Comments on: financing when buying a new car? http://www.mainspot.net/financing-when-buying-a-new-car/ Automotive Resource and Car Care Sat, 16 Oct 2010 15:54:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: perseus_71 http://www.mainspot.net/financing-when-buying-a-new-car/comment-page-1/#comment-2497 perseus_71 Thu, 26 Mar 2009 10:21:13 +0000 http://www.mainspot.net/?p=1156#comment-2497 I agree with the Poster Above. Don't listen to Harry H. I have seen him pushing that Company all too many times. If you indeed have great credit then try one Credit Union and the Toyota Financing. If you try too many places then your Score will get hit due to too many inquiries. Do what I do, go with Toyota only of they have specials on APR. Or else take that Credit Union. I agree with the Poster Above. Don’t listen to Harry H. I have seen him pushing that Company all too many times.

If you indeed have great credit then try one Credit Union and the Toyota Financing. If you try too many places then your Score will get hit due to too many inquiries.

Do what I do, go with Toyota only of they have specials on APR. Or else take that Credit Union.

]]> By: insidebuy http://www.mainspot.net/financing-when-buying-a-new-car/comment-page-1/#comment-2496 insidebuy Thu, 26 Mar 2009 09:47:33 +0000 http://www.mainspot.net/?p=1156#comment-2496 If your credit score is as strong as you claim, go with Toyota. Right now they are offering incentivized APRs that the banks cannot compete with. All manufacturers are. Go with the Toyota Credit for a better rate. And keep in mind, you are not financing through Power Toyota. You are financing through Toyota Corporation's financial division. If your credit has some surprises and you won't qualify for the incentivized rates, please do not consider Harry's advice. That guy has been pushing that loan company on everyone who asks about financing. He claims a "friend" with bad credit got financed with "a minimum rate of interest". Anyone with bad credit is a credit risk and will end up paying between 19% to 35% APR, if they can get approved. And if the loan company is not usury, they can charge you as much as 99% APR on a personal loan for the car. So if this "minimum" sounds like a scam to you, steer clear of it. If your credit score is as strong as you claim, go with Toyota. Right now they are offering incentivized APRs that the banks cannot compete with. All manufacturers are. Go with the Toyota Credit for a better rate. And keep in mind, you are not financing through Power Toyota. You are financing through Toyota Corporation’s financial division.

If your credit has some surprises and you won’t qualify for the incentivized rates, please do not consider Harry’s advice. That guy has been pushing that loan company on everyone who asks about financing. He claims a “friend” with bad credit got financed with “a minimum rate of interest”.

Anyone with bad credit is a credit risk and will end up paying between 19% to 35% APR, if they can get approved. And if the loan company is not usury, they can charge you as much as 99% APR on a personal loan for the car. So if this “minimum” sounds like a scam to you, steer clear of it.

]]> By: Joe P http://www.mainspot.net/financing-when-buying-a-new-car/comment-page-1/#comment-2495 Joe P Wed, 25 Mar 2009 14:13:42 +0000 http://www.mainspot.net/?p=1156#comment-2495 It's ok to finance with toyota. I know it seems weird since they are not a bank but trust me, dealers can offer a lower rate than a bank. WHY you ask? Because your Toyota dealer is competing with the banks. They want you to finance with them because then they make money off of the interest that will accrue. Also, make sure you shop around for financing, banks make money the same way. Ask toyota what they will offer for APR and tell the bank. The bank may lower it by a half percent or so just to get you. Think of it this way, BOTH Toyota and the bank want you to take a loan from them. Make them compete and lower their rates until you get a great deal. It’s ok to finance with toyota. I know it seems weird since they are not a bank but trust me, dealers can offer a lower rate than a bank. WHY you ask? Because your Toyota dealer is competing with the banks. They want you to finance with them because then they make money off of the interest that will accrue. Also, make sure you shop around for financing, banks make money the same way. Ask toyota what they will offer for APR and tell the bank. The bank may lower it by a half percent or so just to get you. Think of it this way, BOTH Toyota and the bank want you to take a loan from them. Make them compete and lower their rates until you get a great deal.

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