How Does Car Financing Work?

 

Is it time to purchase a used or new car to enhance your drives around Provo and Lehi? You have the option of buying the vehicle outright, leasing it, or applying for financing. But what is financing a car anyway? If you’re wondering, “What does it mean to finance a car?” and “How does financing a car work?”, the team at Brent Brown Toyota, is here to help you understand so you can have a well-informed and stress-free car-buying experience.

 

 

How Does Financing a Car Work?

The first step to learn how car finance works with a new or used vehicle is to apply for the auto loan through Brent Brown Toyota, a bank, or a credit union. Apply for the auto loan online, or fill it out at our Orem dealership. Factors that the lender will look at include:

  • Credit Score
  • Loan Amount
  • Length of Loan
  • Debt-to-Income Ratio
  • Age of the Vehicle

If you know your credit score is low or you don’t have the strongest credit history, considering asking a close friend or family member to cosign your loan.

2017 Toyota Camry Interior

 

Choose Your Lender

If you get approved for an automotive loan, you may have a few options to choose from. If the dealership offers in-house financing, you are able to compare their offer to a bank or credit union so you can see which is the best deal. Take a look at how much money you are able to put down, and how much your monthly payments will be to ensure you can pay back the loan on time.

Finalize the Loan Terms

Before the loan is finalized, you will want to negotiate the price. The negotiation process is when a Draper car buyer and the salesman goes back and forth until you have settled on a loan with an interest that works for your budget. Once you have done that, the loan will get finalized, and the deal is closed. You will then sign all of the necessary paperwork, take the delivery of the vehicle, and drive home to the Draper area in your Toyota vehicle.

Want to Know More About Car Financing in Orem?

For additional information about financing a car or the process, feel free to contact us or stop by our Orem dealership to speak with a friendly and knowledgeable member of our finance department.

Learn More with Brent Brown Toyota

  • What’s Inside the New 2021 Toyota Venza?

    On the hunt for a new SUV for your Provo commutes? The new 2021 Toyota Venza is an irresistible option that many Lehi drivers come across while browsing for their next car. The Toyota Venza interior is one of the main attractions for this SUV. Let’s experience the Toyota Venza interior colors and specs with…

  • 2021 Toyota Tacoma Colors

      With an outstanding towing capacity and multiple configuration levels to choose from, the 2021 Toyota Tacoma is a competitive option for your next midsize pickup truck for the Provo roads. On top of the amazing Tacoma features and performance, you can also choose from a total of ten 2021 Toyota Tacoma colors, making this…

  • What Are the Toyota Prius Models?

    Are you considering the 2021 Toyota Prius for your next car? The Toyota Prius has three models available for your Provo commute, but what is the difference between them? Brent Brown Toyota covers the differences between each Prius model below so you can find the right option for your Lehi drives. Read on to compare the Prius…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

(801) 224-1320

Call Now

1400 Sandhill Rd. • Orem, UT 84058

Get Directions

Today's Hours:

Open Today! Sales: 8:30am-9pm

Open Today! Service: 8am-6pm

Open Today! Parts: 8am-6pm

Brent Brown Toyota 40.2711287, -111.7126181.