CAN I FINANCE THROUGH THE DEALERSHIP
OR DO I HAVE TO GO TO A BANK?
Dealerships have access to multiple different lenders. In turn, it allows us to find the best interest rates for you. On brand new cars Toyota Canada has its own Toyota Financial Services (TFS) that provides even lower rates that you may see advertised like 0%.
WHAT IF I HAVE BAD CREDIT?
If you have bad credit, another great option is to have a co-signer. Usually this would be a family member or close friend who does have a better credit score. Taylor Toyota can offer specialty financing and a rebuilding program. Click link here: https://www.taylortoyota.ca/bad-credit-need-fixed/
DO I NEED A DOWN PAYMENT TO BE APPROVED?
No, if you have an average credit rating you are not required too, but it definitely helps you get approved and will lower interest incurred while in the loan.
HOW MANY KILOMETERS DOES TOYOTA FINANCIAL SERVICES STANDARD LEASE AGREEMENT APPROVE?
24,000 kilometres(kms) per year, optional 20,000kms and shorter term leases (less than 4 years) can be as low as 16,000kms per year.
WHAT IF I WANT TO BUY THE CAR AFTER MY LEASE IS OVER?
After the lease is finished, you have the option to finance the rest of the car owing balance to purchase, or pay cash for it, or drop it off and get something else.
WHAT IF I WANT TO SELL THE CAR BEFORE MY LEASE IS UP?
Lease takeovers are common (there is a small $300 fee to pay). You can advertise to have someone take over your lease payments or buy the vehicle entirely (what’s still left owing) from you if you want to purchase a different vehicle or get out of a lease.
WHAT IS A CLOSE ENDED LEASE?
All Toyota Care Leases are closed end leases. This means you make a set number of payments over the term of your lease and the leasing company guarantees the "price" or lease end value of your vehicle at the end of the term. Factors such as economic conditions, vehicle popularity, colour and equipment can all affect the value of a used vehicle and can result in the market value being lower than the lease end value at the end of your term. By guaranteeing the lease end value, Toyota Financial Services assumes the risk of any loss on the used vehicle.
The Automotive Lease Guide (ALG) awarded four Toyota vehicles for best residual value. At the end of your lease term the vehicle’s residual value is the worth of the car at that time. The higher the residual value, the lower your monthly payment, since you are only paying for the portion of time that you’re using the car.