If somebody applies at https://www.toyotafinancial.com/us/en/planning_tools/apply_for_credit.html, is it an immediate hard credit pull, or is it a soft credit pull preapproval?
My wife applied at PenFed CU, and got 6.39% APR for 48 months, and accepted, but I’m wondering if it would be better to get the $1,000 down payment credit and pay the Toyota Financial 9.47% APR, assuming she gets offered their lowest rate.
https://www.toyota.com/mi-oh-ky-tn/deals-incentives/corolla_cash_c7f702f3-7e45-49f8-a087-c8ad93b8a01f/?vehicles=corolla%2Ccorollahybrid
APR Cash
2024 Corolla
TFS Cash
$1,000
She’s going to put $13,976.64 cash down on a $25,576.64 total out the door cost for a Corolla LE, so the loan will be for $11,600 if she goes through PenFed, but only $10,600 if she goes through Toyota Financial.
The reason I’m asking if Toyota Financial does a soft pull is because she’s already had a hard pull from PenFed. since she accepted the PenFed loan, and she’d want to know for sure what she can get from Toyota Financial before they do a hard pull.
The total payment will be very similar in either scenario, but if she pays it off quicker than the 48 months, the Toyota Financial financing, with the immediate $1,000 down payment credit, becomes even more beneficial.
Thanks for any insight!