Toyota Finance Car Loan
Toyota Finance is is a financial services corporation established as a wholly owned subsidiary of Toyota Motor Corporation. Toyota Finance offers its customers financial services that include auto sales financing, credit cards, retail sales of corporate bonds and investment trusts, and insurance. Toyota is a Japan based company based known for its design and engineering supremacy. Toyota Motor Corporation manages financial services subsidiaries primarily in Japan and overseas and enables vehicle purchasing through auto loans and leases.
| Name | Toyota Finance (Toyota Motor Corporation)[1] |
| Headquarters | Nagoya, Japan |
| Established | 1982 in Australia |
| Founder | Kiichiro Toyoda |
What do you mean by Car Loan?
A car loan or a vehicle loan is a loan that is obtained to purchase two and four-wheelers for personal use. The lender loans the money to the borrower while the buyer must repay the loan in equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.
Also Read: IndusInd Bank Savings Account
Features and Benefits of availing Car Loan from Toyota Finance
- Affordable EMIs with longer loan tenure which enables the borrowers to pay the EMIs conveniently without any excessive burden
- Toyota car finance are customized based on the customer’s needs, insurance funding and accessories are included as part of the loan value extended
- Quick and easy documentation process for availing car finance from Toyota Car Finance
- Toyota Car Finance have streamlined process where the loan application and processing are done on a tight timeline
- Low Margin money
- Loan processing with Toyota Car Finance is simple
Toyota Finance Car Loan Eligibility
Car Loan from Toyota Finance can be applied by any individual who is –
- Salaried individuals at least 21 years old at the time of application and not more than 60 years old at the end of the loan tenure
- Self-employed individuals at least 21 years old at the time of application and not more than 60 years old at the end of the loan tenure
- Partnership firms, private limited or public limited companies can also apply for car loan from Toyota Finance
- HUFs, Trusts, and societies can also apply for the loan
- NRI citizens are also eligible to apply for the loan from Toyota Finance
Documents Required for Car Loan from Toyota
Below mentioned are the list of documents for applying car loan with Toyota Car Finance
Documents for Salaried Individual
- ID proof
- Income Proof
- Address Proof
- 2 passport sized photographs
- 3 months salary statement and bank statement
Documents for Self-employed Individual
- ID proof
- Income proof
- Address proof
- Business proof
- 2 passport sized photographs
Documents for Business applicants
- ID proof
- Income proof
- Address proof
- Business proof
- 2 passport sized photographs
Toyota Car Loan Interest Rates
Toyota Finance have an attractive and car loan interest rates and the customers can enjoy the security of a fixed rate of interest for a term of their own choice. Interest is calculated based on a monthly reducing balance. The company also offers the facility to make additional repayments, thus reducing the total interest payable. Toyota Finance offers interest rates for new car loan ranging from 7.35% and for used car loan ranging between 11.80% p.a. to 13.80% p.a.
Factors Affecting Car Loan Interest Rates
There are various factors which determines the car loan interest rates. Some of them are as mentioned below:
Credit Score: Your credit score history plays a key role in determining your car loan. You must have a credit score of at least 750 or above in order to be eligible for a car loan. Higher the credit score is better are the chances of loan approval and sanction. A higher credit score means better bargain on interest rates.
Loan Tenure: The longer the loan tenure you will choose, the lower will be the rate of interest. On the other hand, the shorter tenure will be a high rate of interest.
Loan amount: The car loan amount that you will choose will determine the interest rate you will be eligible.
Also, if the car loan is availed on a new car the interest rate would be lower as compared to when one is applying for car loan on a used car.
How to Calculate your EMI for Car Lon from Toyota Car Finance
EMI is the amount that is paid on a monthly basis against the loan availed from the lender. The EMI is the sum total of 2 components, namely principle and interest. The EMI of a Toyota Car Finance can be calculated by using the EMI calculator of the website. The EMI calculator consists of basic personal details such as income, loan value, loan tenure and generates the approximate EMI payable for the car loan availed.
FAQs
1. In which year Toyota Finance was established?
Ans: 1982.
2. What are the documents required to apply for Toyota Car Loan?
Ans: Documents such as id proof, address proof, income proof, bank statement etc., are required to avail for car loan from Toyota.
3. When will the loan be procedeed?
Ans: The loan application will be processed in 8 hours from submission of the loan application form.
Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.
