How to Finance a Rav 4 Toyota

If you're in the market for an SUV, you might be set on purchasing a Toyota Rav4. You have some different options to finance a Rav4, from getting a loan at your local bank to getting approved through Toyota's financial department. While your credit history has a lot to do with getting approved for a Rav4 loan, it's possible to still get a loan, even if one financing option doesn't work out.

Difficulty:

Easy

Instructions

things you'll need:

• Driver's license
• Two documents supporting proof of residence
• Last two pay stubs
• Social security number
• Bank statement
• Proof of insurance
• Vehicle information documents

1. • 1

     Visit your financial institution, and ask for an auto loan. Many banks or credit unions will be happy to give you a loan if your account is in good standing and your credit history isn't poor. Provide the financial institution with your social security number, and bring your driver's license, your last two paystubs, two utility bills or two documents that prove your place of residence, last month's bank statement, vehicle information documents that provide the VIN, year, make and model, and proof of insurance. Some financial institutions might not ask for all of the documents.

   • 2

     Apply for a loan through Toyota Financial Services. Toyota Financial is Toyota's financial services and focuses strictly on financing Toyota vehicles, such as the Rav4. You can apply for a loan through the Toyota Financial Services website (see Resources) or by visiting the dealer from which you wish to buy the Rav 4. If you're applying online, select "Rav 4" as the vehicle you're financing, and enter the amount you need to finance and the required information, such as social security number, name, address and employment history. If your loan is approved online, you will receive the check within three to five days.

   • 3

     Talk with the dealer that's selling the Rav 4. If Toyota Financial denies your credit application, you can still take other financing routes, such as applying for financing at various banks and credit unions through the dealer. A car dealer typically has a list of financial institutions from which it tries to obtain financing for buyers. While one bank may deny your application, another may give you the loan. The bank's decision is based on your credit rating and past financing history.

   • 4

     Apply for a loan through auto financing website. There are many auto financing websites that offer new and used auto loans to car buyers; most will send you a check within one week if you are approved. For example, Capital One's auto financing website will approve you within minutes and send you a check within three to five days if you are approved. You will need to enter your personal information on the application, such as your name, social security number, address, employment history and loan amount.

Tips & Warnings

• You can get the vehicle information documents from the dealership if you're buying a new car or from the seller if you're buying a used car privately. Include the miles, title status and disclosure of any liens on the car if you are buying a used car.

• You can use any piece of certified mail that is addressed to you as proof of residence, such as cell phone bill or magazine bill.

• Never enter your personal information on an online loan application unless the website is secure and well-known. Look for a padlock in the address bar or on lower-right of the browser screen or the green "Https" letters that appear before the website address in the address bar. A padlock and green "Https" letters mean your information is encrypted. Also look for a security certificate somewhere on the site, usually posted at the bottom of each page, such as the "VeriSign" certificate. Always look for a security certificate; a padlock symbol or green "Https" letters do not ensure complete security by themselves. If in doubt, only apply on well-known websites.