Are you in the process of buying or leasing a new car? When you visit our dealership, financing a Toyota car becomes easy as our dealers walk you through the process step-by-step. Here are some finance tips to help you out before stopping by our dealership.
Establish the Down Payment
Before visiting our dealership, pick out a Toyota model and trim. Perhaps you have your eyes set on the Toyota Highlander or the Toyota Corolla. Once you select a model, determine how much you can pay upfront. A good rule of thumb is to aim for a 20% down payment. This will help you shorten your monthly payment duration. The shorter the repayment period, the shorter the interest rate you pay.
Pay Additional Fees in Cash
You’ll pay for more than just the price of the vehicle. Additional fees include:
- Sales tax
- Destination fee
- Registration fee
- Documentation fee
If possible, pay for these fees in cash at the dealership. If not, these fees will be rolled into your loan. This results in a higher loan, which equals more interest in the long-term.
Consider Bringing Along a Cosigner
Some loans require a co-signer. This is usually the case if you have a lower credit score. It may also be the case for younger buyers that have little to no established credit history. Bring along a trusted family member who is willing to act as your co-signer. This person should have a good credit history.
Come by Heritage Toyota Catonsville to see our inventory of the latest models. Even though we simplify the financing process, it’s always a good idea to do your research so you understand how the process works.
