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Interested in Financing Your Next Vehicle? Read this

For numerous individuals, purchasing a car marks a significant milestone as their first major investment. Regardless of the size of the purchase, it’s crucial to ensure that both your money and time are well utilized. While not everyone has the immediate means to buy a car outright, and not everyone prefers to do so, this is where loans come into play. Just as you would typically take out a mortgage when buying a house, a similar approach can be applied to purchasing a vehicle. Instead of making a full upfront payment, you have the option to secure a loan from a financial institution, which you can then repay in instalments along with an interest component.

This process essentially constitutes financing a car. Opting for car financing often proves to be a sensible choice, especially when interest rates are low. Toyota Financial Services offers financing programs that facilitate acquiring the car of your dreams at an affordable rate.

Now, how does car financing actually work? And when does it become the optimal choice for purchasing a vehicle? We’re here to provide you with the necessary insights to comprehend these distinctions, empowering you to make the best decision for both yourself and your financial well-being.



Are you interested in financing a car but unsure about the process? Don’t worry, we’re here to provide guidance and assistance!

Financing a Toyota is an excellent choice if you anticipate putting a significant number of miles on your vehicle, prefer ownership, or intend to use it for commercial purposes.

To begin the financing process, you’ll need to complete a credit application. We can help you with this step and work together to finalize the details. Alternatively, you can even apply online to get pre-approved! The online application takes just 10 minutes, providing Toyota Financial Services with the necessary information to perform a credit check and determine your eligibility.

Upon approval, we’ll assist you in creating customized payment terms that align with your requirements. You have the flexibility to choose financing periods of up to 84 months. If you opt for longer terms, your monthly payment will be smaller, whereas shorter terms ensure you’re always driving a new Toyota. Additionally, you can decrease your monthly payment by making a down payment or trading in your current vehicle.

Once you fulfill all your financial obligations within the fixed period outlined in your contract, the vehicle becomes yours. The main distinction between purchasing and financing a car lies in the payment method. Instead of making a lump sum payment upfront, financing allows you to spread out your payments over time, including the cost of borrowing.

By financing a vehicle, you gain more time to secure the necessary funds for acquiring a significant asset, ensuring that your time and money are well spent.



Financing a car offers clear advantages, including the opportunity to pay for your vehicle over time instead of requiring the full capital upfront. This provides you with a suitable timeframe to manage your payments.

When it comes to financing a Toyota vehicle, there are specific benefits worth considering. Currently, we have various incentives in place to enhance the accessibility of financing options. You can find detailed information about these offers on our Special Deals & Promotions page.

Toyota vehicles have gained worldwide recognition for their exceptional longevity. Opting for financing when purchasing a new Toyota can be a cost-effective choice, especially for those seeking to enjoy their vehicle for an extended period.

The evidence of Toyota’s durability lies in the fact that six Toyota vehicles were honoured with the 2020 Canadian Black Book Awards. These awards are bestowed upon vehicles that retain their value exceptionally well when it’s time for a trade-in.



Leasing presents a great opportunity if you’re seeking a cost-effective way to drive a brand-new vehicle. While financing resembles purchasing a house with a mortgage, leasing is akin to renting, where you cover the expenses for usage and depreciation.

When you finance a vehicle and complete your contract, you become the proud owner of the vehicle. On the other hand, at the conclusion of a lease, you have several options: you can lease or finance another Toyota vehicle, purchase the leased vehicle for the agreed-upon Lease End Value stated in your contract, or return the leased vehicle.

Consider this: when you lease a car for three years, you’re essentially paying for the specific portion of the vehicle’s lifespan that you drive it. People who opt for leasing generally enjoy driving new cars more frequently and prefer lower monthly payments.

The main advantage of financing a vehicle, as opposed to leasing, is that you gain ownership of the asset once your contract is fulfilled.

Whether you’re interested in financing, leasing, or purchasing a Toyota outright, Comox Valley Toyota is dedicated to helping you select the payment option that best fits your requirements.

To learn more, get in touch with our finance department or schedule an appointment. We will be happy to provide further information and assist you in making a well-informed decision.