Toyota Finance Center in Homosassa, FL

When you’re shopping for a car loan, you typically have two choices: obtaining a loan through your dealership’s financing department or securing a loan from a financial institution, such as your local bank or credit union.

You can help take some of the pressure and stress out of your decision by shopping around for a loan and applying for preapproval with various lenders before you set foot in a dealership. Village Toyota offers an easy pre-approval process you can complete from the comfort of your own home that allows you to choose from a variety of lenders serving all credit types. We’ll help you navigate all the details, from loan amount, rate, and terms you’re conditionally approved for.

Depending on the bank, you may be able to apply for bank preapproval online, over the phone or at a branch. You’ll likely need to provide some personal information, such as your Social Security number and birthdate, as well as employment and income details.

Generally it is best to wait to begin the preapproval process until you’re serious about starting your car loan shopping. Multiple hard credit inquiries within a time frame of 14 to 45 days will only count as one, so it makes sense to do them around the same time.

Once you’re preapproved and identify the loan that best fits your needs, you can head to the dealership with your preapproval documents.

If you qualify for 0% APR, or annual percentage rate, financing or other incentives — such as car rebates or bonus cash, you might find that getting an auto loan through the dealership is the least expensive financing option.

While some banks consider applicants with less-than-perfect credit, you may find that getting approved for financing through a dealership is easier. Village Toyota even has a special financing department dedicated to helping people with lower credit scores get financing.

Once you are pre-approved for a car loan, you’ll know how much you can afford, what your monthly payment will be, and your interest rate. We’ve been helping customers in Citrus and Hernando county get the financing they need for over 35 years, and we look forward to serving you.

Still have questions? Contact us today to connect with a finance specialist.