Toyota Car Loan

2019 Toyota Cmary

If you’re on the hunt for a new Toyota, we can help! Ira Toyota of Tewksbury has expert staff members to help you pick out and pay for an automobile.

Below, we’ll specifically go over the process for getting a Toyota car loan. Read through our informative guide, then contact our dealership near Lowell, Dracut, and Tewksbury to start your car buying adventure.

How to Get a Toyota Car Loan

2018 Toyota Tacoma

It’s easy to get an auto loan, especially when you go through the following steps:

1. Know Your Credit Score.

Before you can decide on the right auto loan, you’ll want to become familiar with your credit history.

Your entire history is summed up in a 3-digit number known as your credit score. It comes from three main credit bureaus—Equifax®, Experian®, and TransUnion®—who calculate your score based on several factors:

  • How often you make payments on time
  • How long you’ve had credit
  • Types of credit you have

Your credit score can play a key role when it comes time to apply for a loan. So, by knowing what your number is, you can get an idea on what type of car loan you’ll get at what interest rate.

2. Determine What Type of Loan to Get.

The next step is creating a budget. This is to figure out how much you can afford to spend each month on a vehicle payment. After you determine that number, you can plug it into a car loan calculator to get the total amount that you can afford to spend.

While you’ll need to think about the payments as a whole, you’ll also need to consider the length of a loan.

Auto loans can span anywhere from 36 months to 72 months. The longer the loan term, the lower your monthly payments will be. However, with that comes a higher interest rate, which means you could be paying more for a car over time.

That’s why it’s recommended to go for a shorter loan term, if it fits into your budget. You’ll also want to think about other costs, like insurance and maintenance, before determining the appropriate number of months for a Toyota car loan.

3. Get Pre-Approved.

You’ll then want to start applying for a loan, which could actually be done from home.

Many dealerships have a finance application right on their website—making things as convenient for you as possible. You can fill out the secure form in minutes, and your information will get sent to the dealer’s finance center. Then, a staff member will reach out to discuss your options and get the process started for you.

4. Pick Out Your Vehicle.

2018 Toyota RAV4

Finally, comes the most exciting part: Picking out your new ride! At your local Toyota dealership, you’ll find lots of great vehicles in a variety of body styles, colors, and trim levels.

If you’re looking for a sedan, you have the Camry, Corolla, or Avalon to choose from. Needing an SUV? Check out the RAV4, Highlander, or 4Runner. If you instead want a tough and capable truck, there’s the Tacoma or Tundra available to you.

When you visit the Toyota dealer, a staff member will want to get a sense of what kind of car you need. Then, they’ll take you around the showroom, pointing out a couple models that may interest you.

Afterwards, you’ll get to take each vehicle for a spin. By going on a few thorough test drives, you’ll have an easier time deciding which car is right for you.

Start Shopping for a Toyota Today

At Ira Toyota of Tewksbury, we want to help make the car buying process as easy and streamlined as possible.

Contact us today to get started. You’ll then be driving home to Lowell, Dracut, or Tewksbury in a brand-new Toyota before you know it!