Personal Finance

toyota finance rate vs other lenders

  • Last Updated:
  • Aug 3rd, 2020 12:22 pm
[OP]
Deal Addict
Nov 2, 2003
1262 posts
81 upvotes
oshawa

toyota finance rate vs other lenders

i notice that toyota finance rate for corolla is 5.49%
would other financial institutions be cheaper than toyota?
if you dont have an answer, dont repond to my thread.
I need answers, and thats why i use redflagdeals forums.
13 replies
Deal Fanatic
Jun 24, 2015
6876 posts
2161 upvotes
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Not sure. I've never financed a vehicle ever in my life, so I don't know whats a "good rate"
Say NO to the WAR!
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Sr. Member
Dec 4, 2004
730 posts
727 upvotes
GTA
GoodFellaz wrote: Not sure. I've never financed a vehicle ever in my life, so I don't know whats a "good rate"
What is the point of your post? Are you here just trying to brag? Everyone on RFD is a millionaire, don't you know?

To the OP, that rate from Toyota is not a great rate. Oftentimes, you can negotiate better incentives with the dealer if you pay cash for the vehicle and obtain a loan somewhere else. You can get pre-approvals from banks to find out what the going rates are.
Deal Fanatic
Jun 24, 2015
6876 posts
2161 upvotes
0 downvotes
_dc_ wrote: What is the point of your post? Are you here just trying to brag? Everyone on RFD is a millionaire, don't you know?

To the OP, that rate from Toyota is not a great rate. Oftentimes, you can negotiate better incentives with the dealer if you pay cash for the vehicle and obtain a loan somewhere else. You can get pre-approvals from banks to find out what the going rates are.
I am just not sure if that is a good rate ,i have absolutely no idea what a good rate for financing is, maybe someone else can chime in? not everyone on RFD knows the answer to everyones question, its OKAY for someone to say they do not know, does not mean theyre tryin to brag
Say NO to the WAR!
PEACE is the answer!
Sr. Member
Jul 18, 2020
753 posts
1217 upvotes
I will never want to pay 5.49%, this is horrible rate for an entry level vehicle. Assume the vehicle is 20K, finance it for 5 yrs @ 5.49% this mean you are going to pay close to 4K in interest after 5 yrs. I would rather buy something used which is cheaper and pay cash. The only cheap loans out there is heloc which is around 3% but you need to own a property.
Deal Addict
Jan 1, 2013
2032 posts
1300 upvotes
Durham
Is that a used Corolla? That sounds more like a used rate and Toyota is going through a bank
Deal Addict
Jun 18, 2018
1481 posts
933 upvotes
Toronto
Where are you seeing 5.49%??

I literally financed a 2020 Corolla a year ago for 3 years and it was 1.99% lol.. pretty sure you can get 0% now.
Deal Fanatic
Apr 16, 2007
8132 posts
3467 upvotes
Financial District B…
junkone wrote: i notice that toyota finance rate for corolla is 5.49%
would other financial institutions be cheaper than toyota?
Looks like Toyota only has National subsidized rates on the Corolla XSE CVT right now at 0.49%
https://www.toyota.ca/toyota/en/shoppin ... promotions

But even without that the normal rate for TCCi Finance is 1.79%
https://www.toyota.ca/toyota/en/build-p ... series=COR

Rates will be different for used and/or CPO
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Addict
Nov 8, 2017
1556 posts
885 upvotes
Sounds like a used rate

Lots of dealers are offering 0 down 84 months 0 interest on Van Isle , assuming your credit's good

They're hurting
Last edited by User455957 on Jul 31st, 2020 6:35 pm, edited 1 time in total.
Deal Fanatic
Apr 16, 2007
8132 posts
3467 upvotes
Financial District B…
User455957 wrote: Sounds like a used rate

Lots of dealers are offering 0 down 84 months 0 interest on Van Isle , assuming yogurt credit's good

They're hurting
It's probable he went in to buy a new 2020 Toyota but was denied the TCCI subsidized rate and was quoted a rate another lender would accept his application for.

It's important to keep in mind all the subsidized rates that all the retail auto dealers advertise are OAC.
If you don't qualify then you don't qualify. Those rates are not a given.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Expert
Aug 22, 2011
37412 posts
23485 upvotes
Center of Universe
I'm seeing 2.29% for 84mths at a local Ottawa dealership.???
Sr. Member
User avatar
May 18, 2019
933 posts
510 upvotes
Not a great rate. Got my new 2018 Corolla 2 years ago with 0% interest.
Member
Nov 15, 2017
369 posts
133 upvotes
Canada
junkone wrote: i notice that toyota finance rate for corolla is 5.49%
would other financial institutions be cheaper than toyota?
I had a corolla @ 0.99% 5/y through TFS with $500 down. (The down was optional) but allowed to bump my payment bracket down to where I asked it for it to be.
Jr. Member
Jun 3, 2017
182 posts
141 upvotes
GoodFellaz wrote: Not sure. I've never financed a vehicle ever in my life, so I don't know whats a "good rate"
Ok... good for you? Would you like a medal for your random, completely unrelated post?

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