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Help! Don't understand buying terms. Can you explain this special to me?
My car just died today. I bought it new when I was 17... 17 years ago. So, needless to say, I've been out of the car market for awhile. I had hoped to hold onto it until my husband's car payments were done in a year, but it doesn't look like that is going to happen. I need to keep my payments to a minimum, at least until next year when we pay off his car, and I don't have anything for a downpayment really.
I just saw this offer for financing on the Toyota website, but I can't make heads or tails of it. It seems to be worded the way most financing offers are, and I figured if I could understand this one, I can probably translate it to other offers.
Can you explain this one to me like I'm a 5 year old? Math has never been my strong suit.
On approved credit from Toyota Financial Services. 0% APR for 36 months with $27.78 per $1000 borrowed. 0.9% APR for 48 months with $21.22 per $1000 borrowed. 1.9% APR for 60 months with $17.48 per $1000 borrowed. Varies by region. See participating dealer for details. Vehicles shown with optional equipment and may not reflect advertised model. Cannot be combined with any other offers. Subject to availability. Offers end 10/4/2010
3 Answers
- Stupid FlandersLv 71 decade agoFavorite Answer
It means with a FICO credit score of 720 or higher and a favorable debt/income ratio, you can qualify for one of these offers as long as you sign an agreement to purchase by 10/4/10.
- 0% for 36 months. (Amount borrowed / 1,000) * $27.78 for 36 months.
- 0.9% for 48 months (Amount borrowed / $1,000) * $21.22 for 48 months.
- 1.9% for 60 months (Amount borrowed / $1,000) * $17.48 for 60 months.
You cannot combine the special financing with any other dealer or manufacturer cash back offers.
It is also subject to availability of the model you are interested in and the one you see advertised may not be available.
- Unsub29Lv 71 decade ago
It sounds like a crooked deal. If you can't understand it then either question them intently about it until you understand or walk away from it.
www.edmunds.com
www.kellybluebook.com
www.cars.com
Do some research first. Call at least 2 different dealers. Make them compete for your business once you are ready to deal.
I bought a new vehicle in February. I called 4 different dealers. I was able to get 3 competitive bids.
My failing point was in the finance area b/c I was not prepared. Time will tell if it was a wise move or not. I had reasons for doing what I did. It was a new to me car company. I got the extended warranty.
If you plan on keeping the car a long while then look at Hyundai. They are underpriced cars and they are good. The Hyundai I looked at was not good enough on gas and was not good enough for the environment. I was really impressed. The version that was better just didn't seem sturdy enough compared to its competition.
I bought a Nissan and love it. I had a Toyota which I loved too. Honda is great too.
No worries. My math teacher told us that car dealers never have sales. Do your research. It's so easy these days. Call multiple dealers. Make them make you the best deal they can or you will go elsewhere.
Look at reviews online for the car dealerships - see what other customers have to say.
I talked to one dealership that wouldn't give me anything unless I came in. They had negative reviews. I didn't even entertain them seriously. Another dealer wanted me to come in but they did finally make a deal but it was too late.
- STEWIELv 61 decade ago
It means if you borrow $10,000, your monthly payments will be $277.80/36 months. It would be $212.20/48 months. $174.80/60 months.
