Financing a new Toyota car or truck
Many people who shop at Toyota Greensburg do not have the money to pay for a new car or truck up front. If you are like many of our Greensburg and Pittsburgh customers, you will probably want to apply for a loan to most effectively finance your Toyota vehicle purchase. If you've never applied for a car loan, it can be confusing. However, the process can be a breeze when taken step-by-step.
To buy a new Toyota, you need lots of information and a quality credit score
You will begin the payment process for your new Toyota car or truck by filling out a credit application for financing. This application will require you to disclose some information about yourself. It can be filled out right on our Web site, or you can come to our Greensburg dealership and complete an application.
On the credit application, you will be asked to provide your complete name and address of residency. You will also need to provide some detailed information about your housing situation. If you rent, you will need to state the name of your landlord, how much you pay in rent each month, and how long you have lived in your condo or apartment. If you are a homeowner in the Pittsburgh or Greensburg area, you will need to state your monthly mortgage amount, the name of your mortgage holder, and how long you have owned your current home. Owners and renters both need to supply information about their previous residences, as well.
The next section of the credit application involves disclosing information about your employment. You will need to state where you work, how long you have worked there, how much you earn in gross income each month, and what you do for a living. You will need to disclose similar information about the job you held previous to your current one, as well.
If you currently lease another automobile, you will be required to supply information about the make and model of your car or truck.
The information you disclose on the credit application will be sufficient for Toyota Greensburg to proceed in running credit and background checks on you. The Web form on our site is completely secure; your information is only shared with credit reporting agencies so they can accurately determine your credit score. There, too, your information is kept private.
Before you can get a loan on a new or used Toyota car or truck, the dealership needs to know whether you are a credit risk. If you have defaulted on previous loans, be they student loans, mortgages, or medical bills, your credit score will be lowered. Similarly, if you do not pay your bills on time or your bills have gone to collections, you will be deemed a credit risk. If you are a credit risk, it is much harder for you to apply for an automobile loan. Conversely – and happily – if your credit is good, getting a loan for a Toyota car or truck is a snap!
Financing your Toyota vehicle
You have several options when it comes to financing your Toyota car or truck. Going through our dealership is usually the most convenient option. However, you might wish to finance through your bank, a credit union, or even through a personal loan. Dealership loans are often the most secure, and the process is typically faster. We encourage you to ask lots of questions about how Toyota Greensburg financing works if you're not sure.
The next thing you will need to do is determine the rate and length of your car or truck loan. If you pay higher amounts over a shorter period of time, you will owe less interest on the loan, and you will finish paying off your vehicle more quickly. Conversely, if you opt to pay a lower amount over a longer period of time, your monthly loan payments will be lower, but it will take you longer to pay off your Toyota vehicle – and you will owe more interest over the long run.
You will need to discuss other aspects of your car or truck loan, too, especially if you opt to use Toyota Greensburg financing. You can negotiate your first down payment, any rebates you might get on the purchase, and other extras, like warranties or special vehicle add-ons. All of these factors affect the cost and length of your auto loan.
Congratulations on purchasing a Toyota car or truck. We hope you find financing to be a breeze, and we hope you enjoy driving around the greater Pittsburgh area!