When you’ve been thinking about purchasing a used car, you’ll want to do some research about the car-buying process before you begin. At Toyota of Gallatin, we want to make this experience as easy as possible, which is why we provide drivers throughout Nashville, Gallatin, and Madison, Tennessee, with resources to help them throughout the process.

On this page, we’ll walk you through some of the questions you should ask before financing a used car. You should consider some of these before stopping by our dealership so that you can feel well-prepared to start the process. Other questions you may not be able to answer until you speak with a salesperson.

Questions To Ask Yourself Before You Arrive at Our Dealership

Before heading over to our dealership to start financing a used vehicle, you’ll want to think about your financing goals and options. From learning your credit score to calculating your trade-in value, there are a few things you can do to make this process go smoothly.

To help you with this important preliminary step, we’ve complied a list of three questions to ask yourself before officially starting the financing process.

1. What’s My Credit Score?

It’s important to know your credit score before you begin the used car financing journey, as this figure can impact your options. There are various online tools that can help you determine your credit score, such as Equifax® and Experian.

You should be able to receive your credit score in just a few minutes. However, if you have questions about how to determine your credit score, feel free to give us a call. A member of our team will happily assist you so you can feel well-prepared for the financing process.

2. What’s My Budget?

After looking at your credit score, you’ll want to determine your budget. Think about the type of vehicle you’d like to purchase and the features you need it to include. Then, browse our inventory to see the value of these models.

With this information in mind, you’ll be able to set a budget that you feel confident about. During this time, you’ll also want to decide how much your down payment will be. Putting more money down upfront can help you save in the long run, as you won’t have to pay as much interest.

3. How Much Is My Current Car Worth?

If you plan to trade in your vehicle and apply its value to the down payment for your next car, you’ll need to determine its value. There are many online tools that can help you with this step, and we’re proud to offer our own online trade in tool on our website.

Simply tell us your vehicle’s year, make, model, and trim, and we can provide you with its market value in just a few seconds. When you bring it to our dealership, a member of our team will officially appraise your car and make you an offer.

1. What’s My Interest Rate?

When you receive a loan, you’ll have an interest rate. This figure can vary depending on your credit score and other factors. It's important to try to get the lowest rate on your auto loan; this will help you get the best deal on your used vehicle.

You can use online credit tools to get an idea of your loan options and interest rate. To make this step even easier, our dealership is proud to offer an online credit application that allows you to get pre-approved for a loan before you arrive.

2. How Long Is My Loan Term?

Usually, a car loan lasts anywhere from 36 months to 72 months. When finalizing your payment options and loan, you’ll want to try and make your loan term as short as possible. While this means you will have to pay more each month, you’ll save money over time, as you’ll pay less interest.

Make sure to focus more on the total cost of the vehicle than the monthly payment when you're reviewing your loan terms. The most important thing to remember, though, is that you should feel confident about your financial plan.

3. What’s the Used Car’s Total Cost and What’s Its Value?

When financing your used car, you’ll want to make sure you know how much its worth. You can research similar models online, but one of the easiest ways to find the value of the specific vehicle you’d like to purchase is to use Kelley Blue Book®.

It’s helpful to know your vehicle’s value so that you can make well-informed decisions while financing. You don’t want to pay more than the vehicle’s worth. Additionally, if you sell or trade in your car at a later date, you can be certain of its cost and get a fair price for it.

Learn More About Used Car Financing Today!

After reading this short guide, you should feel confident that you know what questions to ask before financing a used car. If you need additional assistance, however, don’t hesitate to contact us. We love helping drivers throughout Nashville, Gallatin, and Madison, TN, learn more about financing at our dealership.

When you visit Toyota of Gallatin, we’ll show you our inventory and help you select a used car that’s perfect for you. Then, a member of our finance team will help you craft a payment plan that’s tailored to your needs.

Stop by today to see our inventory up close and schedule test drives of all your favorite used models!