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The Toyota RAV4 is a versatile compact SUV with impressive fuel economy. It's not surprising that it was named 2020 Best Cars for Families for its class by U.S. News and World Report.
Exploring your financing options can help you snag a better deal when you finance your next RAV4.
You can finance your new car in a few ways. And while some options may be more convenient, you may be stuck paying top dollar for Toyota RAV4 financing if you don't do your research.
Most dealerships let you buy and finance your new wheels. Dealers operate as the middleman and get a cut when you finance through them. They'll often market their best terms and promotions, such as 0% APR for 60 months on all 2020 Toyota RAV4s, to get you in the door. But these are for well-qualified buyers with excellent credit of 740 or higher.
Borrowers who don't qualify for the best deal may find themselves with higher interest rates and unfavorable loan terms. Be sure to compare car loans to know what's a good deal before walking into a dealership.
You can also get financing through the manufacturer itself. Customers can select their perfect car on the Toyota website and then apply for a car loan through Toyota Financial Services (TFS).
Toyota works with participating dealers to honor its loans and get you behind the wheel of your new RAV4.
Shopping around for car loans from different lenders will likely get you the best rate. Banks and other lenders set their own interest rates and loan eligibility. By comparing loan quotes, you might snag a better deal than going through a dealership.
And once you secure preapproval, your car dealership now has to compete for your financing business — which really puts you in the driver's seat when it comes to negotiation.
Compare auto loans that match your budget.
For drivers in the market for a used Toyota RAV4, you can shop and finance your vehicle from a few companies.
Carvana's iconic car vending machines make shopping for used cars convenient. You can browse its inventory, inspect individual cars with its patented 360° photo technology and obtain financing without ever leaving your couch.
Carvana accepts all types of credit, and its income eligibility is more flexible than most lenders. Customers can also use its estimate calculator to see how Carvana financing stacks up against other lenders.
Unlike Carvana's straightforward, nonnegotiable car loan, Vroom's financing has a bit of wiggle room. Vroom has a small network of lenders, including national banks like Chase, that offer Vroom customers car loans by competing with each other for your business.
Since it partners with several lenders, you won't find concrete borrower qualifications. You'll need to complete a financing application to get loan details, which will result in a hard pull on your credit and potentially lower your credit score. But if you finance with Vroom, it'll handle registering your vehicle on your behalf.
When you purchase a CarMax car, you can bring your own financing, pay in cash or borrow through CarMax. To see an estimated APR for your credit score range, use CarMax's budget calculator. You can also change the loan terms to lower your monthly payment or raise it to pay off the loan faster.
Since CarMax works with multiple lenders, including Ally and Capital One, it doesn't publish borrower loan requirements. Instead, you'll need to apply to get loan details.
Here are a few things that make you an attractive borrower.
You don't have to finance your new — or used — Toyota RAV4 through the dealership. To get the best rate and a monthly payment that fits your budget, compare car loans before you head to the lot.