Toyota Car Loan Conclusion

Published over 3 years ago

I'm coming into the last stretch of car payments, and I have to say its been a positive experience. The 2006 Toyota Corolla is still going strong with about 43,000 miles, a couple of dings, a pretty significant gash in the side from a snow plow, and 3 replaced tires.

My car loan was a no-brainer. It was a "no-money-down", fixed APR, 2.9%, 4-year loan. I was even able to pay for the state sales tax with the loan. The car as a resource has been worth the payments of $323 per month, and once its paid off, it will still be worth several thousand dollars. While only a few cars have the honor of increasing in value over time, I was confident that the "Yota" would retain its value, and seeing how much attention small, fuel-efficient cars are attracting these days, I'm sure it has.

Working with Toyota Financial, the loan originator, has also been a breeze. I had one issue when changing the checking account my automatic payment came out of, my payment was late, resulting in a $5 late fee. That's not an outrageous fee, but since I felt the issue wasn't my fault, I requested they reconsider, and they waived the fee and refunded my $5. Yay!