Toyota Financial Services Auto Loans Review

Rating: 7.2 / 10 (Very good)
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Established in 1983, Toyota Financial Services is the wholly owned finance subsidiary of Toyota Motor Company. Among their loan offerings are new and used car loans, as well as lease buyout loans. The application process is done entirely on their website, where customers can make payments on their loans as well.

How is Toyota Financial Services rated?


Loan Options
Application & Service

Overall Rating: 7.2 / 10 (Very good)

With lackluster online reviews and precious little information available online, it is hard to determine whether Toyota Financial Services is a good choice for the average borrower. Their offerings seem in line with other captive lenders in the market. However, TFS's rebate programs makes it an attractive option for young adults, members of the military, and people with limited credit histories who may not be approved elsewhere.

Auto Loans & Refinancing

Loan Options - 7 / 10

There is little information on Toyota Financial Services' website regarding the loan amounts and APRs available to customers. However, they advertise rebates for recent college graduates and service-members, as well as loan programs for people with limited credit history who don't wish to take out a loan with a co-applicant. Requirements do apply, but TFS is a good option to explore if you fit into one of these categories.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Minimum Down Payment
Some customers may be required to make a down payment.

Loan Qualifications

Qualification - 8 / 10

Toyota Financial Services' qualification requirements vary. Customers participating in certain program—such as the College Graduate Program and the iFi Program—may be required to have a minimum income or credit score, but there is no information online on whether other customers must also meet these requirements. For customers seeking to finance the purchase of a used car, the car must be a Toyota Certified Used Vehicle that is less than 6 years old and has under 85,000 miles.

Borrower Qualifications

Minimum Income
Some customers may be required to have sufficient income to cover standard living expenses and the loan monthly payment
Minimum Credit Score
Some customers may be required to have a FICO score of 610 or higher.
Verification / Documents Required
Social Security Number
Employment Information / Pay Stubs

Vehicle Qualifications

Mileage Limit
under 85,000 miles
Car Age
up to 6 years old
Car Makes
New Toyota and Toyota Certified Used Vehicles

Application & Service

Application & Service - 7 / 10

Toyota Financial Services' pre-approval application is filled out online and the loan information is forwarded to the dealer chosen by the customer. However, they provide little information on their website about application fees and approval time. Customers should expect these to be in line with other captive lenders.
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Deferred Payments
Joint Loans Available

Toyota Financial Services Reputation & Reviews

Reputation - 7 / 10

Toyota Financial Services has an A rating from the BBB, with only 17 negative reviews posted. However, a survey of reviews elsewhere on the internet reveals customers have reported payments being applied to the wrong account by the TFS system, as well as extra payments being deducted from their accounts. This should serve as a reminder for customers to check their account frequently.
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Contact & Additional Information

Lender Type
Homepage URL
Company Phone
(800) 874-8822
Headquarters Address
6565 Headquarters Dr, Plano, TX, 75024
Year Founded

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