Man talking(l+r), Toyota sign(c)

JuliusKielaitis/Shutterstock @lifewithkey_/Tiktok (Licensed)

‘Toyota financial?’: Dealership salesman reveals what the bank that you’re financing with says about you

'Bro that was literally my only option.'


Grace Fowler


Posted on Apr 18, 2024   Updated on Apr 18, 2024, 9:33 am CDT

A car salesman on TikTok posted a video telling viewers what the bank you’re financing your car with says about you. 

Keshawn (@lifewithkey_) has reached over 1.5 million views and 51,500 likes as of publication.

To start, Keshawn first mentions the bank Santander. “If your bank is Santander, I’m gonna assume that you got bad credit,” he says. 

“Or you’re somebody who has decent or good credit, but you just can’t prove your income,” Keshawn adds. “You make good money, but you just can’t prove it.”

Next, Keshawn says, “There’s two types of people who got their car financed with Navy Fed.” 

Keshawn is referring to the Navy Federal Credit Union. “You have the people that have terrible credit, but because they’re in the military, Navy Fed will give you any type of loan,” he says.

“Or, you’re in the military, you have really good credit, and you’ve been using them for your whole life,” he continues. 

If you’re financing your car with Ally or Bank of America, “Nine times out of 10, it’s probably a business loan,” Keshawn says. “Or, you own a business, and you’re buying that in your business name.” 

Bank of America and Ally do not offer “personal loans,” confirming why Keshawn made this assumption about members of these banks using their services for business purposes.

He adds, “A lot of the customers that I see using these banks typically have an 850+ credit score.”

Last but not least, Keshawn says, “If you’re using one of the standard credit unions in your local area, you’re probably either one, a first-time buyer, never bought a car before … or two, you’ve built a great relationship with a credit union early, probably got a few credit cards through ’em, and this is your go-to bank.”

@lifewithkey_ #greenscreen ♬ original sound – Keshawn

“SANTANDER SLANDER,” a viewer in the comments section told Keshawn. “It’s my first auto loan OK.” 

Another agrees, responding, “I couldn’t get nothing else … refinanced after a year.” 

According to Investopedia, the best bank to finance with if you have “bad credit/low rates” is AutoPay

AutoPay offers “Used APR Range: As low as 5.69%, Used Loan Amounts: $2,500–$100,000, Minimum Recommended Credit Score: 500.” 

The “best credit union,” according to Investopedia, is Consumers Credit Union (CCU). CCU offers “Used APR Range: As low as 6.84%, Used Loan Amounts: $500–$350,000, Minimum Recommended Credit Score: Not disclosed.” 

Investopedia also states that the best bank to use for refinancing is LendingTree. LendingTree offers “Refinance APR Range: As low as 5.99%.” 

The Daily Dot reached out to Keshawn via email. 

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*First Published: Apr 18, 2024, 1:00 pm CDT