Finance FAQ


 

Find the answers to all of your frequently asked financing questions here!

Buying a car is a big decision, and figuring out how you are going to finance it is equally as important. Here at Dick Dyer Toyota we understand that not everybody is a financing wiz, so we have gathered some of the most commonly asked questions that we get back in the Finance Department, and are sharing our answers with you.

Still have questions don’t hesitate to call; (803) 786-4111, or stop by our Toyota Dealership in Columbia, SC.

Have a Question? Just Ask…..


Buying a car is one of the most important financial decisions that you will have to make. Unfortunately, it can be a bit overwhelming to sift through all the different options for cars and financing. That’s why we’re here to help you on some frequently asked questions.

Q: How do I get a loan?

A: To get a loan, you first have to apply either on your own at a financial institution or through a dealership. The latter will send your single credit application to multiple lenders, saving you time. Since dealerships work with lenders on a daily basis, a quick response is almost guaranteed. Lenders will look over your application, check your credit score, and either decline your application or offer you a loan with a set of terms that include length, interest rate, and monthly payment amount, among others.

 

How do I get pre-approved for a loan?

A: Getting pre-approved for a loan isn’t a bad idea, but it could hurt your credit score if you stretch your applications over weeks or months. To get pre-approved for a loan, head to a financial institution like a credit union or bank. Fill out an application and submit it. After that, all you can do is wait.

 

Q: How do I improve my credit score?

A: To improve your credit score, pay your bills on time, pay off your balances, avoid opening unnecessary credit accounts, and try to keep a good credit mix. Your credit score will also improve if you have a credit history that’s positive. By simply paying your bills and not incurring large amounts of debt that you can’t pay back, your credit score will improve over time.

 

Q: Should I lease a vehicle?

A: When you lease a vehicle, you pay a set amount of money each month. This amount is generally how much the value of the car will depreciate in the time that you have it.

At the end of the contract, you may be able to purchase the car for the difference between what you’ve paid and what the car is worth. Whether or not leasing a car is right for you depends on how long you plan on using the car, how many miles you will drive it each year, and how much you’re willing to pay.

 

Do I need a cosigner?

A: If you have any deficiencies in your credit history, you may be required to obtain a co-signer on your loan. The loan shows up on both your credit history, as well as the cosigner’s credit history, and they are responsible for the money if you do not come up with a payment. It’s important to think this relationship through before asking someone to cosign for a loan.

 

Sales Info

Phone Number:
  • Sales:(803) 786-4111
Sales Hours:
  • Mon - Sat9:00 AM - 8:00 PM
  • SunClosed

Common Finance Terms


 

Here are some of the terms that we hear most frequently in our Finance Office!

We know that some terms used can be a bit confusing for people who aren’t familiar with automotive financing, so we’ve made a list of some of the more common terms that you’ll come across when attempting to secure a vehicle.

Still unsure of what something means? Give us a call; (803) 786-4111, or stop by our Toyota Dealership in Columbia, SC and let us answer all your questions.

Common Finance Terms


Auto Equity Loan

Sometimes called a title loan, an auto equity loan uses the equity that you have in your car to provide you with a loan. Once the loan is repaid, you then receive your title back.

Bill of Sale

 Refers to a document prepared by the seller as proof of the purchase.

Blue Book

The Blue Book value of a car refers to the Kelley Blue Book. The Kelley Blue Book provides an estimate of what a car is worth based on various factors.

Default 

Failing to repay a loan based on terms of agreement.

Lessee

The person who takes a vehicle on a lease.

Lessor

The person or company that provides a vehicle to be leased.

MSRP

Manufacturer’s Suggested Retail Price.

Principal

What a person still owes on a car payment. Does not include interest.

Title

The document that proves that you own a particular vehicle.

Upside-Down

When you owe more money on a car than that car is worth.

Sales Info

Phone Number:
  • Sales:(803) 786-4111
Sales Hours:
  • Mon - Sat9:00 AM - 8:00 PM
  • SunClosed
 

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Dick Dyer Toyota

240 Killian Commons Parkway, Columbia, SC, United States

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(803) 786-4111

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240 Killian Commons Parkway • Columbia, SC 29203

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Today's Hours:

Open Today! Sales: 9am-8pm

Open Today! Service: 7am-7pm

Open Today! Parts: 7am-7pm

Dick Dyer Toyota

240 Killian Commons Parkway Columbia, SC
Phone: (803) 786-4111 https://www.google.com/maps/place/Dick+Dyer+Toyota/@34.1279776,-80.9635436,17z/data=!3m1!4b1!4m5!3m4!1s0x88f8a859304d99a1:0xc043f0aab514504!8m2!3d34.1279732!4d-80.9613496

Parts

Phone: (803) 691-5602

Sales

Phone: (803) 786-4111

Service

Phone: (803) 691-5602

Body Shop

Phone: (803) 451-8997

34.1281881 -80.9607264
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Dick Dyer Toyota
Dick Dyer Toyota
dickdyertoyota@eleadtrack.net
240 Killian Commons Parkway
Columbia, SC, 29203 United States
(803) 786-4111
http://www.dickdyertoyota.com/wp-content/uploads/2016/07/Dick_Dyer_OpenGraph.jpg
Dick Dyer Toyota 34.1281881, -80.9607264.