Hey y'all. I am looking at a 2022 Toyota Tundra Platinum. I am wondering if anyone knows anything about Toyota Financial? I have read plently of forums on this site, and I still am unsure. I understand everyones credit situations are different. I currently own a 2021 Genesis GV80. Its financed through Genesis Finance (Hyundai Motors Capital). I got a 7.25% rate on it for 72 months. My score at that time was 646. High credit card utilization is what is killing my score. I am looking at getting out of this car, and into something that will drastically reduce my monthly payment. I don't want to lose features, even though I know the smart thing would be to pay things off and live a more humble life lol. Here are my stats:
23 years old.
2 auto loans;
-Hyundai Motor Finance for $42,000 $723 per mo. 72 months 6.99 %
-Genesis Finance for $83,000 $1436 per mo. 72 months at 7.25%
Utilization on credit cards is about 50%
Current Fico according to experian is 644.
Income for me alone is about $45,000. My fiance is co borrower on both vehicles and will be on the Toyota as well. Co borrower is in about the same boat, but add $150,000 in student loans, and 80% card utilization with a score around 615 and an income of $60,000. Were paying off a huge chunk of credit card debt, and a personal loan. Should bring our scores to the high 600's by the time we go to buy the Tundra (around August). I don't plan to carry much negative equity over, I will be putting $9,000 down. So more than likely will break even on the negative equity, and get out of my trade with no equity. We need to lower payments for now. Our income will almost double for both of us next year, but in the mean time, we need to lower our bills to where we are still comfortable and happy. So what are my chances of approval with Toyota Financial to get tier 2 or up?
