Does Toyota Finance Bad Credit? (2024)

FAQs

What is the lowest credit score Toyota will finance? ›

Toyota Financial Services requires you to have a score of at least 610 to qualify for an auto loan. And to nab Toyota's 0.00% interest deal (if it's available), you must have a credit score of at least 690.

The credit score required to lease a Toyota can vary depending on the dealership and financing company. However, a credit score of around 670 or higher is generally considered good for leasing a Toyota.

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan. However, the minimum credit score required with vary from lender to lender.

A credit score of 500 is considered poor credit, and lenders will likely see you as a higher risk borrower. You might also have a higher interest rate and may need to provide a larger down payment to finance a car.

It's possible to get approved for an auto loan if you have bad credit (sometimes called "deep subprime" credit), meaning a credit score under 580. But in many cases, options can be costly. To improve your odds of getting approved for a relatively affordable loan, follow these steps.

Additional Toyota Credit Tiers

Tier 3: A score of 670 to 689, and that's “very good.” This tier means you “have a positive credit history with no recent late payments.”

However, you might get a better lease with bad credit by adding a co-signer, making a larger down payment and lowering your debt-to-income ratio. You can also look into other options like lease transfers, leasing a used car, in-house financing, or bad credit auto loans.

Leasing a car with bad credit is possible, though some dealerships may not approve you. You may need to make a larger down payment, make bigger monthly payments, and be hit with a higher “money factor” (see below). You might try workarounds like leasing a pre-owned vehicle or taking over someone's lease.

There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.

You can get the best auto finance options with a good to excellent credit score (670 and upwards) with CarMax. Some people with bad credit have also been approved for a loan from CarMax or one of their partner lenders.

Can I get a car loan with a 550 credit score? ›

Buying a car with a 550 credit score may seem daunting, but with the right approach, it's entirely possible. By assessing your financial situation, improving your credit score, researching lenders, and shopping smart, you can drive off the lot in a car you love without breaking the bank.

Although Toyota's co-branded rewards credit card doesn't publish a minimum credit score that you'll need to have in order to get your application approved, you're generally expected to have a score of between 600 and 850. That's a relatively high score.

Toyota Financial Services (TFS) is an umbrella brand that markets the products of Toyota Motor Credit Corporation (TMCC) and Toyota Motor Insurance Services (TMIS).

Being a player in a highly competitive sector, R&D constitutes a significant chunk of Toyota's budget. That and other expansion needs make such debt a necessity.” Edith holds that the revelation of Toyota's indebtedness is welcome news for investors.

Get on the road today

With a TFS finance or lease contract, you can start building your credit history. Just meet the following criteria: Credit History. A FICO score of 610 or above.

There is no universal minimum credit score needed for a car loan, but the terms and approval odds of a loan are impacted by your credit scores. Lower credit often means fewer available offers and generally higher interest rates — which why it's important to shop around for the best terms on potential auto loans.