Buying a new car can be one of the biggest purchases you make in your life, especially when buying a car for the first time. In addition to finding the perfect car for your needs, there are a number of variables that need to be considered before you are ready to make a purchase of a new Toyota. These include the price of the car itself from your Los Angeles Toyota dealership, as well as what you might expect to pay for insurance and any future maintenance that is needed. When you are ready to buy a new car, finding the right financing options to fit your budget is also important, because getting a car loan that you can manage will allow you to make your payments easily and lead to your complete ownership of the vehicle. As you are in the process of buying a new car, learn about the different options and steps for financing so you are prepared.
Why Is Financing Important?
Getting a car loan that is tailored to your needs allows you to make payments without having to worry about breaking the bank. A 2014 report from Experian Automotive titled “State of the Automotive Finance Market” noted that 60-day loan delinquencies in the second quarter of 2014 increased by seven percent, from 2013, and that auto repossessions in Q2 2014 were up more than 70 percent as well. This is important to remember, because it speaks to the fact that improving your credit and getting the best possible loan terms and rate will keep you from falling into delinquency.
Should You Buy or Lease a Toyota?
Once you have picked out the perfect new or used vehicle from your Los Angeles Toyota dealership, another question arises: Should you buy the car or enter into a lease agreement? Each of these options has its own benefits that appeal to drivers, such as no mileage limits for owners, and lower monthly payments for leaseholders. This can be a difficult choice to make, which is why Toyota has made it easier by giving drivers useful resources to assist them. Toyota’s Financial Planning Center has a quiz that is designed to analyze your driving habits and future needs, and it helps you make the decision of whether to lease or buy your new car. Remember, you can also choose to purchase your car when your lease comes to an end, if you choose.
Incentives Offered for Toyota Car Buyers
Toyota has a number of financial programs geared at making the car buying process easier for drivers. In contrast to leasing a car, drivers that plan to keep their new Toyota for a while and drive more than 15,000 miles per year may find that ownership through the Toyota Financial Services program is the best option. Opting for financing through TFS allows drivers to get a personalized car loan with attractive rebates to drive down both the potential monthly payment and the overall cost of your car. Below are some unique financing programs that you will find when you search for financing for a new Toyota.
- College Graduates – Recent college graduates can take advantage of attractive loan options and get money back when they buy a new car from Toyota. By working with a participating dealership like North Hollywood Toyota, college grads can qualify for a $500 rebate off the purchase price on select models with Toyota Financial Services.
- Military Members – Toyota is committed to providing the best vehicles and customer service to all customers, especially members of the military. Active, inactive, and retired military personnel that are eligible will receive a special $500 rebate as well as a token of gratitude for their service.
- Used Car Buyers – Those looking to purchase a used car are not out of the loop when it comes to financing incentives. In fact, a used car in Los Angeles gives drivers one of the best values available. Financing a certified used vehicle that has passed a thorough inspection by Toyota’s trained technicians allows drivers to get a newer vehicle at a competitive rate. Each certified used vehicle is also reconditioned, and any necessary repairs are made before the sale to ensure each is as good as new.
- Loyal Toyota Customers – After buying a Toyota once, why wouldn’t you return when the time comes to get a new vehicle? Qualified repeat buyers with Toyota Financial Services can enjoy special benefits for financing with the Encore Program.
- Business Owners – Getting a new vehicle for your business, whether you run your company out of the home or are in charge of a large corporation, is made easier with financing from Toyota. Experts at your Los Angeles Toyota dealership can help you get into a flexible solution that gives you the leasing and financing options that are right for your situation.
The best way to learn about current financing options and promotions is to connect with a dealership directly. You will also be able to see if you qualify for special rates and other incentives.
Taking the Next Steps
It is a good idea to plan out every part of the car buying process so that you know exactly what you are getting when you drive off the lot. From getting the latest features and options installed on your new car, to securing a loan and receiving a rebate, you want to be prepared for the next steps financially.
When you first meet with a representative at the dealership, you will be able to see the inventory of new and used cars and set up a test drive. In addition, talk with the agent about potential financing options so you know how much you can expect to spend on a down payment and monthly payments in the future. If you are trading in your vehicle to put toward the cost of a new car, you may be able to get financial assistance as well.
To learn more about financing your new car, stop by the dealership or contact a representative at North Hollywood Toyota today at 800-800-6730.