Back in the 80s I remember returning to Adelaide from interstate and finding myself needing to buy a car immediately. Not having gone through the process before, I did not understand the ins and outs of car financing, all I knew is when I saw that classic old BMW in the car yard I wanted it, I wanted it now.
And of course the used car salesman obliged my obvious mouth drool and proceeded to spruik the fact I could in fact have it now with the help of his easy finance deal.
Not interested in fine print or interest rates at that time I realised soon after delivery when the documents arrived that I had signed my life away to some ridiculously high interest rate for 4 years and in the end I would pay them back 3 times the value of car’s purchase price! Apparently they were linked to some credit organisation that charged over 20% interest and gave huge commissions to the dealer.
This scenario as scary as it sounds still exists today for some unscrupulous dealers but fortunately it’s the exception and not the norm. And it’s definitely a new and more pleasant experience when you finance a vehicle with a reputable franchised dealership, in particular a Toyota dealership who have chosen to partner Toyota Finance.
Luckily Toyota dealers have the backing of Toyota Finance so our business managers are proud to explain to those looking to purchase through finance the real cost of their loan with upfront costs, interest rate and any other payments. It’s called transparency and Toyota Dealers are bound by a code of ethics and strict guidelines to deliver the best possible outcome for each individual guest seeking car finance and insurance.
Our highly trained business manager’s role it is to inform guests of every option available to arrive at the best solution and outcome for each customer. Every personal situation is different whether it be a commercial or consumer loan, based on full time or part employment or if it’s a one or seven year term? There’s even an option that allows you to upgrade to a new Toyota every few years and be provided with the peace of mind of a guaranteed future value of your new vehicle at the end of the loan term. This is called Toyota Access which gives the car buyer complete assurance, flexibility and control over their future needs or lifestyle changes. Not only do Toyota Access customers have the benefits of low deposit and weekly repayments during the loan term, but also the flexibility of choosing to keep, trade or return their new vehicle at the completion of their loan.
And the interest rates?
Well, be surprised because the rates are truly competitive and are rarely beaten by credit unions, finance companies or banks. This is one of the many reasons Toyota is the market leader in sales - they make it easier to own a new vehicle. We are all familiar with the many zero percent comparison rate or very low interest rate offers from Toyota in the past for locally manufactured vehicles. Unfortunately we can’t predict what Toyota will be doing in the future when local manufacturing ends in late 2017 but we can guarantee that the interest rates on all models will be competitive. This is why over 50% of Northpoint Toyota’s guests who buy a car choose to finance their purchase with a us.
Nowadays you the buyer have many choices from choosing the length of your car loan term to how much and how you want to pay. And Toyota’s flexible payment options allow you to incorporate extra costs such as various on-roads, loan protection, extended warranty, insurance and roadside assistance into the amount financed. You can also make extra payments to reduce the total interest payable, and can include a balloon final payment so as to reduce monthly repayments.
So in conclusion, Vehicle Financing has come a long way since the old days where the fine print was hidden and it was a case of buyer beware. There should be no nasty shocks awaiting in the future any more. Be sure when financing any vehicle it has the backing of a reputable, trustworthy brand and be sure to study the terms.
For detailed information about Vehicle Financing at Northpoint Toyota see our Toyota Finance website information.