Jan 13, 2023
Whether you’re looking for a Toyota financing deal or a lease, your credit score is an important factor. When it comes to car finance, having a healthy credit score can make an enormous difference in the rates you are offered. Toyota Direct makes it simple for customers to finance a car at our local Toyota dealer. Before you explore our Toyota financial services department, let’s review the different credit tiers used by Toyota to qualify borrowers. Our Columbus car dealership wants to help you prepare to make the best financial decision for your needs. By the time you apply for a car loan in Columbus, Ohio, you’ll know exactly what to expect!
What are the levels of credit used by Toyota?
Your potential credit score can range from 300-850 points. It’s determined by your history of debt, spending habits, current accounts, any bankruptcies or collections, and more. Sounds confusing? Don’t worry. Basically, your credit score is a quantified measurement of the risk you pose to a lender as a borrower, based on prior behavior. The most favorable Toyota financing deals are often reserved for customers with the strongest credit. Here are the tiers of credit as it relates to car finance.
- Tier 1 – 720 and above, excellent credit
- Tier 2 – 690-719, considered very good
- Tier 3 – 670-689, considered good
- Tier 4 – 650-669, considered responsible
- Tier 5 – 630-649, considered fair
- Tier 6 – 610-629, considered poor
- Tier 7 – 580-609, considered significantly poor
- Tier 8 – 579 and below, considered extremely poor
What do car dealerships consider excellent credit?
In order to get a car loan in Columbus, Ohio without a high interest rate, you’ll want to have a score of 700 or above. This is considered a prime credit score. You’ll likely qualify for the best Toyota financing deals, as you do not pose a significant risk to lenders. Securing car finance at Toyota Direct is simple when you have a great credit score. But what about customers with bad credit? At our Columbus car dealership, we are always eager to work with customers, even if they have imperfect credit histories. We know that it can be downright impossible to finance a car with a bad credit score. While you might not qualify for any no-money-down, 0% APR incentives, Toyota Direct can get you into a safe, reliable car.
Is financing through Toyota good?
With so many options for car loans, what advantages does financing through Toyota deliver? There are plenty of great reasons to choose Toyota Direct for your car finance plan.
- Available Toyota financing deals for qualifying applicants
- Loyalty program rewards
- Secure payment process
- Toyota Financial has their own bank
- Easy to make payments online or from an app
- Toyota has a close relationship with Visa
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