If you’re looking into purchasing a new Toyota, you should think about getting car financing from Priority Toyota Chesapeake. There are several benefits to doing this, and those we’ve gathered together here are just a handful that you should consider!
1. The Most Competitive Rates
One of the biggest reasons to get financing directly from your dealership is that your dealer will offer you the most competitive rates possible. There are lots of different lenders out there, all of whom can provide you with different rates and options – but your dealership wants to keep all aspects of your business. That’s why they strive to be able to provide you with the best finance rates. There may also be some additional incentives available that you should make sure you ask your dealer’s finance department about.
2. Afford a Better Car
If you want to pay for your vehicle’s purchase in cash, there are certainly some benefits to this: however, there are several drawbacks as well. One of the drawbacks is that you are going to be much more limited in the options you have available. You may wind up needing to buy a lower-quality car because it’s what you can afford in cash.
But if you get vehicle financing, you’ll be able to consider several more options. You may even be able to afford the higher trim level that you’ve been considering.
3. Improve Your Credit Score
Your credit score can determine a lot of things about your financial status. A low credit score can impede your ability to get loans as well as things like mortgages and even certain rental properties and jobs. This is why it’s important to find ways to raise your credit score if yours is currently low.
One of the best ways to increase your credit score is by getting a car loan. These loans are easy to get even if you have a bad score. Paying off your loan on time will help boost your credit score considerably.
4. Grow Your Savings
When you pay for your car in cash, you are going to have to use up a big chunk of your savings. While it means not having to make monthly payments, it also means that you may not have those funds if you need them for other major purchases or emergencies.
If you decide to get vehicle financing, you’ll be able to keep growing your savings. You’ll only need to put down a portion of the car’s total cost as your down payment. Save the money you’d have had to spend otherwise for other big purchases you may need to make.
If you’re purchasing a new Toyota, consider getting financing from your local dealer. Financing will help you afford a better car, build your credit score, and increase your savings, and your dealer can offer you the best rates. Ready to see what we can do for you? Get in touch with us at Priority Toyota of Chesapeake.
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