Preparing to buy a car from our Toyota dealership in Columbus, Ohio is an exciting process. For many customers, applying for Toyota finance is the part about car-shopping that they dread the most. There’s no reason to be intimidated by applying for Toyota financing when you work with Toyota Direct. Our dealership has ample experience helping customers secure favorable Toyota financing offers. Before you finance a car, let’s review everything there is to know about financing through Toyota!
What does a well qualified buyer mean to Toyota?
When working with our Toyota finance center, you’ll hear some buzzwords thrown around – “well-qualified buyer”, “competitive lessee”, etc. What does this actually mean?
Typically, these phrases refer to a customer with a Tier 1 credit score, which usually means a score of 720+. Tier 1 credit applicants are the most attractive for a lender, because they are the least risky to work with. With a Tier 1 credit score, you can expect to qualify for the most favorable special Toyota financing.
Is it hard to get approved for Toyota financing?
If your credit score isn’t Tier 1, there’s no reason to despair. Our Toyota dealership in Columbus, Ohio works with customers of all credit backgrounds. To qualify for Toyota finance, your credit score should be at least 610. Customers with lower credit scores will generally get higher interest rates. The most appealing financing offers are typically reserved for those “well-qualified buyers”!
How long does Toyota Finance take to approve?
After your application is received by our Toyota dealership in Columbus, Ohio, we’ll work hard to get you an answer as quickly as possible. Our Toyota finance team works directly with Toyota lenders to approve customers within three business days.
If you can’t qualify for Toyota financing, try not to panic! Toyota Direct also offers in-house financing for customers with damaged credit. We make it easy for anyone to finance a car, whatever their situation might be. For more information on our bad credit car loans, just contact your friends at Toyota Direct!
How much do you have to put down on a Toyota?
The common rule of thumb is to place a 20% down payment on any car. However, applicants with great credit can often qualify for a no-money-down Toyota financing offer. These special Toyota financing deals allow well-qualified buyers to purchase a car with no down payment.
How long can you finance a Toyota?
Our Toyota dealership in Columbus, Ohio will work with you to find the ideal term for your loan and budget. Most Toyota finance agreements extend for 48-72 months, although 96 month financing isn’t unheard of. Toyota Direct will make sure that you find a loan agreement that you are comfortable with in every way.
Finance a Toyota at Toyota Direct!
Toyota Direct has all you need to find and finance the perfect new car. Stop by our Columbus Toyota dealer today to explore our Toyota financing deals! We look forward to welcoming you to our showroom.
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