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Frequently Asked Questions
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Frequently Asked Questions
Credit Application FAQs

  1. How can I find out more about my credit rating?

  2. How is my Annual Percentage Rate determined?

  3. What is FICO Score?

  4. Do I have to go to the dealer that I designated on my online credit application?

  5. What happens once my application is received?

  6. Is a credit report run on co-applicants?

  7. Why can't I use the online credit application?

  8. How will the final sales price be determined? The website and the online credit application already list an MSRP.

  9. I'm entering a lot of sensitive information here. How secure is my information?

  10. I didn't receive the Pre-approval Certificate attachment with my approval email. Where is it?

  11. I received an email informing me that I was approved but with modified terms. How do I find out what my original terms were?

  12. I received an e-mail telling me that my application was not approved. What are my next steps?

  13. If I Apply for credit, am I obligated to finance or lease a vehicle from TFS?

  14. Why do you need my ZIP code?

  15. During the online credit application process why can't I change the ZIP code I originally entered?

  16. What happens if I leave my computer while in the middle of the online credit application process?

  17. During the online credit application process why am I repeatedly returned to the ZIP Code entry screen?

  1. How can I find out more about my credit rating?

    You can visit the three credit bureaus linked below for information regarding your credit rating. To request your free annual credit report, you can go to     www.annualcreditreport.com . Please note that we have provided these links as a convenience only. Toyota Financial Service is not affiliated with Equifax, Experian, TransUnion or www.annualcreditreport.com . TFS is not responsible for the content, services or security available on these sites.

    Equifax

    Experian

    TransUnion


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  2. How is my Annual Percentage Rate determined?

    Your Annual Percentage Rate will be agreed upon by you and the dealer.

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  3. What is a FICO Score?

    The credit scores generated by the credit bureaus are often referred to as "FICO® scores," even though each of the three major credit bureaus has its own name for these scores. FICO® stands for Fair Isaac and Company, the company that produces the software used by many credit bureaus to calculate your credit score. These scores range from 300–850, the higher, the better.

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  4. Do I have to go to the dealer that I designated on my online credit application?

    No. If pre-approved for a finance or lease contract, you will receive a pre-approval certificate (via email) that you may use at any participating Toyota dealer. If you use this certificate at a participating dealer other than the dealer you designated on your online credit application, you will be applying for credit at that dealer and may need to provide additional credit information.

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  5. What happens once my application is received?

    Once you submit your online credit application, our credit analysts review it and make a decision. If approved, we will notify you of our approval decision via email within one business day. In that email, you will also receive a Pre-approval Certificate, valid for 30 days from its date of issuance, which you can use at the Toyota dealer that you selected to apply for credit with, or at any participating Toyota dealer. The Toyota dealer you selected may also contact you to schedule an appointment or to discuss your financing needs.

    In some cases, TFS and the dealer that you selected to apply for credit with may need more time to finalize a credit decision. If you do not receive an electronic approval notice within one business day, the dealer you selected may contact you with details on the status of your application. You should receive a final credit decision from us within three business days.

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  6. Is a credit report run on co-applicants?

    Yes. Since the co-applicant is applying for credit and would be a co-buyer or co-lessee on the finance or lease contract, Toyota Financial Services runs a credit report on both the co-applicant and the applicant.

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  7. Why can't I use the online credit application?

    One important feature of the online credit application is that you are applying for credit with the Toyota dealer you designate during the application process. If you entered your zip code and were told you were out of the serviced area, this special program is not available to dealers in your area. Instead of submitting your application online, you may complete a hard copy of the credit application and fax or take it with you to your local Toyota dealer.

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  8. How will the final sales price be determined? The website and the online credit application already list an MSRP.

    The final vehicle price will be agreed upon by you and the dealer.

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  9. I'm entering a lot of sensitive information here. How secure is my information?

    As a financial services company, TFS works hard to safeguard your privacy and security. To protect your information, we have adopted technology and security standards widely used throughout the online banking industry. When you submit your credit application or access your account information, your data is encrypted for further security. Please read our     Privacy Policy for more information.

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  10. I didn't receive the Pre-approval Certificate attachment with my approval email. Where is it?

    The Pre-approval Certificate is actually in the body of the approval email, not a separate attachment. Print the email and take it with you to your dealer. If you applied with a co-applicant, only the primary applicant will receive the Pre-Approval Certificate.

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  11. I received an email informing me that I was approved but with modified terms. How do I find out what my original terms were?

    Contact your selected dealer (or any participating dealer) to discuss the details of your original terms and your modified approval.

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  12. I received an e-mail telling me that my application was not approved. What are my next steps?

    Contact your selected dealer (or any participating dealer) for additional information and options. You will receive a letter from Toyota Financial Services further explaining our credit decision and your rights.

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  13. If I Apply for credit, am I obligated to finance or lease a vehicle from TFS?

    No. The online credit application is only a tool to help you in your vehicle-shopping process. You are not obligated to finance or lease a vehicle from TFS or the dealer you selected.

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  14. Why do you need my ZIP code?

    The online credit application program is not available in all areas. In order to determine whether you're in a serviced area, we need to ask for your ZIP code. We also use your ZIP code to help calculate a more accurate pre-approval amount for you. Because vehicle option combinations vary by region, your ZIP code helps us estimate the amount you'll need to finance or lease a vehicle in your area.

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  15. During the online credit application process why can't I change the ZIP code I originally entered?

    To create a personalized experience, toyotafinancial.com remembers certain pieces of information that you submit while on the site. This information allows the site to provide you with accurate information for your area of residence. The ZIP code you submit as part of the online credit application process is an example of this. To submit a different ZIP code, close and re-launch your Internet browser to begin a new session.

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  16. What happens if I leave my computer while in the middle of the online credit application process?

    If you leave your computer idle for 15 minutes or more, your credit application session will time out. This security feature has been put in place to protect your personal information. If your session times out, all of the information you entered previously will be erased. To continue the application process after a timed-out session, you will need to re-enter your ZIP code on the ZIP Code entry screen, select a vehicle and complete the application again.

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  17. During the online credit application process why am I repeatedly returned to the ZIP Code entry screen?

    Your browser settings must accept "cookies" for all features of the online credit application to function correctly. Cookies allow us to receive and store information when your browser accesses toyotafinancial.com. If your browser settings are not set to accept cookies, you will not be able to complete the online credit application process. If you would like to enable cookies within your browser but do not know how, refer to the "help" portion of your browser's toolbar.

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