Financing the car through Toyota Financial Services
How to get 0% APR for 60 months on a new Toyota Camry. Financing the vehicle from credit application at dealership to managing account online.
While shopping for a new vehicle, it is worthwhile to make a new purchase when the car manufacturer offers cash rebates, low or 0% APR financing. At the time we needed to get new wheels, Toyota offered 0% financing plus $1,000 cash back. Additional $250 bonus cash applied to a new 2016 Toyota Camry financed through Toyota financial services at a standard APR.
You have to qualify to get low or 0% financing through Toyota Financial Services
Not to be confused – you have to qualify to get 0% annual percentage rate on the amount financed, means they will check your credit history. There are certain requirements to the credit score and income. Once you fill the credit applications and minimum requirements are met, you can finance a new car at 0% APR and get an applicable cash offer(s) which will be automatically applied to the total purchasing price of a car reducing outstanding balance.
You can certainly make a down payment at the time of a purchase what will decrease your loan amount and lower monthly payments, but if credit will cost you $0 over 5 years, it is no reason to pay anything upfront.
Get additional $250 cash back and finance with a regular APR, or no extra cash and 0% APR
It’s all about terms and math. If you are planning to make 60 payments over five years – it is definitely better to forget about $250 loan reduction. But in case of paying off $22,000 balance in few months, just get extra cash. Interest charges for such short term even with 3.99% APR still will be lower.
In about a week after purchase we’ve got first bill in the mail.
Once you get billing statement with account number provided, it is pretty easy to register account online and view/pay bills at convenient time. There are couple things you might take into consideration while dealing with Toyota Financial Services.
1. Billing statement mailed to you doesn’t provide your payoff amount. In order to get payoff, you have to access account online and provide a reason for obtaining a payoff. Or there is always an option to call Financial Services.
2. You cannot make payment with a credit card.
There are three ways we considered to pay a car loan.
1. Add checking or savings account online at Toyota website.
3. Use bill payment option from the bank we have checking account opened.
As for now, we opt to use the third option.