Toyota 0% Financing

[overthedebt2]

Hi all,

Less than 12 months from CH 7 discharge and I just secured a Prius at 0% financing for 60 months. Without a mortgage payment (I rent now), it feels good to have an affordable installment loan that will help rebuild my credit for the future. Plus, no more costly repairs on my 6 year old car. Just wanted to let people know that Toyota may work for you. I was surprised that it was approved so soon after CH 7. I expected a higher rate.

Best of luck to everyone here.

[TXskyblue]

Do you know what your FICO or FAKO is?

What does the rest of your credit look like?

[ksgirl38]

I bought my second Toyota about a year after discharge and had no problems. I had reaffirmed one during my BK. Toyota is pretty awesome to work with. Even if your score is close enough sometimes they'll bump you up. I bought from the same dealership so they didn't really care much what my credit score was. I think I was a few points away from the top tier, but the BK really was a non issue for them.

Congratulations on the new car. Hope you enjoy it. Toyotas are great cars.

[overthedebt2]

Do you know what your FICO or FAKO is?

What does the rest of your credit look like?

I've only run my credit reports. Still haven't seen my true "FICO". I did see my Equifax score and it was 710. At the dealer, I wasn't presented the credit they ran but I noticed the paper as the finance guy filed it. I think it was 725. So, I guess that's my "auto-enhance" score or whatever they call it. The rest of my credit is good. I'm not sure if it influenced things post-Ch7 but I had prisitine credit before and never defaulted or was late on secured debt (numerous paid-off cars, mortgages on-time, etc etc).

[overthedebt2]

I bought my second Toyota about a year after discharge and had no problems. I had reaffirmed one during my BK. Toyota is pretty awesome to work with. Even if your score is close enough sometimes they'll bump you up. I bought from the same dealership so they didn't really care much what my credit score was. I think I was a few points away from the top tier, but the BK really was a non issue for them.

Congratulations on the new car. Hope you enjoy it. Toyotas are great cars.

Thank you! I love it!! The gas mileage is amazing. I'll save so much there. I agree about Toyotas. We've had 3 and they were all incredibly reliable. Like you, I also reaffirmed during CH7 (we had one Corolla already paid off but I had a 4Runner that I reaffirmed through TFS). Just one more milestone post CH-7. And, while I have more years left on my loan now, my actual payment is $150/month less than before.

[ksgirl38]

Thank you! I love it!! The gas mileage is amazing. I'll save so much there. I agree about Toyotas. We've had 3 and they were all incredibly reliable. Like you, I also reaffirmed during CH7 (we had one Corolla already paid off but I had a 4Runner that I reaffirmed through TFS). Just one more milestone post CH-7. And, while I have more years left on my loan now, my actual payment is $150/month less than before.

When I bought mine they matched my previous payment. Toyota seems a lot more willing to work with you than other manufacturers. I thought maybe it was just a dealership thing, but maybe it's more of a manufacturer thing.

[ellis2156]

I have a Toyota that I had during my BK filings. Never a problem with them, and they have reported my payments during my BK proceedings to the credit bureau.

[budgetgal]

Toyota is great! I had a 682 experian FICO from Myfico in May. Toyota pulled an auto enhanced 689. I got the 0 percent on a Prius and was thrilled! I was about 1 1/2 years after discharge. Toyota extends 0 percent to tier one and two credit. This site helped steer me in their direction. I love the car too! Saving tons on gas having a hybrid!

[bcss]

Did Toyota offer a rebate in lieu of the 0% financing? A lot of times it better to pay interest and get your car cheaper. My .02. Yay on your new car.