Three Questions to Ask a New Toyota Dealer

Preparation is key when planning to buy a new car. In addition to finding the right vehicle, it has to match your financial needs. This is why it pays to get all the information you need, and St. Cloud Toyota has a list of questions to ask a new Toyota dealer.

How Does Financing Work?

If you’ve never bought a car before, you may not be too familiar with financing. This involves borrowing money from a bank or other financial institution to pay for your car. You will then pay this off — along with interest — over a designated period of time.

Is There a Way to Lower Financing Costs?

The best way to reduce your financing expenses is to supply a big down payment. The general recommendation is to put up 20 percent of the sale price, but you should offer as much as you comfortably can. The more money you have right now for your purchase, the less you will need to borrow and pay back.

What If My Credit Isn’t Great?

While your credit score will play a role in financing, it shouldn’t prevent you from getting a loan. It may, however, result in a higher interest rate. You might be able to mitigate this by either raising your score before buying or using a co-signer on your loan.

Chat with a New Toyota Dealer in St. Cloud, MN

If you have questions about financing or anything else, get in touch with St. Cloud Toyota. If you’re ready to get the process started, all you need to do is fill out our online application to get pre-approved for a loan. Once submitted, one of our financing professionals will contact you to go over your next steps.