Toyota Finance Rates?

I heard about PenFed through here and got a 3.99 / 60 no problem. Thank you PriusChat. I would recommend it, if you can't find lower locally. I did have to donate $20 and also put $5 into an account, something like that, since I did not have anyone in my family in the military. Not a bad price for a 3.99% loan.

 

I was 22 when I bought my certified-used 2007 Prius back in May and got 3.9% financing for 60 months.

 

Not trying to start something here, but does anyone buying a new car care to hear these arguments? Does it make ANY difference to you? We obviously know that cars depreciate quickly. I don't buy used cars, period, and it's the same policy I apply to clothes. If you want to buy used, great, but offering that advice is like telling people to buy cheaper food. In other words, they would do it already if they wanted to. I prefer to buy a new car and know where every stain, scratch, and issue has come from - me. If everyone followed your advice, no one would buy new cars and then what would happen?

And you're also barking up the wrong tree here. How many used 2010 Prius' do you see? We're pretty much all here because we have or want the 2010 model.

 

Not sure if you noticed, but this is the "Gen III 2010 Prius Main Forum"...I'm sure 99% of the people reading this would happily have bought a clean used Gen III 2010 Prius, myself included. (Although technically I bought the closest thing I could find, a manager's demo, and saved $2K.)

 

Got my 2010 IV for 3.76 through Toyota financial services for 48 months.

 

9.99 for 60 months. purchased when i was 21. grandfather co-sign. wells fargo auto financing. (i do not recommend them)

 

I know this is probably a stupid question, but I have never bought a new care before (I am not young, I've just always bought used for cash).

I plan to pay off my loan in 36 months. But I would rather lock in a lower payment for 60 months just in case my life changes and a lower payment would make more sense (lose a job, illness, etc.).

If I finance for 60 months at 3.99%, and then payed what I would normally pay each month for a 36 month loan also at 3.99%, would I actually be done with the loan in 36 months or is there a penalty of some sort?
If there is no penalty, I will finance for longer and make extra payments I think.

 

Thats exactly what i did on my last car. I was financed through honda so can't speak specifically for other finance companies but I think they are mostly the same. There was no penalty. I just paid what I could each month and when they sent bills, my balance owing just always showed zero. It did come in handy a few months that were tight.. I was able to then make smaller payments.

 

I did the same thing, opting for 60-month but planning to pay faster as is possible. I asked and was told, and also checked the fine print on my contract, that there are no prepayment penalties. Though later I thought off, and I'm not clear on, whether I still have to pay the interest as if the money was borrowed for 60 months or if it is continuously recalculated.

 

I didn't have to, and that, in part, is how I built the equity in the honda faster, enabling the profit I got when I sold it, that allowed me to afford the prius!
:thumb:

 

Got 4.99% from Toyota for 60 months