Answers to the Most Commonly Asked Questions About Financing a New Car
Q. How much of a downpayment will I need to buy a car?
A. Every situation is unique. While we strongly encourage our customers to have a downpayment, many of our customers are still able to get favorable terms with no money down.
Q. What is a cosigner and why might I need one?
A. A cosigner is someone who chooses to share with you full responsibility for the loan. Individuals with limited or negative credit history are sometimes able to get a loan - or lower interest rates with the help of a cosigner. Parents and grandparents often have more establish credit and make great cosigners.
Q. What is the difference between a loan and a lease?
A. When you take out a loan, the bank buys the car from the dealership - and you make payments to the bank until the car is paid off. Once you have paid-off the vehicle, you own it. When you lease a vehicle, the bank buys the car from the dealership. You pay the bank monthly payments to *use* the vehicle. When the lease ends, you return the vehicle. Usually, you have the opportunity to buy the vehicle instead of turning it in.
Q. How do I know whether I should lease or buy?
A. Usually, people who keep their cars for a long time are better served by buying the car. People who like switching cars every few years, drive less miles, or want to keep a much lower monthly payment are often better served by leasing. Some businesses may enjoy tax benefits from leasing.
Q. I've declared bankruptcy. Can I get a car?
A. If your bankrtuptcy has been discharged - you may be able to reestablish credit. We have several lenders that specialize in customers who are recently out of bankruptcy.
Q. What banks do you work with?
A. We work with over a dozen local and national lending insitutions. All of our lenders are established and reputable. As a franchised Toyota dealer, we are also able to work with Toyota Financial Services - who often is able to offer special finance rates to qualified individuals.
Q. Other dealerships have turned me down. I really want a car! Am I out of luck?
A. Not neccessarily! We do things differently. Click here to read how we can help you.
Q. What If I still owe money on my car? Can I trade it in?
A. You can still trade it in. We are able to handle the paperwork involved in getting your trade-in paid off.
