It’s always a good idea to know what you’re getting into before making a major purchase. And, perhaps aside from a house, there is nothing more major than a vehicle.
If you’re interested in financing, our Toyota finance department answers some questions below that we commonly get.
How Does Financing Work?
Financing involves borrowing money to pay for your car. You will take out a loan and then pay that off monthly along with interest.
Will Poor Credit Prevent Me from Getting a Loan?
It’s true that credit will have an impact on your loan. While it may not prevent you from being able to borrow money, you may have a high interest rate. The good news is that making regular payments could raise your credit score, in which case you may be able to refinance down the road for a more favorable rate.
How Long is a Car Loan?
The length of car loans can vary pretty widely. While a typical term is five years, you can opt for one as short as a year. It’s important to remember that a shorter term means higher monthly payments. A longer term will cut those payments, but you will end up paying more in interest.
Is Financing an Option with Used Cars?
If a new vehicle just isn’t in the cards for you, you’ll be glad to know that you are able to finance a used car.
How Do I Start the Financing Process?
At Hall Toyota Virginia Beach, we aim to make the financing process as quick and easy as possible. You can begin it right now by filling out our online application. This will get you pre-approved. At that point, someone from our financing department will be in touch to talk about what happens next. You can also get in touch if you have any other questions.
