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Originally Posted by underscore
I've been poking around the site, 2.99% is the lowest I've seen and better than what I can currently do privately (just). I'm curious if that has to get locked in when the car is allocated, or closer to when it arrives.
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The interest rate from Toyota gets locked in the month you're taking delivery, and the dealership has no control over that. With enthusiast options, Toyota Financial likes to go 4.99% upwards. Some larger dealers also offer in-house financing that can beat this rate.
Quote:
Originally Posted by underscore
I'm also wondering if anyone knows about paying it off early. I assume there's some fee to set up the financing and a fee for just lump sum paying it off? In which case I might be better off paying a slightly higher interest rate using my LOC to be able to do whatever I want to the loan later.
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Most dealers will automatically add the finance fee and a doc fee which you may be able to negotiate away, but in your case I doubt it. They will also want you to finance through them since they get a kickback from the financial services company, and using a LOC is as good as cash payment from their perspective.