The ability to negotiate a great price on a brand new vehicle is only half the battle. Consumers also have to find a great loan to seal the deal. Some tips to help ensure consumers have a positive Toyota Financing experience are highlighted here.
Shop for the Loan and Car Separately
Prior to beginning the negotiation on the vehicle and price, it is essential to see what type of loan can be acquired. There are a likely several banks, credit unions, and other lenders to contact in regard to an auto loan. Some of the best rates are found to be offered by online banks; however, this is not true for every situation so it is highly recommended that any consumer in the market for new Toyota Hybrid Vehicles shop around to see what is available.
Consumers can receive a prequalification for an auto loan, which will essentially give them a “blank check” to work with at the dealership. This gives them a bit of power in terms of how much they have to spend and the price of the actual vehicle.
Don’t Comparison Shop for More than Two Weeks
Each time a loan is applied for, regardless of if it is approved or not, or whether the consumer uses it, the credit rating of the person will decrease. This can make it more difficult to get a loan with a prime rate in the future. However, if all the applications are filed within a two-week period, they will only count as a single inquiry.
Get a Credit Report
Regardless of if a consumer decides to use a third party for their loan or acquire one at the dealership, it is a good idea to see what their credit rating is ahead of time. There are a number of free services that now provide this, allowing consumers to stay updated on their rating and Thousand Oaks Toyota Shoppers how it may affect their ability to get the Toyota vehicle they want.
Ask about Dealership Options
Many dealerships now offer financing on-site, even for consumers with a less-than-perfect credit rating. This means that consumers should ask about Dealer Specials or other incentives that may make the purchase more affordable.
For more information about financing a Toyota vehicle, Santa Barbara Toyota Buyers should inquire at the dealership about what to do next. Chances are the financing department will be more than happy to see what type of loan they can qualify for. This will put a car shopper one step closer to driving home in their new Toyota vehicle.