Are monthly payments necessary?
Unless you are in a position to pay cash for a new or pre-owned vehicle, chances are you will need to establish some kind of payment plan to obtain that vehicle whether it be a lease or financing.

How do car loans and leases differ?
The main difference between a conventional loan and a lease is the way you view said payment.  As is the stigma, when you lease a vehicle you are essentially paying for a set amount of miles or months, whichever is hit first, generally in the ballpark of 36,000-miles or 36-months.  When you "buy" or "finance" a vehicle, you still have a payment but you are paying to some day own that vehicle.  Check out our leasing page for more information on why leasing is a great idea.

How are monthly payments determined?
When purchasing a car, the size of the monthly loan payment is determined by the amount borrowed, the length of the loan, the interest rate, your credit score and history, and other factors.  The same theories apply to a leased vehicle, however payments are generally lower since you're only owning the car for a set period of time.

Are loans available for used vehicles?
They are, however they are a bit different from a run of the mill new car loan.  For used car loans, a down payment of 20 percent or more is often required and the interest rate can be a point or two higher comparitively.  This is due to the fact that in many cases banks are more hesitant to loan money for used car purchases as they would rather own a newer car if the borrower defaults.  In other words, the banks have learned that when they take it on the chin - and as the recent American banking collapse proved this can happen - they don't want to be too down and out.

Can extra fees and charges be financed?
Yes!  Extraneous fees such as registration, state taxes, documentation fees, and even additional vehicle coverage like GAP insurance or a Warranty Solutions Vehicle Service Contracts can often be included in the financing plan.

Which option makes the most sense?
This is the toughest question of all.  Basically, each plan has its benefits and each benefit may or may not suit your needs best.  The most important concern for buying or leasing from Handy Toyota is use:  will you be able to drive only 12,000 miles per year?  If you drive a lot, is a 15,000-mile per year lease going to cost more than the (hypothetically) offered 0% APR financing for 60 months?  The best way for you to get an answer is to fill out a finance application or speak with our finance team.  Send us an email to set things in motion and in no time you'll be in your new or used Toyota vehicle!

Check out our full Finance FAQ section for more information or come in and see us today at 39 S. Main St., St. Albans, VT  05478.