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From the safe and reliable Camry to the unbreakable Hilux, Toyota has long been the first choice for many Australian car buyers. In fact, figures from the Federal Chamber of Automotive Industries reveal that Toyota remains Australia's most popular car brand and accounted for 18.8% of all vehicle sales in 2018.
If you’re thinking of buying a Toyota but need help to pay for your new car, it’s essential that you understand the finance options available.
Compare your finance options below to find the one that is right for you.
From
fixed rate
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comparison rate
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A competitive fixed rate to purchase a car up to four years old. Option to add on-road costs into loan amount.
There are several finance options available to help you buy a Toyota:
Make sure to keep the following features in mind when weighing up the pros and cons of different finance options:
Before taking out finance to purchase a Toyota it's important to understand how much it will cost and if it will be affordable on your budget. You also need to know which Toyota finance option will cost you more overall and which will be more affordable for you. To work this out, you can use a car loan comparison calculator. Using this calculator, you can work out how much two Toyota finance options will cost you in repayments and which one is the more affordable option for you to pick.
To use the calculator you will need the interest rate and fee information for the loans you want to compare. If you want to see if you can save, change the loan term or loan amount.
Before choosing a Toyota finance option to help you buy a new vehicle, make sure you’re aware of all the pros and cons that apply to any loan you select. Each of the finance options listed higher up this page has its own benefits and drawbacks, so you’ll need to be aware of those before you sign any loan contracts.
For example, dealer finance can be an easy and convenient solution for some buyers, and also offers lower interest car loan rates than many other options. However, be warned that a low interest rate may reflect the fact that you are paying a higher purchase price for the vehicle, while you should also be aware that balloon payments at the end of a loan term can be large and difficult to manage.
Another important factor to consider is whether or not a loan provides additional repayment flexibility. Being able to get ahead on your repayments if you come into some extra money can be hugely beneficial, but some loans will not allow extra repayments or will see you incur a fee any time you make a payment ahead of schedule. This can greatly affect the total cost of your loan, so remember to check the loan terms and conditions before you apply.
Once you’ve settled on the right finance option, it’s time to prepare an application. Before you apply, however, it’s important to check that you satisfy any loan eligibility criteria, such as:
To apply for car finance you will need to provide a range of information and supporting documents, including:
If you’re planning to purchase a new Toyota, there are plenty of finance options available to help fund your purchase. Just make sure to compare your options and research any terms and conditions attached so that you end up with the right type of loan for your financial situation.
Not sure if you want to purchase a Toyota? Read our car reviews and use the Finder Score to help you make a decision.
If you're struggling with financial hardship as a result of the COVID-19 pandemic, read our Coronavirus: What to do if you can't afford your car repayments guide.
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