Toyota's about a month late to the game with its pandemic-induced 0% financing offers.
If you've been considering a new Toyota, now might be your chance; the Japanese automaker has just lowered loan rates on a number of new vehicle models to combat slower-than-usual sales brought by the novel coronavirus. Toyota's lower financing rates come nearly a month after many of its rivals - including Detroit's Big Three - launched their own pandemic-relief financing offers.
In many cases, these offers included not only 0% financing over long-term loans, but also payment deferrals and some number of payments covered by the automaker's finance division. Some of those deals, however, were only extended to old inventory from the 2019 model year.
But according to CarsDirect, Toyota's new financing deals apply to plenty of 2020 models, too. The popular 2020 Toyota RAV4, for example, offers 0% APR for up to 60 months in some regions, as do the Camry mid-size sedan and Tacoma pickup truck. Even with longer loan terms, financing rates are often lower - like on the Tacoma, which offers significantly better 72-month rates than it did just a few days ago.
Yet Toyota still isn't going as far with its Covid-fighting car deals as many competitors. To our knowledge, the Japanese automaker isn't covering or deferring payments for customers, and its 0% financing deals don't extend to 6- or 7-year loans like some rival makes.
Still, it's a big pivot for a monolithic carmaker that, historically, hasn't needed much help moving tons of volume, in the US or abroad.
Interestingly, Toyota's low-rate financing deals don't extend to every model, so customers might find that lower-priced vehicles like the Corolla and C-HR actually work out to be less-favorable deals than their bigger, more expensive counterparts due to interest.
The US auto industry has seen a substantial negative impact from the Covid-19 outbreak as millions of Americans find themselves suddenly furloughed or laid off, putting car shopping low on the priority list as they tend to other, more pressing expenses.