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2022 Toyota Corolla Cross XLE
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How long do it take to get your welcome letter from Toyota Financial so I can create my account and start paying this thing off!! Also if i drop a nice chunk down on the principle can I lower my payments???
 

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How long do it take to get your welcome letter from Toyota Financial so I can create my account and start paying this thing off!! Also if i drop a nice chunk down on the principle can I lower my payments???
I'm surprised this didn't come up when setting up the loan. When you set up a loan is the time to put your chunky down payment, thus setting up a lower payment plan. Depending on what company set up the loan, they can manage the loan structure in unique way. The primary variables are: (1) the ratio of principal to interest in each payment, and (2) early payoff costs, if any.
In your case, while you can always overpay each month to reduce the length of the loan, that won't lower the payment. You can however, if the early payoff is penalty free, look for a refinance. Some loans stipulate a waiting period, so that they make a little interest income on you. You can search for a refi that could actually lower your overall costs, especially if they have low (or no) fees to process the loan. It depends how hungry they are. One caveat is that rates are on the rise, so acting quickly could matter.
 
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