Scion About Credit | Scion


  • Reality Check

    Credit can be part of everyday life — many of us use credit cards to pay for frequent purchases like gas or meals. But credit can also be used for major purchases, like buying a Scion, as long as you've demonstrated a proven ability to use credit responsibly.

    Banks and financial companies, including Toyota Financial Services — a captive finance company, use a person's credit score to identify who's proven themselves to be responsible with credit and therefore likely to make payments in full and on time. Reports come from the three major credit reporting agencies — Equifax, TransUnion and Experian.

    The more responsible/lower risk, the higher your credit score. The less responsible/higher risk, the lower your credit score. Dealers, banks and finance companies take your credit score into consideration when negotiating a finance rate with you.

    For more information on Credit, please visit Toyota Financial Services (TFS)

  • Rate Yourself

    Here's a guide to help determine your credit rating:

    I have a long, established, positive credit history. FICO score 720 and above.

    I use my credit wisely and never miss a payment. FICO score 690-719.

    Very Good
    I have a positive credit history with no recent late payments. FICO score 670-689.

    I am responsible with my credit and usually make my payments on time. FICO score 650-669.

    I try to be responsible with my credit but have had some recent credit challenges. FICO score 630-649.

    I have a number of issues with my credit. FICO score 610-629.

    Very Poor
    I have significant credit issues or have only very recently established credit. FICO score 580-609.

    Extremely Poor
    I have an extremely poor credit history or I have no credit history at all. FICO score 579 and below.

    Based on your answers, our Payment Estimator can provide you with an estimate of the terms you may receive through the dealership. However, these estimates are provided for illustrative purposes only, are all based on averages and they can at best only give you a ballpark figure. Many variables, including current market rates, your credit history and down payment will affect your final terms. So while you'll have a good idea of how much you'll be paying, keep in mind as you enter the dealership that it's not the final word on your credit. Your Scion dealer can help you figure out a plan that's right for you. Your terms will be agreed upon by you and your dealer.

  • Credit Report

    Creditors look at your credit report for one main reason: they are trying to decide if they want to extend credit to you. Your credit report features personal information, credit information, public records and inquiries.

    Each of the three major credit-reporting agencies (Equifax, TransUnion and Experian) keeps a running tab on your credit history based on the information it receives from creditors, public records and other sources. When you apply for credit, creditors will request a copy of your report from one or more of these bureaus to compute your credit score as well as review your credit history.

  • Credit Score

    Your credit score could have a high impact on your financial life. Ranging from 300 to 850, credit scores are scrutinized by lenders, landlords, insurers, utility companies and even employers. Often referred to as a FICO score, your credit score basically informs creditors how likely you are to repay your debt. What you ultimately need to know is that the higher your score, the better your chances are of getting a great loan and interest rate. Take note that every bureau has its own score, since they use their own methods of calculation. Even though they try to stay as current as possible, it's important that you check in on your credit scores from time to time for accuracy.

    In the next section, you'll learn simple tips to ensure your credit is always in good standing, so you're that much closer to getting your very own Scion.

    Because your credit score is such an important aspect of obtaining loans, multiple factors are used to compute your credit score. FICO is one type of credit score that is commonly used by creditors. Your FICO score is based on your spending, bill-paying habits and your overall debt load. FICO stands for the Fair Isaac Corporation, the company that created the scoring system that has a serious impact on the decisions made by creditors.

    Financial stakeholders, from lenders (school loans, auto loans, mortgages) to credit card companies typically file reports on your financial activity to one or more of three major credit bureaus on a monthly basis: Equifax, TransUnion and Experian. These credit bureaus know what you have spent, what you owe and if you tend to pay bills on time or let them slip. From all that raw personal data, each credit bureau calculates a score based on the information they have on you in their database. Some creditors use a bureau generated score together with other data they may have on you to generate their own internal credit score.

    Until now, we've painted a picture of your credit score being one number that is used to determine whether or not you're worthy of receiving an extension of credit. The truth is: there's no single score — every bureau has its own score.

