Frequently Asked Questions
Are our loans open ended?
Yes! All the loans we do here at Sherwood Park Toyota are open ended. The term is designed to help you get a comfortable payment that fits your expectations and lifestyle.
Are your loan rates fixed or variable?
We offer both fixed and variable rates for your convenience.
Can I make extra payments if I would like?
Absolutely! Because we offer open ended loans you are free to make as many extra payments as you with. The benefit to this is you pay less in interest charges which leads to paying of the loan quicker.
Can I finance cash back?
You’re able to finance cash back so long as we work it into the approval. This is a great way to put some money in your pocket or even pay off any high interest rates loans or credit cards.
Can I sell my vehicle if it’s under financing?
You are able to sell the vehicle so long as the remaining balance is paid off.
Leasing vs Finance
The value of leasing a new vehicle is it allows for options. Once your lease is up you can:
- List your vehicle on third party website like Kijiji or Auto Trader and sell it. All you need to do is make sure any offers pay for the residual value. Anything over the residual value can be pocketed.
- Return it to the manufacturer. This helps eliminate any negative equity (when the vehicle is worth less than the residual buyout.)
- If you love the vehicle you can always buy it out or finance the residual value.