11397 Helen Richards Dr.
Directions Gulfport, MS 39503

  • Sales: (888) 484-9509
  • Service: (888) 481-7438
  • Parts: (888) 482-8556

Finance FAQs


A lot of buyers, especially beginners, go into the market not knowing much about financing. Learning a lot of new information can be a daunting task, especially when you're already faced with a number of choices regarding what sort of vehicle you want to buy. Now that you have yourself narrowed down to a specific car, you have to deal with actually buying it. What goes into this process? Read on for some common questions.


What is direct lending?

Direct lending is lending without a financial intermediary. If you obtain a loan without going through a bank, that is direct lending.


What is dealership lending?

Dealership lending is a form of direct lending in which the dealership arranges the loan. You may also hear this referred to as dealership financing.


How do I get a loan?

Loans are typically obtained via an application process. Lenders will look at a variety of things to determine whether or not you should be improved for a loan, one of the most important being your credit score.


What's a credit score?

A number in between 300 and 850 that measures how reliable you are when repaying debts. Your score can be higher or lower depending on how much debt you have, how quickly you pay off debt, and a variety of other factors. You are more likely to be approved for a loan if you have a higher score.


What is cosigning?

Cosigning on a loan is when a second person becomes part of the agreement and becomes obligated to repay the amount of the loan if the buyer does not. You can also negotiate the cost to be split between you and the buyer if you cosign on a loan. This can be helpful because your credit score may be higher than the score of the buyer, which can assist them in getting better APR and interest rate.

What is an APR?

This stands for "Annual Percentage Rate." It is the cost of a loan. It is what you pay for the privilege of borrowing money. Typically, the better your credit score, the better your APR.

What should I do if I have bad credit?

Turn detective and figure out what's bringing it down. Chances are, you already know, and chances are it's late payments. Negotiate with your creditors. Arrange for an offer or a payment plan.

What's the main difference between buying and leasing?

Leasing a vehicle means you won't feel stuck with an obsolete vehicle. It means you won't have to go through the pains, and potentially losses, of having it to sell. Buying a vehicle means total freedom. It's yours to put as many miles and as much as wear and tear on it as you want to!

What is gap insurance?

For new vehicles, gap insurance covers the difference between what you owe on the vehicle and what your insurance company will pay out were it totaled.


What is the MSRP?

This stands for "Manufacturer Suggested Retail Price." Just as it says, this is what the manufacturer considers a fair price.

How do I know what my monthly loan payment will be?

There are certain factors that will ultimately decide the amount of your monthly payment, such as your credit history, the total amount that you borrowed, and how long the loan is. 

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  • Friday 8:30am - 8:00pm
  • Saturday 9:00am - 8:00pm
  • Sunday Closed


Allen Toyota

11397 Helen Richards Dr.
Directions Gulfport, MS 39503

  • Sales: (888) 484-9509
  • Service: (888) 481-7438
  • Parts: (888) 482-8556