Toyota finance interest rates & options
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- Finance a new or used Toyota
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Toyota financing in Australia
If you’re looking for finance for a new or used Toyota, you’re certainly not alone. Toyota is comfortably Australia’s most popular car manufacturer. It sold more than 230,000 new vehicles in 2022 — almost two-and-a-half times more than the second most popular car brand Mazda.
The Toyota HiLux was the top-selling car in Australia in 2022, while Toyota’s range of SUVs is also incredibly popular, including the RAV4, Prado, Kluger and Landcruiser.
There’s certainly no shortage of Toyota finance options either, with dozens of lenders competing to attract the large numbers of Australian Toyota buyers. Comparing your options is key, as getting the best Toyota finance interest rate will make a big difference to your overall costs.
Toyota finance options at a glance
- Finance for Toyota Corolla, Camry, RAV4, Prado, Kluger, Landcruiser, HiLux and more
- Low rate secured car loans
- Toyota commercial finance options
- Novated lease for Toyota available
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
- Pre-approval available
Best Toyota finance rates compared
| Vehicle | Estimated cost | Monthly repayments (6% p.a. interest) | Monthly repayments (8% p.a. interest) | Monthly repayments (10% p.a. interest) |
|---|---|---|---|---|
Corolla (Ascent Sport) | $30,106 | $582 | $610 | $640 |
Camry (Ascent) | $33,084 | $640 | $671 | $703 |
RAV4 (GX) | $38,879 | $752 | $788 | $826 |
Kluger (GX) | $54,062 | $1,045 | $1,096 | $1,149 |
Prado (GX) | $64,184 | $1,241 | $1,301 | $1,364 |
Landcruiser (300 GX) | $94,611 | $1,829 | $1,918 | $2,010 |
HiLux (SR Dual-Cab Pickup Auto) | $57,113 | $1,104 | $1,158 | $1,213 |
How to get the best Toyota finance deal
The interest rate you get on your Toyota finance is probably the biggest factor determining the overall cost. But getting the best deal on Toyota finance overall means considering other factors as well.
- Ongoing finance rate: Some car finance deals come with an introductory finance rate that reverts to a higher rate after a period of time. Look for Toyota finance that has a low rate throughout the term.
- Fees: Some lenders charge an application fee and ongoing fees. These can really add up. But if you shop around you should be able to find Toyota finance with low or no fees.
- Finance term: Watch out if you’re offered a loan term that’s longer than it needs to be. You’ll have lower regular repayments with a longer term, but the lender will charge you more interest overall.
- Repayment flexibility: Having the ability to make extra repayments without being charged a fee will mean you have the option to pay off the loan early to save on interest.
Eligibility for Toyota finance
The eligibility criteria for a Toyota car loan will vary from lender to lender, but generally you’ll need to be:
- Over 18 years of age
- An Australian citizen or permanent resident
- Employed with sufficient income to afford the loan repayments
- Able to meet the lender’s other credit criteria (credit score, other debt etc.)
How to apply for Toyota finance
Here’s a quick overview of the steps involved when applying for Toyota finance:
- Compare your personalised Toyota finance quotes
- Choose the best deal for you
- Make an application with the lender
- Provide documents to support your application (e.g. payslips and bank statements)
- Hang tight while your finance application is assessed
If successful, you’ll be given either car loan pre-approval up to a certain amount (this means you can go find a Toyota to buy based on the pre-approved amount), or final approval if you have already decided on the model you want to buy.
With some lenders it’s possible to apply for and be approved for Toyota finance the same day.
Options for financing a Toyota
Secured versus unsecured Toyota finance
Generally a secured car loan for your Toyota will cost you less than unsecured finance. The reason for this is the Toyota you buy will be used to secure the loan. This reduces risk for the lender. Secured car finance on a Toyota generally has a term of between 1 and 7 years.
It's possible to get a secured car loan for either a new or used Toyota up to 12 years old.
Toyota car loan vs novated lease
If it's offered by your employer, another option for financing a Toyota for personal use is a novated lease. There are major tax advantages to a novated lease compared to a car loan.
With a novated lease, you’ll be able to pay for your Toyota as well as running costs (fuel, insurance etc.) using your pre-tax salary. You’ll also get a GST discount on the cost of the vehicle and car running costs. Learn more in our guide to novated lease pros and cons.
Toyota commercial finance options
If you’re going to be using your Toyota for business purposes most of the time (i.e. more than 50% of the time), you could be eligible for a type of business vehicle finance known as a chattel mortgage. This works in much the same way as a secured car loan, but with additional tax benefits for businesses.
You could also explore lease options if you'd prefer the flexibility of not taking immediate ownership of your Toyota.
Toyota dealer finance
Toyota offers finance directly to customers who buy one of its vehicles, either new or used. It offers a fixed rate car loan as well as its ‘Toyota Access’ product which comes with a balloon payment and is designed for people who intend to trade in and replace their Toyota regularly. Toyota also offers novated leasing to customers.
Something to watch out for with dealer finance is that the convenience factor sometimes comes at the expense of getting the best deal available.
Shopping for the best finance for your Toyota separately will give you access to a wider range of options, and it generally won’t take any longer to be approved.
Toyota finance with balloon payment
You should also be able to find Toyota finance options that come with a balloon payment. This means you will have lower repayments during the loan term, with a large final repayment at the end of the term. Alternatively you can refinance the balloon payment into a new loan, or if you don’t want to pay the balloon, you can return the car to the lender.
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Frequently asked questions about Toyota finance
What interest rate will I get on my Toyota finance?
The interest rate you get on your Toyota finance will depend on your circumstances (your credit score is a big factor) and the type of finance you choose. To get the lowest rate possible:
- Compare as many lenders as possible
- Look for a secured car loan
- Check if you’re eligible for a novated lease through your employer
How long will it take for my Toyota finance to be approved?
Generally it’s possible to have Toyota finance approved on the same business day. But the exact timings will depend on the lender and how quickly you can provide any requested documents to support your application (bank statements, pays slips etc.).
What credit score do I need for Toyota finance?
This will depend on the lender you choose. If you get a loan for a Toyota through a major bank, you will generally need to have a ‘good’ credit score (usually above 660). But smaller lenders are generally more flexible and may accept borrowers with an ‘average’ credit score (above 460).
There are also lenders who specialise in offering bad credit car loans. This may be an option for financing a Toyota if you have issues in your credit history.
Car Loans guides and resources
Where to next? Read our other car loan guides to understand more about your options for financing your next car.
Written by
Loans Expert
Shaun McGowan
Reviewed by
Editor
Sean Callery
AS FEATURED IN
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
