MarcP

Does anyone know what credit score is required to be considered "Tier 1"??

Thanks!

LeslieRC

It's a score that's in the 700-range, but I am not certain of the exact number. However, a 700+ credit score is a darn good credit rating and I would think that any score over that number would give you sufficient gounds to "demand" Tier-1 financing. That's what I did! If your credit score is over 700, the Credit Managers at the dealerships have a LOT of leeway in favorable financing options for you.

MarcP

I know I'm over 700 but I thought I remembered seeing an exact number like 720 or something before - but I can't find it now.

I'm looking to get the special 3.95% APR when I pick up my new GX in a few weeks.

LeslieRC

I purchased my `04 GX in October and financed through my Credit Union at 3.5%. So, you may want to shop around for rates since you've got time. FYI - historically, I have found Toyota Financing to be not as competitive as local financial institutions.

Camden

Our dealer said 710, but their top rate was inferior to what out credit union offered.

lexguynj

If you don't want to go to the dealer to fill out their paperwork, you can also apply online at Lexus Financial services so they can pre-approve you and send your info to your local Lexus Dealer. Once the dealer receives your pre-approval, then they can tell you which Tier you are in (1 or 2).

I don't know if this is any disadvantage either by letting them know this before your negotiate, but they can at least give you some confirmation.

allisonb1013

Lexus also gives you better %age rates for borrowing more $$. You'll get 1% less by borrowing over 30k instead of under 30k. You can also get a copy of your credit report including your credit score for $14.95 at www.equifax.com