Vehicle Financing 101: Everything You Need To Know About Car Loans

Finding the right auto financing program might sound tricky, but it doesn’t have to be.

If you need help paying for your new vehicle, a secure auto loan will do the trick. At Castlegar Toyota, we offer the best rates on new and pre-owned vehicles in the Kootenay Region of British Columbia. Our finance programs are affordable, with low-interest rates and we can even get you pre-approved within minutes!

Before you come down to the dealership, there are a few things you should know about auto loans from Castlegar Toyota. To make things even easier, we’ve put together a FAQ sheet.

Here’s what you need to know:

Do I have to pay to fill out the form?

Absolutely not! Our quick and easy online credit application form was designed to jumpstart the auto financing process. Simply enter a few personal details and a member of our Finance Department will be in touch shortly to discuss your options. Consider this an introduction. Our form is 100% confidential and your information will not be shared with any third-parties.

What if I have bad credit?

Good credit, bad credit, non-existent credit and everything in-between, Castlegar Toyota has the experts and the financial resources to find an affordable financing program for everybody. We have helped many people in similar situations find the car of their dreams, and get back on track to good credit.

Does applying for a loan hurt my credit score?

If you apply for any type of loan, yes, your rating is affected, but not necessarily in a negative way. This is because when third-parties are involved, they send your information out multiple times hoping somebody will accept you. At Castlegar Toyota, your information is reviewed once, by us, and we never send your information out to anybody. After careful review and assessment of your financial situation, we’ll contact you and go over your best options.

How much do I qualify for?

Until we make a proper assessment, we cannot say upfront. However, once we know, you’ll know! Plus, at Castlegar Toyota, we have an amazing inventory of pre-owned vehicles under $10,000 that can be a great starting point if you’re looking at a lower cost vehicle. 

Can I trade in my vehicle and put it towards a down payment?

Of course you can! Your used car is certainly worth something, and it’s one of the best ways to jumpstart the financing process--with a larger contribution up front. Castlegar Toyota offers an obligation-free trade-in appraisal, where we’ll evaluate your older model and tell you its face value. With that information, you can sell it to us and keep the cash, even if you don’t buy one of ours!

What documents do I need to apply?

To apply for any of our financing programs, you must be at least 18 years of age. It’s a good idea to bring any supporting documents, like your driver’s license, passport or health card. You should also bring any documents that show existing credit payments, like a utility bill. If you’re a student and have government tuition loans, any documentation of the sort will suffice. Contact us online if you are unsure as to whether you have such documents and we’ll help you out!

Are you shopping for a new car and need a hand with auto financing? At Castlegar Toyota, we’ve got you covered. We are your one-stop auto financing resource and are committed to getting you behind the wheel faster with our hassle-free application process. Connect with our credit specialists today or call us at 1-(877) 969-1929 for further information.

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