Finance FAQ

Explore The Answers To Your Frequently Asked Finance Questions

 

Whether you're just beginning looking for a new or used Toyota or you have found the perfect model to fit with your wants and needs, you may be wondering about your car financing options. Any type of financing can be confusing, especially when there are a wide array of possibilities and many ways to enhance your car purchase experience. To better help our Kokomo Toyota drivers, we have created a list of frequently asked auto financing questions that will hopefully help you feel more confident in your new or used vehicle purchase.

 

What's The Difference Between A Lease And A Loan?

 

Both options are a great way to head back home in a new Toyota car, truck, or SUV, but they do differ. Here's a closer look at both to see which one would fit your preferences and budget best.

 
  • Leasing - If you love driving the latest and most-up-to-date vehicles and you aren't set on having one car for many years, then a lease may be perfect for you. Only available on new cars, a lease normally lasts for three years, comes with many different warranties and benefits, and typically contains less expensive monthly payments. That being said, a leased car is not your own and it does have its rules and limitations, such as a mileage cap, but, if you know what those rules are, and they fit within your lifestyle, a lease may be a perfect option for you.
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  • Loaning - If you are the type of person that wants to own your vehicle, then you'll want to loan. This option is available on both new and used cars, is typically more expensive in the beginning, but is the most affordable option in the long run. The best part about a loan? You can do whatever you want to your car because it's just that, your car. Sell it when you want to, drive on long road trips, customize it to be your own, and, once the loan is paid off, drive it without having a monthly payment at all.
 

Do you know exactly which preference you fit into? Do you still have questions about leasing or loaning? Talk to one of our auto financing experts and they can help you make the right decision for you and your needs.

 

Do I Need A Down Payment?

 

Depending on which payment option you go with, you may or may not need a down payment, but most auto financing does require one. A down payment will not only provide the lender with more peace-of-mind, but will also benefit you, as the buyer. The larger the down payment, the less your over-all loan or lease is and the less you'll pay in interest and pay for your monthly car payment.

 

How Can I Save Money On A New Or Used Car?

 

There are many different ways you can keep more of your hard-earned cash while driving away with a new or used Toyota model. Here at Kokomo Toyota we have a wide array of new and used vehicle specials that offer great deals on the car, truck, SUV, or van that you love. You could find the perfect new Toyota Tacoma for your needs at a lower price or a like-new Toyota Camry that is exactly what you're looking for with a less expensive price tag.

 

You can also put your current vehicle towards your new one as a trade-in. To see how much your trade-in may be worth, use our online Kelley Blue Book Instant Cash Offer tool to get an estimate and then use that to make your new car purchase more affordable.

 

Still Have Questions? Visit Our Kokomo Toyota Finance Center To Learn More

 

If you have questions that have yet to be answered, we encourage you to stop by our Kokomo Toyota dealership and talk to one of our auto financing experts. They'd love to help you find the answer, can go over your specific financial options, and find the new or used Toyota for you!

Contact

Kokomo Toyota

3815 South Lafountain St
Directions Kokomo, IN 46902

  • Sales: (765) 878-6130
  • Service: (855) 381-6233
  • Parts: (855 ) 381-6221