To finance a Scion, you can find a loan through Toyota Financial Services, a bank, a credit union, or an online auto lender. Because Scion is a discontinued Toyota brand, you can only finance a Scion through Toyota Financial Services if you buy from a Toyota dealership.
Toyota launched Scion in 2003 and phased out the brand after its 2016 model year. Scions were inexpensive, stylish sport compact cars meant to appeal to younger drivers. You can only find used Scions on the market now, but they are still a solid option if you’re looking for a used car.
It can be tough to narrow down the best lenders when you’re looking for a
car loan. But you’re in luck—
Jerry, the car insurance super app, has put together this comprehensive guide on how to get a Scion car loan.
How to get a Scion car loan
For most used Scions, your best bets for financing are a bank, a credit union, or an online auto lender. If you buy a certified pre-owned Scion from a Toyota dealership, you might also qualify for a loan from Toyota Financial Services.
Toyota dealerships sell the following certified pre-owned Scion models:
No matter which route you go for financing, you should start by checking your credit score and comparing potential lenders.
Check your credit
Your credit will play a huge role in your loan terms, so make sure to
check your credit score right off the bat. Generally speaking, a score of
650 or higher is considered good credit for a car loan, according to
Toyota Financial Services.
If your credit score falls below 650, you can still qualify for a decent car loan. However, it may help to apply with personal references, proof of income, or a cosigner.
The table below shows you the average APR and monthly payment for various Scion cars based on the buyer’s credit score.
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
After sorting out your credit score, it’s time to choose some potential lenders. For most used car loans, you’ll get the best deals from an online auto lender, a bank, or a credit union. If you’re interested in a certified pre-owned Scion, Toyota Financial Services is also an option.
Ideally, your car loan should have:
- A short loan term: 60 months or less
- A low APR: 4.93% or lower
- Affordable monthly payments: No more than 10-15% of your monthly income
On the other hand, hidden terms might raise a red flag. Keep in mind that most loans require you to pay sales tax, a documentation fee, and registration costs. If your loan offer includes additional fees, consider finding a different lender.
Gap insurance and early payoff penalties might be bad signs as well. Gap insurance is usually cheaper elsewhere. If a lender has bad customer service, this is another sign to find a different loan company.
Get preapproved
Preapproval may allow you to negotiate better loan terms when you sign your loan agreement. Most online auto lenders allow potential borrowers to apply for preapproval online.
Note that if you want to get preapproved, you first have to apply for the loan. This typically requires the following information:
- Your Social Security number
- Your photo ID (e.g., a valid driver’s license)
- Evidence of employment and income documents (e.g., paystubs)
It’s a good idea to apply for preapproval from multiple lenders. For example, you might apply for preapproval through your bank and through an online auto lender to see which offer is better.
Applying for preapproval entails a hard credit inquiry. This may temporarily lower your credit score by a few points. But don’t let this deter you from applying with more than one lender—if you do so within a 14-day period, most credit scoring models treat this as a single inquiry.
Key Takeaway After checking your credit score, apply for preapproval for a Scion car loan. Consider applying with multiple lenders so you can compare offerings.
Average loan term for a Scion car loan
In the U.S., the average length of a used car loan in the U.S. is
65 months, or
approximately 5.5 years. Depending on the buyer’s credit score, APRs for used car loans range from
3.68-19.85%. That said, these aren’t necessarily the best terms, and you should shop around for a better loan if possible.
Aim for a car loan that’s 60 months or shorter if you can. Shorter loans will take less time to pay off and cost you less in interest overall. On the flip side, shorter loan terms tend to come with higher monthly payments.
Check out the table below for an idea of what your monthly payment and interest rate could be, depending on your loan’s terms:
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding a Scion car loan in your state
Car loan terms vary among states, as do most car-related expenses. Make sure to find a lender that understands your state’s financial situation so you can score the best possible APR on your car loan.
The table below can give you a picture of what you might pay for a Scion car loan in your state.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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Scion car loans: new vs. used
Toyota discontinued the Scion brand several years ago, so if you want to buy a Scion, you’ll have to take out a used car loan.
If you’re looking for a new Scion, consider a
Toyota Yaris,
Toyota Corolla hatchback, or
Toyota 86. These are Toyota’s reimagined versions of the
Scion iA,
Scion iM, and
Scion FR-S.
If you’re set on a Scion, keep in mind that used car loans typically come with higher APRs. However, the loan amounts for used cars are usually smaller than they are for new cars. This makes the higher interest rates more reasonable over time.
Are you curious about how your car’s age may affect your loan? The table below demonstrates your potential monthly payment and APR based on your Scion’s model year.
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Scion car loan
It doesn’t matter what kind of Scion you’re financing or how you’re financing it—your car loan will depend on your location, your credit score, the loan term, and the loan amount. For a better idea of what your loan might look like, check out Jerry’s car loan calculator.
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Scion insurance with Jerry
Finding a car loan takes enough work. Finding car insurance shouldn’t have to. With
Jerry, shopping for car insurance can feel like a walk in the park.
Download Jerry and the app will generate competitive quotes from dozens of top providers in less than a minute. Jerry gathers your information from your past insurer, so you’re not responsible for any long forms or phone calls.
Basically, you get all of the savings and all of the coverage—with none of the hassles.
“Jerry was pretty amazing. They found me quotes with every company at the cheapest price possible! Then I decided which company and coverage I preferred. I had a great experience!.” —Sean E.
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