Do all Toyota dealers use the same bank?Even in different cities? Like does the riverside Toyota dealer use the same banks to finance customers as the Toyota dealer in San Bernardino for example. And if you get denied an auto loan at one is it possible to try a different Toyota dealer? | |
Most Toyota dealers use Toyota Motor Credit Corporation. However, most also use a wide variety of banks, finance companies, and credit unions to get the lowest rate for the customer. TMCC is usualy best on tier 3 or better (650 credit score, I think) but sometimes the banks and credit unions do better on marginal credit. If you were denied at one dealer,a different Toyota dealer may use different lenders or may have more pull with a lender and get you approved where the other one didn't.
Toyota dealers use Toyota Motor Credit Corp (TMCC) and generally a bank within the state or a national one such as Chase. If you get denied a loan at one you will at others because the dealers run a credit report on you and all of them will have the same information. If your credit is not good be very careful about loans they offer you because they will have high interest rates and long terms. Read any finance contract carefully BEFORE you sign it. Question anything that doesn't look right to you. Don't get pressured into buying "packages" like key insurance, tire protection, interior protection, etc. because they tell you that you need to purchase those things in order to get financing. That is nothing but a lie and they do it all the time and many people don't pick up on it. Car dealers are nothing but vultures who prey upon unsuspecting, nice people like yourself. They are all nice because they just want to put their hands in your pockets. Best of luck and remember you always have the right to walk out the door and go somewhere else.
You can always apply at your own bank or credit union.
