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| Pros | Cons |
| Offers various special financing programs | Limited loan offerings |
| You can apply for preapproval online | Only Toyotas five years or newer qualify for used-car financing |
| Willing to consider people with limited credit histories | You must purchase or lease the vehicle from a participating dealer |
What you need to know about Toyota Financial Services auto loans
Toyota Financial Services — a part of Toyota Motor Corp. — offers auto loans for new and used Toyota vehicles through Toyota Motor Credit Corp. and leases through Toyota Lease Trust. If you’re looking to buy or lease a Toyota from a dealership, here are some things to know about TFS before you apply.
Limited loan offerings
Toyota Financial Services only offers loans for new and used Toyota vehicles, along with lease contracts. If you want to refinance your auto loan, you’ll need to consider other lenders.
Vehicle and dealership limitations
Toyota Financial Services allows you to apply for preapproval on its website or at the dealership. But not just any Toyota will qualify. Loans are available only for vehicles from the most recent five model years, and you have to buy or lease your car from a participating dealership, which can limit your ability to shop around.
You can search for participating dealerships in your area through Toyota’s website.
And remember, getting preapproved for a loan doesn’t mean you’re approved — you’ll still need to provide more information before you can be approved and receive an official loan offer.
Lender will consider people who have a limited credit history
It can be tough to get approved for an auto loan or lease on your own if you have a limited credit history. But with TFS, you may be able to qualify without a co-applicant. Here are some of the eligibility requirements to get financing.
- A minimum FICO® score of 610, and no 90-day overdue accounts, charge-offs, collections, repossessions or foreclosures in your credit history
- Three personal and verifiable references
- Proof of a full-time job for at least six months
- Income sufficient to cover living expenses and car payments
- If you plan to buy, a down payment of at least 10% of the manufacturer’s suggested retail price or the selling price, whichever is less
- If you plan to lease, a minimum capitalized cost reduction of 10% of the manufacturer’s suggested retail price or the agreed upon value of the vehicle, whichever is less
If you don’t meet one or more of these requirements, you can still apply with a co-applicant with good credit, which may be able to help you get a loan. Also, keep in mind that loans are limited up to $25,000 with this program.
Despite the company’s willingness to consider people who have a limited credit history, the weighted average FICO® score of Toyota Financial Services’ customers who got loans and lease financing in 2019 was 736, according to its June 2019 investor presentation.
Special financing programs
In addition to considering people with limited credit, TFS provides special programs for recent college graduates, military members and repeat customers.
- College grad program: If you’ve graduated within the last two calendar years or plan to within six months, you may qualify for a $500 rebate, or a competitive annual percentage rate or lease terms.
- Military rebate: Active-duty military members or household members of eligible U.S. military personnel, including inactive reserves, veterans honorably discharged within the last two years and retirees, may qualify for a $500 rebate.
- Encore program: If you’ve financed or leased a vehicle through TFS and a participating dealer before, you may qualify for benefits like a fee waiver on your lease. You’ll need to speak with a dealer to learn more, though.
The lender may also feature special offers and rebate programs on new vehicles, depending on the model and dealer.
A closer look at Toyota Financial Services auto loans
Here are some other details about TFS to consider when comparing it with other lenders.
- Repayment terms for new vehicles range from 24 to 72 months; terms for certified used vehicles can vary based on age.
- Your APR is determined by the dealer.
- The lender has no prepayment penalty on simple interest contracts, so you can pay off your loan early without incurring a fee.
- TFS charges late fees, subject to state laws.
- TFS offers a range of vehicle protection products, including gap insurance, tire and wheel protection, prepaid maintenance plans and car service agreements.
Is a Toyota Financial Services auto loan right for you?
Because Toyota Financial Services offers loans only on Toyota vehicles through participating dealerships, many people won’t ever come in contact with the company.
But if you do, TFS may be a good choice if you want a new or late-model used car and are having a hard time getting approved with other lenders because of a limited credit history. It can also help save you time by giving you the chance to apply for preapproval online, so you don’t have to go through a lengthy process at the dealership.
Finally, TFS may be a good choice if you qualify for one of its special programs for repeat customers, college graduates or military members and their families.
How to apply for a loan from Toyota Financial Services
You can apply for auto loan or lease preapproval through a participating Toyota dealer or online.
Before you apply for an auto loan with Toyota Financial Services, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations – in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process
You’ll get a credit decision via email. If you’re preapproved, you’ll receive a preapproval certificate that you can take to a participating dealer to begin the purchase or leasing process.
Not sure if Toyota Financial Services is right for you? Consider these alternatives.
If you’re on the fence about whether to work with TFS, here are a couple of other lenders to consider.
- Capital One Auto Finance auto loan: Capital One Auto Finance may be good for people who want more flexibility in the dealership they can choose to work with.
- LightStream auto loan: LightStream might be a better fit for someone who wants a broader range of loan options.