Refinancing an auto loan can help you obtain a lower interest rate and secure lower monthly payments. If you bought your Toyota from a certified dealer using Toyota Financial Services, you may be able to negotiate a refinance through Toyota Motor Credit. You also have the option of comparing rates from other lenders and applying for a loan through one of them.
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Use Toyota Financial Services
Contact Toyota Financial Services by calling 1-800-874-8822 or visit the company's credit division online (see Resources). You can fill out a credit application online or talk to a customer service agent about financing options. Qualifying for a refinance loan will be based on your credit score and the age and the value of your Toyota. Refinancing usually only make sense if your car is worth more than you owe or if the refinance gives you better loan terms and conditions.
Shop Other Auto Lenders
Compare loan estimates from several lenders before making a decision. Talk with a representative at your personal bank or credit union or check out Consumer Reports for details on top-rated auto financing companies.