What To Expect When Financing A Vehicle

What to Expect When Financing a Vehicle in Hemet, CA

Congratulations! If you’ve made it this far in the car-buying process, we’d love to help you finish your purchase as well. And that includes ensuring that you are informed of every step along the way, especially financing! Many people get overwhelmed with the paperwork, numbers, and responsibility of owning a new Toyota, but our team is here to dispel any anxieties you may have and put your mind at ease. That’s why the Toyota of Hemet team has assembled this list of to-dos, documents to bring, and terms to know ahead of time to streamline the process and help you feel prepared.

Want to know the best part about financing your new Toyota or pre-owned vehicle with us? You won’t have to do it alone. Our team is available to answer all of your questions, clarify terms, and negotiate numbers when you are. So let’s get started!

What Do I Need to Do Beforehand?

Before shopping for your next new or pre-owned Toyota, ask yourself these questions:

• What’s my credit score? The higher your credit score is, the best chance you have of qualifying for a lower interest rate when financing your vehicle.
• What are the interest rates lenders are offering? Research several institutions before starting the finance process. You’ll make a stronger case in your negotiations and, if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
• What can I afford? If you know your credit score and have an idea of the interest rate you’ll receive, use an online payment calculator to determine your monthly payments.

What Documents Do I Need to Bring?

When you’ve decided on the vehicle you want to purchase or lease, these are the four primary documents to bring with you to our dealership:

• Proof of income: We will need copies of your pay stubs from your last month’s checks and a summary of what you’ve been paid to-date in the past year.
• Credit and banking history: Any information about your financial obligations or other outstanding loans are needed. Mortgage or lease agreements, credit card statements, bank statements, or alimony or child support payments count in your history.
• Proof of residence: A mortgage statement or any personalized mail will count as proof of residence.
• Proof of insurance: Bring a valid auto insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer your insurance coverage to your new car.

If you decide to finance with another lender and not through our finance department , you’ll want to bring proof of your approved loan, too.

What Determines My Loan Terms?

Great question! Your terms will depend on a number of factors, including your credit history, credit score, income, present debt, and whether you’re in good standing with your insurer. Your finance application, too, has a big say in the terms that our dealership can give you.

After we receive your completed application, we’ll run a credit check and ask you income-based questions to determine your credit-worthiness. Remember, the better your credit score, the better your terms, but even if you’re not satisfied with your credit score, don’t shy away. Our team of friendly finance experts has worked with a variety of credit histories before, so complete your application today!

Let’s talk today! If you’d like to purchase a vehicle or want to know more about how to finance in Hemet, CA, drop by Toyota of Hemet at 350 Carriage Circle, Hemet, CA 92545 to speak to a member of our team in person. We look forward to serving our customers from Menifee, San Jacinto & Lake Elsinore.