Tundra financing rates

Okay, team. With rates seemingly climbing through the roof, does anyone have a credit union suggestion or similar on the west coast with great rates? 6.515 for 72 months is SO MUCH INTEREST.

My truck is in transit so I am hoping to get pre approved before I show up to the dealer. I'm sure they'll try and sell me Toyota's 9.9% as the best there is....

 

I have had really good luck with Coastal Federal Credit Union in the past for auto loans. See what they offer. They send you everything that you would need to purchase from a dealer. Www.Coastal24.com. They are based out of NC I believe but their loan stuff is all electronic.

 

East coast here. Toyota financed us at 8% 60mos, our credit union re-fi is 4.5%

 

In the South the Toyota dealers force you to go through South Eastern Toyota for finance. We bought a 2022 Camry XLE last March and they wouldn't sell us the car unless we went through them. My wife gave them so much grief I almost felt sorry for them, almost. LOL. She works at a Credit Union and she made them suffer. We turned and refinanced at the Credit Union. I don't how this is legal to force you to finance through them.

 

It's not legal. I can't believe the rates. When we bought both of our 2020's in the summer of 2020, we got one at 2.9 and the other at 3.2. That is with SE Toyota. For those of you who don't know and many people don't, the dealer sets your interest rate, not the lender.

 

this is what i was thinking the whole i got 9.94 with no debts and 800 credit score i cant believe but i had no choice. anyone can recommend a good lending company for refi?

 

When I refinanced my previous truck, I went through rategeniuos.com. They matched me up with Coastal Federal Credit Union. Everything was done electronically. They are great...I even have a personal loan with them currently. I've been with them since 2014. Their site is coastal24.com if you want to check them out and see what they can do for rates.

 

I went through the Toyota dealership after USAA, a bank I’ve been with for 15 years and never missed a single payment in that time, offered me 6.4%. The Toyota dealership gave me 5.8 and I just went ahead with it. It’s had me so angry that I will most likely just pay the thing off right away since I only wanted the finance because I have no other lines of credit right now. Worked hard with my wife to get our scores above 800 and it doesn’t seem like we have ever seen any incentive from that. Credit is a fucking scam sometimes.

All that being said, see what the dealership will offer you. Remember, if the truck is a “need,” then you can refi as soon as these rates come back down. I’d take the longest contract that allows me to pay the least amount per month, and then I’d make a separate large payment each month DIRECTLY to the principle on the truck, interest free. That’s one way to win. We did that on my wife’s van and paid it off in just under 2 years on an 8 year contract, ultimately paying much less than $1,000 in interest. Dealership can’t do anything about that if they have a no penalty clause in their loan contract.

 

Great idea. I'm hoping to at least get a "reasonable" rate for this day and age, that way if we can't make an extra payment that month the interest doesn't wreck us

 

Crazy, when I bought my truck in 2019 Toyota was offering 1.9 for 72 and .9 for 60.

 

Look through your family records and try to find a rich uncle to loan you money at 2 % lol

 

Depending where on the west coast you are, check in with Logix credit union. They usually have the best rates available in comparison to others.

 

Just got 3.6 on 36 months through my employer credit union.

 

Actually I just got 3.49% for 72 through my employer as well! They have always been WAYYY higher than everyone else. not this time though

 

Those rates are hard to stomach since we are used to rates close to zero for so long. Good times are over. Feds are increasing rates to try and slow inflation. We probably won't see cheap rates again for a long time.

 

oh, no doubt. but 3.49 is certainly better than the 9.99 Toyota is offering me. I thought they were punk'n me. Nope, they were serious as a Repo tow.

 

Damn, thread necromancy 6 months later.

"Worked hard with my wife to get our scores above 800 and it doesn’t seem like we have ever seen any incentive from that. Credit is a fucking scam sometimes."

Truth. Credit scores are new, they've only been around since 1989. They were designed to weaponize markets against Gen X and younger. But it was the 80s, "screw those kids" was a solid theme that's continued to trend.

 

30 days is not that bad.... There were some years old threads that've been resurrected... I would agree with your take on credit scores. It's been further weaponized to punish people with excellent credit to reward irresponsible people like myself with better opportunities, which I think it's unfair... Don't get me wrong, I'm in the 700s, lol, but I've been irresponsible in the past and have paid for it...

 

My current Tundra was re-finance through local FCU, Cy Fair FCU, it was 1.99% for 36 months (trade-in + big down payment) for around $20K.
I just went on the FCU to see what the rates are and it is now 6.69%.....
No thanks.

 

Not Tundra but still worth sharing. Last month I picked up a used 2021 F150 in the Houston area.

I wanted a 48 month loan
I put a little over 50% down and financed the other 50%
Credit score when it was run through lenders was 820, according to the letter I received a few weeks ago from my bank.
I have 0 debt of any kind and a 6 figure income. (They didn't even ask for proof of income)

In my opinion this is about as good as it gets when asking for a loan, I am not sure what more they could want. High down payment means the bank is always positive on the loan (never underwater) if they had to repo and auction it today they would get all of their money back and then some. High down payments and short term are the keys to good rates.

They ran me through 4 potential lenders, I instantly got an email on my phone as it happened from Credit Karma. This shady guy at the dealership looks at me and say they all four came back at the same rate 10.09%.... I literally just started laughing out loud and said yea we are not going to do that, I will just go home. He gave me some crap story about that is just how it is and the market this or that... something about I just had to do this to buy my wife a Lexus and her rates were crazy also.

I asked about my personal bank by name that I use and he said "Well we can run you through that but its not going to help much." My response was well you already did, my bank was one of the 4 they initially choose and he didn't even know which 4 lenders they had already ran me through. He then looked and goes oh yea here is xyz... bank and they came back at 7.40%, I don't know how we missed that......Right

I settled at 7.40%, it should have been closer to 5.00% however. About a week later I get a call and the dealership messed up some paperwork and we need to redo it. They offer to email me a docusign and if I will do it all they will drop my rate by 1% as a thank you. So now my loan is at 6.40%

In Texas, legally I think the dealer can add on up to 2% from what the bank came back at. Most likely my bank was at 5.40% and they jacked it up 2% for their cut to 7.40%, then came back down 1% after they realized they messed up and needed me to resign or they would never get their money. The fact they dropped the rate again almost a week later proves the dealer is jacking it up past what the bank approves.

They tried to make a few thousand $$ off me on interest,(over $4,000 if done at 10%) when its all said and done they will make about $200-$300 as I have already paid back 50% of the loan in the first month and it will be completely taken care of in the next 4-5 months.

Reasons to really not trust used car dealers man. If they can take advantage of you in any way they will certainly try too.

 

Sometimes if I know I have good rates elsewhere (bank, FCU, whatever) I will agree to the dealership first, most have 60-90 days no payment, meaning your actual first payment is maybe two months from the date of signature, which by that time (usually two weeks, cause they want to start getting paid) the lease account number(s) and details would be available. I also will always read the fine prints, too, to make sure there is no penalty to early/pre-payment, and then turn it over to the lower rates and pay it from there. I usually make the monthly plus some. so even if I do agree to a 84 months (which I would never) I usually end up finishing hte loan by maybe year three or four.

 

Navy Federal Credit Union has 4.74% for 60 months and 5.04% for 72 months currently for new vehicles.

 

That's about the best out there right now, do you have to be a member to get a rate quote?

 

You can view their rates online but to apply yes you’ll need to be a member

 

Thanks. USAA rates as of this morning.

 

Picked up a new Tundra with Wellby FCU for 5.09% and new Tacoma with Toyota Financial for 6.99%. My opinion is to shop around first before going into a dealership.