Anyone know what credit bureaus LFS pulls when you apply? Also, is there a cutoff score where anything below that will not get approved?

 

Equifax.

 

lexus financial isnt always the best price compared to other banks....

 

They pulled my friend's Transunion... which was a 742, but the dealership said he was denied financing because he had never had an auto loan before

 

700 is the cut off with Lexus for tier 1 financing, i.e any lease deals they advertise or financing deals they advertise.

They may advertise rarely and it may be like $499 a month for an ES 350 (example) but the Finance Manager has a book, with many many deals they can offer.

For instance, slow selling cars/SUVs have more deals, they just don't tell you that.

Now the finance manger looks at your credit and he's SUPPOSED to check things out, not just your score.

For instance, your credit maybe jacked up, for some reason, you always forget to pay your credit cards on time every month, so your score is maybe 600. But you ALWAYS pay your car note on time or have in the past.

Lexus is does use multiple lenders, bottom line, they want to sell you a car. Yoru interest rate and terms just won't be as good as someone with a 700 credit score.

The finance manager is supposed to recognize that and see your not a "RISK" for a car loan.


And this means the lenders are supposed to look at this as well.

 

That is true as for me those factors were looked at when i bought my IS300 since i had never had a loan before they gave me what the call efinance or ifanace which is for first time buyers and it gave me an excellent rate on a new car loan. So i really do recoment toyota financial.

 

Car loans can be weird. Capital One have given me over $60,000 in car loans and I have never missed a payment. But then they offered me a credit card with a $500 limit

Jonny

 

Most dealerships have access to multiple lenders. If Toyota Finance won't take you, they will almost certainly have someone else who will. The only way not to get a loan is to have insufficient income to cover the payments. In that case, they're doing you a favor by refusing the loan.