Get the lowdown on Toyota finance options in Australia

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.

Toyota financing options

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Promoted IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	Go to siteView details Compare	You'll receive a fixed rate of 6.24% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.	loading Fetching your data...
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteView details Compare	loading Fetching your data...
loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.24% to 7.74%	Comp. Rate (p.a.) 7.36% to 8.85%	Application Fee $400	Monthly Fee $8	Monthly Repayment $630.83	Go to siteView details Compare	loading Fetching your data...
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteView details Compare	loading Fetching your data...
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteView details Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.	loading Fetching your data...
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $635.67	Go to siteView details Compare	You'll receive a fixed rate from 7.29% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.	loading Fetching your data...
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteView details Compare	loading Fetching your data...
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteView details Compare	loading Fetching your data...
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteView details Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.	loading Fetching your data...
loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.39% to 7.39%	Comp. Rate (p.a.) 8.5% to 8.64%	Application Fee $400	Monthly Fee $8	Monthly Repayment $641.54	Go to siteView details Compare	loading Fetching your data...
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $647.01	Go to siteView details Compare	You'll receive a fixed rate from 8.49% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.	loading Fetching your data...
loans.com.au - Fixed Rate Used Car < 3 years Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.59% to 8.79%	Comp. Rate (p.a.) 8.7% to 10.04%	Application Fee $400	Monthly Fee $8	Monthly Repayment $643.41	Go to siteView details Compare	loading Fetching your data...
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $653.57	Go to siteView details Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.	loading Fetching your data...

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What types of Toyota finance options are there?

There are several finance options available to help you buy a Toyota:

• Secured loan. Commonly referred to as a car loan, a secured loan is where you borrow money from a lender to purchase a vehicle and then pay it back over a set period. Interest rates can be fixed or variable and the car acts as security for the loan.
• Unsecured loan. An unsecured loan is similar to a car loan but with the key difference that the vehicle is not used as security for the loan. As a result, the lender faces an increased level of risk and you can expect higher interest rates on an unsecured loan compared with a secured loan.
• Novated lease. A novated lease is a salary sacrifice arrangement between you and your employer whereby you lease a car and your employer deducts the lease repayments from your pre-tax income. Once the lease agreement ends, you have the option to purchase the vehicle at an agreed price. This can be a tax-effective way to purchase a Toyota and is also an innovative way for employers to reward their employees.
• Car lease. This commercial finance arrangement sees the financier purchase the vehicle on your behalf, and then lease the vehicle to you in return for monthly lease payments. You then have the option to purchase the vehicle when the term of the lease ends.
• Chattel mortgage. A chattel mortgage is where a financier loans money to you to purchase a car, and you make regular repayments towards the loan amount. While you take ownership of the vehicle straight away, the financier also takes out a mortgage over the vehicle. Once the loan term has been completed and the funds repaid, the mortgage is removed from the vehicle.
• Dealer finance. The final option is to obtain Toyota finance from the car dealer. This is often a convenient option because you can sort everything out at the same time you buy your car. Loan terms are generally three to four years, with a larger balloon payment required at the end of the term.

Features to consider when comparing your finance options

Make sure to keep the following features in mind when weighing up the pros and cons of different finance options:

• Loan term. How long will you have to repay the money you borrow? Terms usually range from one to five years for fixed-rate loans and up to seven years for variable-rate loans.
• Interest rate. The interest rate is a crucial factor that affects your regular repayment amounts and the total cost of financing. Rates can vary substantially depending on the financing option and the lender you select, so shop around for a competitive rate.
• Fees. Be aware of any fees that apply to your finance, including upfront application fees and any ongoing monthly fees. Also make sure you know whether you will be charged a penalty for missing a repayment or repaying your loan ahead of schedule.
• Comparison rate. Don’t just look at the interest rate when comparing car loans. You can get a much better idea of how a loan stacks up by looking at the comparison rate. This figure takes into account the interest rate and all fees that apply to determine the total cost of a loan.
• Loan amount. Check the minimum and maximum loan amounts that apply – do they suit your borrowing requirements?
• Repayment schedule. Make sure that any loan you choose has a repayment schedule that can be tailored to suit your budget. Check that you will comfortably be able to afford to repay the monthly amount and whether you are allowed to make additional repayments at any time.

How do you calculate your costs for Toyota finance?

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.

Factors to consider before you finance a Toyota

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 Toyota 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.

What you will need to apply for Toyota Finance or a loan

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:

• You must be at least 18 years of age
• You will need to have a good credit history to qualify for most finance options
• You may need to satisfy minimum income requirements
• You are eligible to live and work in Australia for the duration of the loan

To apply for car finance you will need to provide a range of information and supporting documents, including:

• Proof of ID. A current driver’s licence or passport will do the trick.
• Financial information. You’ll need to provide proof of income (such as pay slips and bank statements) and details of your credit history, including any outstanding debts or liabilities.
• Vehicle information. You’ll also need to provide some details about the car you plan on buying, including its make, model and purchase price.

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.

Toyota Reviews

Not sure if you want to purchase a Toyota? Read our car reviews and use the Finder Score to help you make a decision.

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Name	Product AUFCL-CAR	Number of seats	ANCAP rating	Price (from)	Finder Score	Review
Toyota HiAce		12 seats	5 stars	$77,760	87.75%		loading Fetching your data...
Toyota RAV4		5 seats	5 stars	$42,260	82.75%	Read Review	loading Fetching your data...
Toyota LandCruiser 200		8 seats	5 stars	$143,101	81.5%		loading Fetching your data...
Toyota Corolla		5 seats	5 stars	$36,600	80.25%	Read Review	loading Fetching your data...
Toyota Camry		5 seats	5 stars	$50,320	79.75%		loading Fetching your data...
Toyota HiLux		5 seats	5 stars	$29,850	79.67%	Read Review	loading Fetching your data...
Toyota LandCruiser Prado		7 seats	5 stars	$53,490	79%		loading Fetching your data...
Toyota Kluger		7 seats	5 stars	$43,550	76.33%		loading Fetching your data...

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Frequently asked questions

• What factors affect my eligibility for Toyota finance?

  Eligibility factors include your credit score, income, employment status, and financial history. Toyota will assess these to determine your loan approval and terms.

• Can I make extra repayments on my Toyota finance plan?

  Yes, many Toyota finance plans allow for extra repayments without penalties. Check the specific terms of your agreement to understand any restrictions or conditions.

• What is the difference between Toyota's car loan and lease options?

  A car loan allows you to own the vehicle once the loan is paid off, while a lease typically means you return the vehicle at the end of the term without ownership.

Written by

Tim Falk

Writer

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio