Toyota Finance… Don’t know what it means? Neither did I!
Finance… Don’t know what it means? Neither did I!
Buying a car on finance can seem like a great idea because frankly, most first time car buyers don’t really understand what it means. All you have to do is sign the dotted line and BOOM you have a new car! How awesome is that??? Or is it? Trust me, I had no idea what finance really means either. What is finance? Why can it be better than dealing with banks and why do some dealerships offer rate programs like the current 0% program I see all over the TV? Well here is a simple explanation that may give you a better understanding of it all.
What is Toyota Finance?
To purchase a Toyota on finance means you are borrowing money directly from Toyota and not a bank. Toyota Financial Services is the largest automotive finance company in Australia and the second largest in the world! So you know you are safe by not borrowing from small fly-by-night finance companies that can charge astronomical fees and cost you an arm and a leg. So there is a big tick!
What is the difference between Toyota Finance and a loan from the bank?
PLENTY! Firstly, finance with a dealership could possibly save you thousands compared to a bank loan. Secondly, Toyota Finance is extremely convenient. When you are at the dealership you do all the paperwork there with their specialist finance team. It’s a one stop shop!
Applying for Toyota Finance can also be easier and faster. With a bank you may have to:
- Wait for the application to be sent to their loans processing centre,
- Be held in line for consideration,
- Wait for approval (or denial) sent back,
- Go back into the bank and sign the forms,
- Wait for the loan settlement,
- Wait for the back to send the money to Toyota, then
- FINALLY you can pick up your new vehicle.
It can take weeks for this whole process depending on your situation! With Toyota Finance you may even find out on the day if you are approved. This ‘hassle free’, ‘guest-centric’ mantra is what makes Toyota Finance truly and industry leader in the lending market.
Also as an added bonus, Toyota Finance is part of the National Credit Reference Scheme. This means if you are good at paying back your Toyota Finance loan, this will be noted to lending companies the next time you need to loan money. E.g., for a mortgage in the future! When you are good at paying back bank loans, the banks keep that information private by citing ‘confidentiality’, however if you are bad at paying back loans you may get black listed so every lender can see. Where’s the justice in that??
What is 0% finance and why does Toyota offer it on certain vehicles?
It is pretty simple, 0% finance means just that, you borrow the cost of the vehicle without interest! It is not a common occurrence so when the offer is there it can definitely be described as a steal. Some reasons for a rate campaign may be a discontinuation of a model line or an overabundance of stock.
0% Finance at Sunshine Toyota, your local Toyota dealer
Currently Sunshine Toyota is offering 0% finance on the new 2017 petrol Camry and Aurion models, even including the exciting Camry RZ! It has been speculated that this may possibly be the last 0% finance offer and it will only last until current stock runs out! So to talk to our finance team at Sunshine Toyota click here. To check out our Camry RZ stock click here.
