For most car buyers at MotorWorld Toyota, paying cash for a new automobile isn't feasible or advantageous. Instead, our customers choose to borrow money to facilitate their purchase. This borrowed money is called a "loan" and it's one of several key components in the Toyota financing process, which you'll learn more about here.
Important Toyota Financing Terms
Down Payment
This is the amount of money you pay upfront for a car. The bigger your down payment, the lower your monthly payments and the faster you can pay off your loan.
Loan Term
This is the amount of time you have to repay your loan. The most common loan length at our Wilkes-Barre, PA Toyota dealership is 24 to 72 months.
Annual Percentage Rate
Known as "APR" for short, this is the yearly financing cost for your car loan. It includes the interest rate for your loan and everything you finance, including any extra costs and fees.
Credit Score
This is a numerical representation of your creditworthiness. Borrowers with higher credit scores present less risk to lenders and thus usually qualify for the best interest rates.
Three Key Steps in the Toyota Financing Process
Step 1: Determine How Much You Can Afford
When you budget for one of our new or Toyota pre-owned cars, you'll need to factor in all costs of ownership. These include insurance, maintenance, and fuel, as well as the principal and interest that will comprise the majority of your monthly payment.
Step 2: Shop for an Auto Loan
There are several places you can go for an auto loan, such as banks, credit unions, and of course, MotorWorld Toyota. And while you're sure to find a variety of options, bear in mind that of all these places, only our authorized Toyota dealership can offer financing incentives that come straight from the manufacturer.
Step 3: Get Pre-Approved
A pre-approved loan is not only a confidence booster, but it also helps reduce the amount of paperwork you need to complete at our dealership. Getting pre-approved is easy, and you can do it right on our website.
Apply for Toyota Financing at MotorWorld Toyota Today
Getting a car loan might seem stressful at first, but it isn't as challenging as you might think - especially with support from MotorWorld Toyota. We'll be with you the whole way, explaining each step in the process to ensure you get great financing and access to our current Toyota specials.
