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Discussion Starter #1
Hello everybody,
I bought a Rav4 2020 Hybrid LE back in January. I have around $21,000 remaining and the interest rate (from the dealer's finance is 5.4%). When we first went in to buy the vehicle, we didn't want to pay a lot of interest rates and wanted to get the gas model for 2019 for which they were doing a promo at the time 0% APR. But decided to get the hybrid instead for the 2020 model. I would like to know if we can somehow transfer the finance to another company which can maybe pay the $21,000 to Toyota and offer us a smaller interest rates. Does Toyota allow this? If so, how do I start the process?
Best regards
 

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Hello everybody,
I bought a Rav4 2020 Hybrid LE back in January. I have around $21,000 remaining and the interest rate (from the dealer's finance is 5.4%). When we first went in to buy the vehicle, we didn't want to pay a lot of interest rates and wanted to get the gas model for 2019 for which they were doing a promo at the time 0% APR. But decided to get the hybrid instead for the 2020 model. I would like to know if we can somehow transfer the finance to another company which can maybe pay the $21,000 to Toyota and offer us a smaller interest rates. Does Toyota allow this? If so, how do I start the process?
Best regards
Absolutely, it’s called refinancing. Check out your local credit unions or your bank. You can essentially get a new loan with the bank of your choice, choose how many months you want for your new loan, and the rate to go with that option. Bank pays off your Toyota loan and now you pay back the bank.
 

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Hello everybody,
I bought a Rav4 2020 Hybrid LE back in January. I have around $21,000 remaining and the interest rate (from the dealer's finance is 5.4%). When we first went in to buy the vehicle, we didn't want to pay a lot of interest rates and wanted to get the gas model for 2019 for which they were doing a promo at the time 0% APR. But decided to get the hybrid instead for the 2020 model. I would like to know if we can somehow transfer the finance to another company which can maybe pay the $21,000 to Toyota and offer us a smaller interest rates. Does Toyota allow this? If so, how do I start the process?
Best regards
I refinanced a VW Touareg through my insurance company and got a better rate and they covered the GAP insurance.
Planning to do the same with the new 21 Rav4 Hybrid we just go 2 days ago. But State Farm is in between banks right now and says they will call me when they get the new bank and rates ready, should be b4 the end of year.
Got the $1000.00 rebate for Toyota Finance but there is no payoff penalty so hope to get the best of both worlds.
 

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Discussion Starter #4
Absolutely, it’s called refinancing. Check out your local credit unions or your bank. You can essentially get a new loan with the bank of your choice, choose how many months you want for your new loan, and the rate to go with that option. Bank pays off your Toyota loan and now you pay back the bank.
Awesome. What affects the rates? My credit score is above 770 and can put $1000 per month on my vehicle.
 

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Discussion Starter #5
I refinanced a VW Touareg through my insurance company and got a better rate and they covered the GAP insurance.
Planning to do the same with the new 21 Rav4 Hybrid we just go 2 days ago. But State Farm is in between banks right now and says they will call me when they get the new bank and rates ready, should be b4 the end of year.
Got the $1000.00 rebate for Toyota Finance but there is no payoff penalty so hope to get the best of both worlds.
Wow. Does Geico offer something similar? Also are there any credit unions or banks you guys can recommend for low rates?
 

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Awesome. What affects the rates? My credit score is above 770 and can put $1000 per month on my vehicle.
Rates are affected by a lot. Credit score, lines of credit you've had, personal worth/assets, Federal interest rates, and so on. Without talking to a loan officer it is hard to say what you'll get.
 
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