Hi, Has anyone bought a Toyota Yaris TR on the Interest Free Deal (30% Deposit, 3 years Interest Free)? At the moment Toyota is offering £500 cash back of the deposit (drivethedeal.co.uk website) when finance is taken out with the dealer.
Does anyone know of any pitfalls with this type of deal please?
Thank you for you any replies.
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The pitfall for me would be the 30 % deposit! It'll be a normal PCP deal - some dealers give you a worse PX deal and / or are les willing to haggle with offers like this - on the grounds that you don't get owt for nowt.
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It's a normal HP deal, not a PCP.
I guess one issue is that the deal would be based on the full list price, less the £500 contribution. It may be possible to get a bigger discount on a cash deal.
We looked at Yaris T3 earlier this year when there was normal interest finance available but the deposit contribution given by Toyota was around £2000. Several brokers told us that we could take out the finance, get the discount and then immediately pay it off, so minimising the interest charges.
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Thank you for the replies. Toyota offer two deals at the moment, one is HP and the other PCP. We were looking at the HP one.
At the moment Drive the deal seems to be offering the best deal on a Yaris. However, it seems to good to be true getting a £500 discount of the deposit for taking out 3 years interest free credit with a 30% deposit.
Is it easy to immediately pay of the loan and still get the discounts?
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Is it easy to immediately pay of the loan and still get the discounts?
I was assured it would be. I understand (but check for yourself) that there's a legal maximum penalty of 2mths interest charges, which would be a negligible amount at normal interest rates.
Of course it wouldn't make sense to pay it off on the interest free deal that you're looking at.
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This is going back to when i worked for toyota a few years ago but from what has been described it seems the same situation. Basically Toyota Finance would offer a deposit scheme where if you took it and then paid it off fairly soon you would be quids in, the finance offer was seperate from any discount you could get off the dealer.
This meant that you could still go through a broker to get a good price then the finance incentive made the deal even sweeter.
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Thanks Bill and Blue_Haddock, sound advice! Good to have an Toyota employee on the discussion forum!
When do you think would be the best time to get a good discount end of this month or wait until December?
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i would say it would generally be better to wait towards the end of december when the 4th quarter is coming to a close. If the deralership need to hit sales figures they should be able to do you a good deal. However you could probably get just as good a deal if not better by going through a broker.
I'm no longer working for toyota, been left for a couple of years now.
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