Financing FAQs

Absolutely not! Our online credit application is a tool to help you shop for vehicles without any obligation to buy.

Our online payment calculator tool is a great way to estimate what your payment will be on a new or used car. Simply enter the sample price with factors for consideration and you’ll be on your way to shopping with confidence!

Village Toyota works hard to protect your privacy and security. We have adopted technology and security standards widely used throughout the online banking industry. When you submit your credit application, your data is encrypted for further security.

Yes. Since your co-applicant is applying to be the co-buyer or lessee on your finance or lease contract, we need to run a credit report for you and your co-applicant.

For teens with big dreams, you’ll have to wait until you’re at least 18 to apply. The process can be intimidating for young adults since it does take time to establish a solid credit history. However there are lenders that consider people who have a limited credit history. If you can show a reliable source of income or can add a co-signer to your application, you may improve your chances of qualifying for an auto loan. At Village Toyota, our finance specialists are familiar with a variety of circumstances and we we’re here for you every step of the way!

Your Annual Percentage Rate (APR) is agreed upon by you and the dealership. Take a look at Understanding The Finance Charges to see how your interest is calculated. The average interest rate on auto loans depend on a number of market conditions.

After you submit your application, our credit analysts review it and make a decision. If you are approved, we notify you within one business day. We may also contact you to schedule an appointment to discuss your financing needs. In some cases, we may need more time to finalize a credit decision. If you are not approved within one business day, we may contact you with details on the status of your application. You should receive a final credit decision from us within three business days.

If you've previously financed or leased a vehicle through Southeast Toyota Finance, you may be eligible for special benefits, including a disposition fee waiver. Contact Village Toyota to learn more.

It’s a good idea to get pre-approved for an auto loan before shopping so you are armed with the knowledge of how much you can afford, but it is not necessary. Our finance team can help walk you through your lending options on-site.

“GAP” or guaranteed asset protection insurance covers the difference between the total remaining balance of a loan and the value of the car. Look at it as a complement to your comprehensive automobile insurance.

When you finance a car loan, a financial institution lends you the money you need to buy the vehicle. In exchange, you pay the lender interest and possibly fees to borrow that money over a specific number of months.

There isn’t a minimum credit score you need to have in order to finance a car. Every lender sets its own benchmarks and considers factors such as the type of car you’re buying or your income differently. Some lenders may be willing to work with people who have bankruptcies or recent repossessions in their credit history. At Village Toyota, we work with a variety of lenders to help you get the financing you need at a great rate.

If you owe more on your current auto loan than the vehicle is worth—referred to as being “upside down”—then you have negative equity. In other words, if you tried to sell your vehicle, you wouldn’t be able to get what you already owe on it. However, it still may be possible to trade up to a new vehicle. Contact a Village Toyota finance specialist for more information.

Absolutely. The first step to selling a car with a loan is to find out what you still owe on the loan. You can do that by calling the lienholder and asking for your payoff amount. Your finance specialist at Village Toyota can assist with this step as well. Be sure to ask if they have any important procedures for a vehicle owner who’s selling their financed car to a third party.

When you take out an auto loan, you commit to repay the loan in timely payments each month. A secured loan allows the lender to take possession of financial assets that can be used to repay the loan if you don't make the payments as promised.