The 2022 Toyota Tundra has lower interest rates than the Tacoma

Toyota truck buyers could get a much better deal by financing a new Tundra versus a Tacoma. Based on our analysis of the latest incentive data, the 2022 Tundra has a significantly lower interest rate than the Tacoma. In some cases, choosing a newer, larger van could potentially cut a buyer’s financing cost in half.

In most parts of the country, 2022 Tundras offer 2.99% APR financing for up to 72 months. It’s the same deal Toyota has had since the truck launched last year. Curiously, 2022 Tacomas don’t have a promotional rate in much of the United States, and Toyota’s online payment estimator lists a whopping 6.44% APR.

On a $40,000 truck, we estimate that a 6-year loan at 2.99% would cost $3,745 in interest at $608 per month. At 6.44% APR, a buyer would pay $8,330 in interest at $671 per month. In theory, this could allow a buyer to spend nearly $4,600 less on the Tundra over the life of the loan, with a much lower monthly payment on top.

That said, your results will likely vary. A shortage of inventory has led to markups at dealerships, and best sellers like the redesigned Tundra will no doubt be more expensive. On some Tundra configurations, dealers told us they had already exhausted their allowances and stopped taking reservations.

Some Tundra buyers may find this confusing since Toyota already manages to offer a finance deal on the limited-production Tundra TRD Pro. Traditionally, TRD models have been excluded from almost all incentives. Additionally, the company extended its 72-month APR incentive to the 2022 Tundra Hybrid this month.

For now, we recommend comparing prices carefully and considering the possibility that Toyota’s smaller truck might not necessarily be a better deal. As we reported this week, high-end Tundras can cost nearly $1,200 a month to lease, though your actual lease payment depends heavily on the selling price you negotiate.

Explore Toyota Tundra Prices and Offers

Leslie M. Gill