One of the most frequent questions a car shopper has is, “How much will it cost?” Unfortunately, the answer is often “it depends” as there a host of factors that play into calculating the monthly cost of your vehicle. Among these factors are your credit, how much of a down payment you make, and the model vehicle and packages you choose.
Considering that you choose as a down payment, be it 25 percent, 10 percent or no down payment at all, it can really affect your monthly costs. Here are a few more tips for you, so you can maximize your vehicle potential while keeping to your budget:
– Maximize Your Down Payment - An up-front deposit will never accrue interest, and even paying 10 percent of the vehicle price up front can drastically reduce your monthly payments;
– Lower Your APR – Hunt around for the best deals and go that extra mile, you may find that an extra hour of searching now may save hundred over the course of your car payments;
– Pay Attention to Your Credit - Better credit leads to better terms, including better APRs and lengths of the deal;
– Buy What You’ll Use – By being smart about the features and options you want in your vehicle, you can get the best bang for your buck.
Also remember that while a longer payment plan will reduce your monthly payments, it will increase the overall amount you pay for the vehicle over those extra years, so weigh your options and discuss them with your family as well as our financing department.
At Royal Palm Toyota, our financing department is happy to help you with your vehicle financing issues, and we know how to work with all ranges of financial situations. Don’t be discouraged because a different dealer offers poor terms or no terms at all, we’re willing to chat with you and find out how we can make your next car a Toyota from Royal Palm Toyota.