I've been debating an '06 Sienna van, but I'm curious if a down payment is always required, namely if I want the 0% financing through Toyota credit.
Having not gone through this process for a long time, I'm curious if a down payment is always necessary. If I ask Toyota directly, I'm not completely sure that I'll get a straight answer, so I'm asking it here instead.
Thanks.
2007-02-22 14:33:57 · 14 answers · asked by Rob 5 in Cars & Transportation ➔ Buying & Selling
Down payments are not always required. It mostly depends on your credit rating. If you are looking for the 0% financing rate, there may be a cap on what they will finance-but I don't think so. With most 0% finance, there are no other rebates or incentives offered, but check that out too. Rebates or incentives count towards a down payment. So does a trade in if you have one. Usually 0% financing has a term limit in years, like 3 or 4 years. Your payments may be high, and a down payment will lower your payments.
You can try and go to Toyota's website and anonymously get the info on the 0% finance rates and other rebates and incentives that they offer.
Hope this helps a little.
2007-02-23 01:55:16 · answer #1 · answered by just me 6 · 1⤊ 0⤋
No. I've traded in cars before, and that took the place of the down payment. You just have to tell them that you will give them the trade-in and that you want to finance the rest. You have to have a good credit rating, but it's doable.
They used to not like it, but now they seem to like it, because they are also in the finance business. They like for you to finance a big amount, because they get the interest. Now, if you go for 0% interest you may have to have a shorter finance period which would likely make your monthly payments pretty big.
2007-02-22 14:41:14 · answer #2 · answered by marcosarroyos2003 2 · 1⤊ 0⤋
No, not even. About half the time people dont put anything down. The salesman and the dealership want you to put something down because then they can get their commissions checks that much faster. If you dont put anything down then they have to wait for the loan to close and be funded in order to get their money. That is why the salesman will always push to get you to put atleast 1000 down. Their commission is usually only a few hundred bucks.
2007-02-22 14:44:58 · answer #3 · answered by Steven S 2 · 1⤊ 0⤋
No, Down payments are for people with bad credit or people who want to get there payments lowered. Also companies may force you to pay one but there is no car manufacting law/statements saying you have to. Good Luck, Hope this helps!
2007-02-22 14:46:42 · answer #4 · answered by Someone 4 · 1⤊ 0⤋
It depends on your credit and your income. I down payment always helps, but sometimes you can get a loan without it if your credit is really really good.
2007-02-22 14:37:53 · answer #5 · answered by Nette 5 · 1⤊ 0⤋
Not required. Very recommended for 0% though unless your credit is outstanding. You could probably negotiate it though with the way new cars are selling.
2007-02-22 14:43:01 · answer #6 · answered by rowyco12 1 · 1⤊ 0⤋
never give a down payment, if they insist go some where else, look for rebates on any car dealer ship
2007-02-22 14:37:59 · answer #7 · answered by JT B ford man 6 · 1⤊ 0⤋
I think so if you want th zero percent, not having one might get you a higer APR. And it would be based on your credit score more than any thing.
2007-02-22 14:38:05 · answer #8 · answered by Anonymous · 1⤊ 0⤋
No, But more you put down up front lowers the amount you owe. Less you owe will mean less interest you will have to pay.
2007-02-22 14:37:20 · answer #9 · answered by Brown & Bubbly 2 · 1⤊ 0⤋
If you don't have any money, you probably already owe quite a bit. Buy a used car and get out of debt.
2007-02-22 14:37:37 · answer #10 · answered by geomoto 2 · 0⤊ 1⤋