Have you been considering Toyota financing but are concerned about your credit score? We pride ourselves on having options for everyone at Tom Wood Toyota, even those that don’t have the best credit score or history.
How Does Financing Work?
Financing is a great option for car buyers looking for a new vehicle but not wanting to pay a lot of cash upfront. With auto financing, you apply for an auto loan from a lending institution to cover the entire cost of your new vehicle.
You will agree to a set term to pay the loan back. Then, you will pay monthly installments, including an interest rate, until the loan is paid in full.
How Do I Get Approved?
You can conveniently secure financing through our dealership. We look at your basic buying criteria to help determine your eligibility.
- Work history and income
- Rent/mortgage costs and other existing debt
- Credit history and score
Then, we send that information to the lenders we work with to help find a competitive offer for you.
How Does a Cosigner Help?
A cosigner can seriously help your chances of getting approved if you have less-than-stellar credit. When a lender looks at your buying criteria, they often consider your credit score first. This shows how responsibly you pay back your loans.
When you have a cosigner, they take their credit score into account as well. A cosigner is essentially agreeing to back up your loan if the day comes when you can no longer make timely payments. This helps give lenders peace of mind that they will get their money back.
Still, have questions? Reach out to our Toyota dealership in Whitestown, IN today, our team is happy to help!
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