Financing any large purchase can seem like an enormous undertaking. Fortunately, Toyota financing is a fairly simple process with the help of our knowledgeable dealers. The following are questions our customers ask often and how we can answer them.
What are Common Repayment Terms?
We provide a range of repayment terms. Common repayment lengths include 60 months, 72 months, and 84 months. We recommend opting for the shortest term that’s feasible for your budget. Shorter repayment terms mean fewer total payments and lower total interest paid, but more paid on a monthly basis.
What’s the Minimum Credit Score to Qualify for Financing?
There’s no minimum score to qualify, but most financing experts recommend having a FICO score of at least 661 to be eligible for most loan offers. You may still qualify for some loans if your score is below 661, but expect more stringent requirements, such as a higher down payment and requiring a cosigner.
How Is the APR Decided?
The APR is based on a number of variables, such as:
- Down payment amount
- Finance contract length
- Your credit history
- The current bank rate based on market trends
Is Financing Available for Our Pre-owned Inventory?
Yes, we provide financing options similar to our new inventory. Browse our pre-owned and certified pre-owned inventory for a number of reliable vehicles, then proceed to our financing center to kickstart the application process.
Can I Pay More than the Monthly Payment?
In most instances, you’re permitted to pay more than the monthly payment and shorten your total repayment length without penalty. To be certain, review your contract’s terms and conditions.
If you have additional questions not listed here, feel free to ask the dealers at Heritage Toyota Catonsville. Financing is available for every model in the lineup, including popular sellers like the Toyota Camry.
