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2023 GR Corolla (Black)
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I know everyone credit is different. Assume is good / great credit, what's everyone got their rate at? Toyota financial? Credit Union? Now I think 72 months is like 6.1%
I’ll find out from my dealer soon and let you know. I have a pre approval from a credit union 7% 72 months, hoping the dealer can do better (credit score 770or so)
 

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Discussion Starter · #3 ·
$900 a month for a corolla Is insane right. I got 8.24% from toyota thru the dealer. My own bank is 6.1% for 72 months. They dont budge so I will have to refinance next month. The dealer has 3 point markup on the buy rate. Thats how the finance dept makes money. Just beware. My chase approve me 6.1% and the dealer said they got chase for me for 8.59% crazy
 

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‘15 Ford Fiesta ST; '22 RAV4 Hybrid
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All situational. I did 72 on my last car, put 70k miles on it and sold 5 years later for only 4K less than I paid. Just depends on what you’re comfortable with I guess
Plus in the past you could get rates that were lower than interest rates for car loans. Unfortunately that ship sailed for now.
 

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2016 Toyota 4Runner Trail Edition
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All situational. I did 72 on my last car, put 70k miles on it and sold 5 years later for only 4K less than I paid. Just depends on what you’re comfortable with I guess
Really depends on the loan and terms, though. If it was a $30k loan for 72months @ 4.5%, even if you sold it for $4k less than you paid, you still would have paid out $4500 in interest over those 5 years. If it was only $15k loan for 72months at 2.25%, it would have only been $1200 over that period of time -- not nearly as bad.

If the financing terms were agreeable enough, I've financed cars that I could easily pay cash for. When I bought my 4Runner after our paid-off family vehicle was totaled by a sleepy driver, I financed the extra I had to put to go from a 2014 Rav4 to the 2016 4Runner. Rates were only like 2.4% for 4 years, so I financed that $10k. $10k in the market returned waaaaay more than the $500 of interest I paid over the term of the loan. For the small cost of $500, it was worth it just to keep that money liquid or paying down my home loan instead.
 

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2023 GR Corolla (Black)
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Really depends on the loan and terms, though. If it was a $30k loan for 72months @ 4.5%, even if you sold it for $4k less than you paid, you still would have paid out $4500 in interest over those 5 years. If it was only $15k loan for 72months at 2.25%, it would have only been $1200 over that period of time -- not nearly as bad.

If the financing terms were agreeable enough, I've financed cars that I could easily pay cash for. When I bought my 4Runner after our paid-off family vehicle was totaled by a sleepy driver, I financed the extra I had to put to go from a 2014 Rav4 to the 2016 4Runner. Rates were only like 2.4% for 4 years, so I financed that $10k. $10k in the market returned waaaaay more than the $500 of interest I paid over the term of the loan. For the small cost of $500, it was worth it just to keep that money liquid or paying down my home loan instead.
Yeah for sure. I think it’s mostly younger buyers who don’t have a lot of cash who go for the longer terms, either not thinking about or not caring about the overall amount of interest paid
 

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All situational. I did 72 on my last car, put 70k miles on it and sold 5 years later for only 4K less than I paid. Just depends on what you’re comfortable with I guess
What were dealer fees when you did the loan? How much were taxes? What interest did you pay over those 5 years? It’s not as simple as purchase price was X, sold for Y. A lot of other costs involved so it’s never that simple.
 

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2023 GR Corolla (Black)
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What were dealer fees when you did the loan? How much were taxes? What interest did you pay over those 5 years? It’s not as simple as purchase price was X, sold for Y. A lot of other costs involved so it’s never that simple.
Obviously, all I’m saying is the long loan term worked out well in my case because I was in school and couldn’t afford a big monthly payment, but drove a lot so needed a reliable car with a warranty, and cars generally depreciate a lot more than that. Owning cars costs money no matter how you slice it, I fully understand the cost of taking a longer loan on a car, for me it was worth it then and is worth it now for the GRC
 

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I bet, if you were to analyze what dealers are doing markups, and what dealers are charging the higher rates, they'd probably overlap.

this seems an appropriate place for this...


as car sales slow, dealers will start offering better interest rates to get people to buy, that will always be a thing, but the car will need to have a higher supply to push dealers to offer better rates, and the upward move by the fed will limit how far dealers are willing to go.

anyway, if you got a rate that overcomes the ability of your money to make you more money, then pay down your loan as quickly as you can. I am embarrassed by the rate I got, but I was less concerned about it because I had already planned on paying down as much as I can, as quickly as I can.
 

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Obviously, all I’m saying is the long loan term worked out well in my case because I was in school and couldn’t afford a big monthly payment, but drove a lot so needed a reliable car with a warranty, and cars generally depreciate a lot more than that. Owning cars costs money no matter how you slice it, I fully understand the cost of taking a longer loan on a car, for me it was worth it then and is worth it now for the GRC
Well that was then, and this is now. It’s a whole different ball game with interest rates. Long term loans mean thousands and thousands of dollars in interest rates.

A 6 year loan for me, means I cannot afford the car. With these interest rates it’s forcing me to put 50% down payment, which I have, but the % rate alone might push me out +12 months or something. I can’t imagine people buying these right now who have to pay ADM in terms of thousands, or forcefully take thousands in dealer add ons, and on top of all that get a high interest rate.
 

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‘23 GRC Core - Ice Cap | ‘21 Tundra - Cavalry Blue
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Since my car finally hit F status, I went in and got preapproved with the Capital One Auto Navigator. I've used this as a bargaining tool many times in the past by getting my interest rate and payment all on a printout to have the dealer beat.

Well, for whatever reason GR Corollas seem to be excluded. They won't show APR or payment information for any of them within a 500 mile radius. Anyone else have this issue?
 

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Still waiting to hear about a GRC, but I did just buy something else new. Got 5.05%/60 months with credit score over 800. You’re unlikely to find less right now unless it’s a factory promotional rate or shorter term.
With my trade-in I’m only borrowing around $20K so interest is not exorbiant.
 
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