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What is the dealership’s role in financing my vehicle purchase?

In most cases, we provide our customers the service of securing financing for their auto loan. We work with dozens of different banks and credit unions so we can find the best terms and rates available for our customers. However, we cannot dictate the terms of the loan; only the lender can do that. They provide us with a variety of options for which you qualify, and you choose what best fits your budget.

How is my finance rate determined?

The lender determines your finance rate based on multiple factors, including: down payment, length of financing term, job time, income, time at residence, previous auto loan history, other currently active auto loans, debt to income ratio, etc. Your credit score is important, but it is certainly not the only determining factor. If you have concerns or questions about finance rates, feel free to contact us and have a conversation with one of our finance managers.

Can I finance my new car through my own bank or credit union?

Absolutely. Some of our customers choose to use a lender with whom they already have a relationship to secure their own loan before the purchase. You may find, however, that we are able to negotiate better terms because not only do we benefit from doing volume business with lenders, but we also have access to lenders not available to the general public.

What is equity in my trade?

Equity is the difference between what your vehicle is currently worth, and the amount of money you still own on the loan. If you still owe more than your vehicle’s currently determined value, it’s called negative equity. If your vehicle is worth more than the amount you still owe on the loan, you have positive equity. For instance, if you still owe $8,000 on your loan, but your car’s value is $12,000, you have positive equity of $4,000. In this example, your trade-in is like making a $4,000 down payment.

How does equity affect my financing?

Positive equity in your trade will reduce the amount of money you are required to finance. It works like making a down payment. If you prefer, you can receive a check for the positive equity in your vehicle, but this can only happen after the original lender receives payment in full on the loan and the title is released to the dealership. That can take up to 6 weeks, so most people prefer to use their positive-equity trade-in like a down payment. Negative equity is rolled into the loan on your new vehicle and will increase the monthly payment unless offset by an additional down payment.

Should I wait to make more payments on my vehicle before trading it in to reduce my negative equity?

As reasonable as that sounds, it can actually work against you, because the older your vehicle gets and the more miles you put on it, the less value it retains.

How do manufacturer rebates factor into my loan?

Rebates reduce the overall amount of your car loan, very similar to money down. Manufacturer rebates are factored into our price to you.

Are there pre-payment penalties in my loan?

None of the lenders we work with apply a pre-payment penalty.

Can I make extra payments?

The lender determines that, but most often the answer is yes. This is a good question to bring up with your finance manager while you are determining which of the lender terms to choose.

My credit history is sketchy; can I still finance a vehicle?

We will explore all the options available to you and work hard to help you secure financing. If you have questions about challenged credit financing, call 480-526-7944 to speak with one of our credit specialists.


Larry H. Miller Toyota Peoria

8633 West Bell Road
Directions Peoria, AZ 85382

  • Sales: 602-910-4763
  • Service: 855-765-0728
  • Parts: 855-765-0729

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  • Monday 8AM - 8PM
  • Tuesday 8AM - 8PM
  • Wednesday 8AM - 8PM
  • Thursday 8AM - 8PM
  • Friday 8AM - 8PM
  • Saturday 8AM - 8PM
  • Sunday 10AM - 4PM