Folks,

In current trend of low APR financing (0-2.9), why Scion is offerring so much high APR (5.55% for Excellent FICA score) ? Is it a better idea to get it financed through other financial institution (Like e-loan or credit union) ??

Thanks.

 

right now im finaced at 12% so i might

 

I'm at 6.2%. I think the interest rates may have something to do with the Pure Price plan.

 

i'm on the high end of 13%

 

12.75

 

I think i have 3.85 through my credit union

 

7.25% - but I can pay it off at any time with no penalty. If I'm ambitious enough I'll research a better rate and pay this one off.

 

My wife and I are at 4.6 through Toyota, though we financed last October so rates have probably changed since then.

 

I was at 7.7 with just the platinum warranty and alarm, but Claremont had a deal going where if I got the Platinum, Lo-jack and GAP insurance, they'd drop it to 6.2. Who reacts to car alarms anyway? I really just wanted the keyless entry feature

CrimsonO2

 

i just bought mine this weekend and am at 5.2 - that's the lowest toyota financial is offering right now.

 

I got mine a year ago and the rate through toyota was about 1% higher than local rates (4.5 v 3.5), but AAA has an online loan application with capital one, and that rate was 3.85. i recommend you shop around.

on the day i bought the car, i had already applied online through AAA and had a blank check to give to the dealer with a rate of 3.85. I just told the dealer if they could beat it, i would use their financing. they found a local bank to do it cheaper.

having financing lined up at a rate that's not horrible just gives you some bargaining power to make the dealer do some work to get you a lower rate. I assume the dealer made a little money on the financing or cemented an ongoing relationship, which is fine with me.

After the deal was done, the finance guy said they hate using Capital One, because it takes a while for the dealer to get the money.

 

WOW!! Why are some of you guys financing at more than 10%???? Is that through Toyota? I thought their rate was like 5% and up. Didn't see it to be 10% even.

 

my sales rep said that at the time, i would probably get 4.9%. haha... before heran my lacking credit to reveal the 12.75%.

 

Just so ya'll know...they use your EXPERIAN credit score for vehicles...which, coincedentaly, happens to be the LOWEST one on your credit report (at least everytime I pull credit on people) it can vary ALOT too...I got financed at 5.6% through Toyota...and I believe I had a high 700 score...the experian report can sometimes be like 30pts lower than the other two! sucks...

 

Shop around for a loan before you walk in the door to buy the car. I started with a quote of 6% and talked with my insurance company (USAA) and they financed me at 4.8%. It was 5% but since I had them take it directly out of my account it dropped the .2% (not much, but it adds up). I can add an extra payment whenever I want to drop the principle even more. Best of luck.

 

my tc is at 13 and my xb is at 6, i guess i got credit with the tc so the helped my with the xb...

 

Sounds like the majority of Scion owners have some decent rates.

Just don't do what I did when I bought my Focus, agree to a 22% interest rate.

 

I've had a couple friends of mine finance at that rate...but they were first time buyers with no credit...