Tips in Buying New Toyota Car via Financing in the Philippines

On your way to buy a new Toyota car via bank or in-house Toyota Financial Services (TFS)? Here are a few useful tips for you that I'm sure you'll find handy if you live in the Philippines. This might apply to other countries though but there will absolutely be a big service and price difference especially if you try to walk in on any designated branch or dealer near you.

Why You Need An Agent?

You will need an agent for so many reasons. To help you out with your desire to buy a new Toyota of whichever year model, an in-house agent is a good start. You can find so many of them online and offline and they all are so willing to help assist you in all your needs. Plus you get the assurance for a fast loan sure approval application. Make sure to talk to one before going to any nearby car dealer as it will help you big time as a first step. Below are some additional reasons why.

1. Fast loan sure application approval
2. You need an expert in the field
3. It's FREE!
4. Assurance you'll get all the FREEBIES
5. Lowest down payment available
6. Lowest possible interest rate
7. Get all promo offers
8. Worry-free less-hassle application process

Categorizing the Buyer

After making sure you have somebody who is well versed in the company, an agent who will assist you in your application for new Toyota car financing, the next step is to undergo pre-qualification. If you really have a good agent, he must know it's time to pre-qualify you through categorization.

By categorization I mean that he must assess his buyer (you) based from the over all capacity to pay. This is usually a sign that you are in good hands. Otherwise, you will end up with declined application. He must know where your income is coming from and how much it is or is it enough to pay for the monthly mortgage based from a standard loan calculator computation. And what unit his buyer is going to buy or wants to buy. Trust me, I've been in this process 3 times already.

The first one is when I accompanied my brother, the second time is when I bought my own new Toyota Avanza and the third is when I helped assist one of our neighbor friends in buying a new Toyota Fortuner. Furthermore, i've been in the car loan and lending industry for more than 3 years by the writing of this tip being a top collateral loan consultant for 3 consecutive years producing historical milestone monetary figures for the company I serve in the Philippines consistently.

Computation, Estimates and Presentation of Quotation

After choosing a good agent and undergoing a pre-qualification process through categorization, you must be ready to buy that new Toyota car by now. But not just yet. You have to see the figures first. The monetary aspect is the most important part after those 2 priority steps stated above.

Although you must have already decided which type of unit to buy based from the list below. And that happened right even before you thought of getting an agent to assist you, right? Don't worry, since figures are literally easy to come up with, your agent at this point can absolutely give you the go if whichever unit you've chosen before will be just beyond reach based from your income or capacity to pay.

• Camry
• Corolla Altis
• Vios
• Wigo
• Yaris
• FJ Cruiser
• Prado
• Fortuner
• Innova
• Avanza
• Hi Ace Commuter Van
• Previa
• Prius
• Alphard
• Toyota 86

At this point in time, your agent must present you facts based from monetary figures. He will not be the one to know if you can afford to buy that dream new Toyota car of yours. You will be the one to do that based from a standard computation of how much your expected monthly amortization will be. The quotation will be put side by side with your income and the suggested retail price (SRP) of the unit you want to buy.

To maximize your chances of getting approved of your car financing application, at this time, it's you who must make the decision. Your agent will only be the one to present you facts and figures so I strongly suggest not to be stubborn if you want to get approved. Although you will be the one to decide, don't be afraid to ask for an opinion. A very good agent will see things through and will give you a hint prior to wasting so much time with quotation. He will know outright after you present him your monthly income estimates as your capacity to pay for the loan. Be prepared to accept facts.

Loan Calculator and your Options for Low Down All-In Promo

Just to give you an idea, ALL IN promos are all about freebies. Toyota is a very reputable company and they give so many freebies which is open for all to grab anytime of the year. Your agent will be the one to discuss you with the inclusions, I'm just giving you a hint that ALL IN means "all freebies included".

Low down payment on the other hand will be the one that will help you realize that not all LOW DOWN PAYMENT means good. If you avail of this, the negative effect of this is that you will have to pay for a bigger monthly amortization later. My suggestion at this point is to go for maximum available and possible down payment that will still have you qualify for getting the ALL IN  freebies promo.

In my case, I took the 30% down payment for my new Toyota Avanza and was given a very low monthly amortization computation in return. If you have a big money reserve to use for your down payment, by all means maximize using it. My take is that rather than giving the approving financing bank or TFS the benefit of earning more out of your monthly mortgage plan thru a long payment term, have your agent assess and give you computation quotation options for 2 years, 3 years, 4 years and the maximum 5 years mortgage plan. This way, you have wider choices whichever you can afford.