase the car on the spot and then I would need to set up my loan.

If the dealer can give me a better rate, then I'de be all over it.

 

I bought my Scion in Lunenburg, MA back in July. I got 4.3% over 5 years. I'm a first time buyer and they told me thats pretty much the best rate a new buyer can get. I have a rating of like 780 so I got a good deal. I also got 400 back as it was part of their recent collge graduate deals. At the time I could get a rate of about 3.9% from a bank with no cash back. The 4.3 was a little petter because of the cash.

 

i was about to do 5% at my scion dealership but i found 3.49% at my local credit union bank. lowest i've seen anywhere. the salesman didn't want to sell me the car anymore. ha ha

 

go to www.scion.com and build you car. then go to customize payment terms. here you will be able to assess you credit to see where you would fall in.

 

If you want to know your credit score there are a couple of places you can get it for free. I think lending tree is one of them. But be aware that there are 3 different credit scores: Experian Equifax, and Transunion. When financing through scion they will look at your equifax score. A lot of times when you use a credit union they use your transunion score. Also note that all three scores can vary. That is not the only thing they look at though. Certain rates are only applicable if you do not have any credit issues in the last year. Even if you over a 700 and you have a few slow payments or something like that it could bump your rate a little. You don't have to finance through the delership, but sometimes they can go through your credit union for you and save you some time. Just ask if there is a better rate out there if you do not use scion financing. If you do not feel comfortable do your research and get your own rate. Just as as long as you buy a scion!!!!

 

note, dealer's credit scores differ from the ones you get from those three. mine was off by 40 pts!!

 

I'm in CA and I got 4.75% thru Toyota.
My credit score/rating [or whatever you call it] is 750.
I know that if you went thru a credit union or a bank, it can go as low at 3.9%. I didn't want to sign up with a bank and go thru all the hassle for less than a percent, so I just went and did it thru Toyota.