If you’re in the market for a new car, now may be the perfect time due to favorable interest rates
For example, in the month of May, the new car finance rate came in at just 4 percent, the lowest since August 2013. To compare, the finance rate in May of 2019 was 6.1 percent. This is the third-lowest rate since 2002.
The reason for this is fairly simple; the high proportion of deals that are at 0 percent APR. 24 percent of all new cars over the last months were purchased with no interest.
So, say you’re looking for a new Camry, and why wouldn’t you, these cars are loaded and gorgeous! If you’re a qualified buyer, you can get a 2020 Camry with zero percent APR for 60 months. Plus, Toyota is also offering a two-year, no cost maintenance plan with roadside assistance. Mileage is terrific on the new Camry with 29 city MPGs and 41 highway MPGs.
If you need a bit longer finance period, Toyota has you covered there as well. You can get a brand new Camry with just 1.9 percent APR for 72 months. With the Camry Hybrid, 0.9 percent APR for 72 months is available.
The Camry isn’t the only vehicle that qualified buyers can get at 0 percent APR. You can also qualify for 0 percent APR for 60 months on the 2020 RAV4. That also includes a two year, no cost maintenance plan with roadside assistance. The RAV4 is the best-selling SUV in America.
Other deals that Toyota offers includes 1.9 percent for 72 months on a 2021 Corolla, Corolla Hybrid and Corolla Hatchback, 0 percent APR for 60 months on a 2021 Prius and 0 percent APR for 60 months on a 2020 Avalon and Avalon Hybrid. All of these deals are set to expire Nov. 2, 2020 so be sure to jump on these great rates soon!
If you’re trying to figure out what type of rate you might be eligible for, find out first what your credit score is. If you have a credit score of 781-850, the average rate on a new car is 3.17 percent, while for a used car it would we 3.8 percent.
For those with a credit score of 661-780, the average rate is 4.03 percent for a new car and 5.48 percent for a used car. If your credit score is in the 601-660 range, the average rate for a new car is 6.79 percent and 10.1 percent for pre-owned.
Toyota understands that times are tough and money is tight. Because of this, they are looking to help you out anyway they possibly can with some of the best deals on new cars that they have ever offered.
If you’re looking for a car that will keep you financially responsible, visit Rusty Wallace Toyota. Get great rates and a financing plan that works perfectly for you and your budget. Just come on down to Morristown for an in person visit or give them a shout at (423) 587-1972. Isn’t it time you Love What You Drive!