    Each credit bureau uses its own methods of calculating your credit score based on the information in its database. And yes, each credit bureau has multiple ways of calculating the same credit score. What's more, every credit bureau may receive different info about you from different sources. For instance, your credit card may report to Equifax but not TransUnion or Experian, which results in three different reports containing different information.

    While the law requires creditors and others to report data to the credit bureaus that is accurate, you’ll want to make sure that all three reports are complete and up to date. This is why you should check in on your credit scores from time to time.

    Federal law allows consumers to obtain one free report from each of the three main credit bureaus every 12 months. You can get these reports online at or by calling 877.322.8228.

    Although the bureaus have an obligation to delete some old information from your report, the credit bureaus rely on the information that is sent to them by your creditors and others who do business with you. Therefore, your score from any given credit bureau is a reflection of the most recent information sent to them about you, so it's possible for your credit score to change by the day. Here's where you come in.

    To remain in good credit standing, you must take a proactive approach to guard your credit history. If you have errors on your credit report, know that you're not alone. A recent survey by the U.S. Public Interest Research Group found that 79 percent of reports overall had some sort of mistake or error. You can file a dispute with the credit bureau by going to its website or calling its 800 number to set the record straight. Federal law allows you to dispute information in your credit report and obligates reporters of information to investigate your dispute and report the results of their dispute to the bureaus. If an investigation reveals that information reported to the bureaus is inaccurate or incomplete, the reporter and the bureau are required to correct or delete the inaccurate information.

  • Credit Tips

    From financial analysts to family and friends, there are plenty of opinions out there about how to maintain good credit. We've narrowed it down to our top four tips, but this is your financial life and you should do what you're comfortable with. We're just here to give our two cents.

    In the "buy now, pay later" process, don't forget the "pay later" part. Late payments not only incur additional charges and fees, but they may also put a ding on your credit history. Establish a routine today, so that you can make payments well before the due date and keep your credit history nicely polished.

    There are a lot of great resources on the web and in the media that address credit issues and ongoing maintenance, so you can get free credit reports, personal advice and credit bureau contact information. Remember, the more you know, the better prepared you'll be.

    Okay, no one really likes to be put on a budget. But it's not so bad. In fact, budgets can actually turn out to be a pretty great thing. If you ever feel like you don't have quite enough cash at the end of the month, creating a budget and cutting a few extraneous things out of your life may help. Plus, you'll find it's much easier to track outstanding debt and work towards paying it off. (And that's a much better feeling than the buzz you get from an overpriced latte.)

    Do this immediately, any time you move, so you can receive and pay your bills on time. Remember, paying a little more attention now to maintaining your good credit history can save you a lot (both literally and figuratively) in the long-run.

    Okay, you're a bit wiser now and even more prepared for your upcoming trip to the Scion dealership. Now it's time for you to understand the differences between financing and leasing a Scion.

    Cool? Let's proceed.

  • Free Credit Report

    Federal law allows consumers to obtain one free report from each of the three credit bureaus every 12 months. You can get these reports online at or by calling 877.322.8228.

  • Credit Bureaus

    You can contact the credit bureaus as follows:

    Equifax: 1.800.685.1111
    Experian: 1.888.EXPERIAN
    TransUnion: 1.800.888.4213

  • Apply for Credit

    Completing a credit application is easy through the Toyota Financial Services Online Credit Application. But before you apply to get pre-approved, build the Scion you want. You can pick the color, add upgrades and accessories, and get transparent pricing. That way, when you apply for credit pre-approval, you’ll be able to apply using the amount you’d actually be paying for the Scion you want.

Get financed
Gen One Finance Program



Do you have good or excellent credit? Our best deals are open to a range of credit levels. See if you qualify!

Gen-One Finance Program – specifically designed to help customers with limited or no credit history qualify to finance or lease a new Scion.


Remember, even if you have less than excellent credit, you may still qualify for Scion’s best deals.

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