When you're buying a new car here at MotorWorld Toyota, you're going to have to put money down. Some drivers have questions though, like “Does my Toyota down payment have to be for a certain amount?” or “Do I absolutely need to put money down?”
We can answer those questions for you and make it easier to finance the car, truck, or SUV of your dreams.
What is a Down Payment?
Your down payment is going to be the first payment you make when you purchase your vehicle. It's rare that a Toyota financing agreement will allow you to put zero down and drive off in a new vehicle.
In some cases, even when there is an incentive like that in effect, it's only available to those with the best credit.
How Much Should I Spend?
Many drivers try to put down 10 to 20 percent when they're buying a new car. Then they finance the rest of the vehicle's purchase cost with a loan through our Toyota financing department.
Do Leases Require a Down Payment?
In some cases, they don't. Most leases will require some money down at signing though. As with financing agreements, if there are deals available where a down payment isn't required, they are likely reserved for those with the best credit.
When Should I Put Down More?
Making a larger down payment can be a good idea if you want to save on interest. A bigger down payment means a smaller loan, and that means that you'll have less to pay in interest. If your credit score isn't the best, a bigger down payment and a smaller loan can help you save a significant amount of money.
Learn More at MotorWorld Toyota
If you're ready to finance a new Toyota car of your own, visit our Toyota dealership in Wilkes-Barre, PA. Whether you're looking for an efficient sedan or a spacious new family vehicle, we're ready to help you out.
