Types of Auto Payment PlansYou may qualify for several payment plan options through your dealer and through outside sources. Here are a few of the most popular car payment methods: Show
Operating LeaseIf you only want to use a car for a limited time, you may opt for an operating lease. This payment option allows you to use a vehicle while making monthly payments for a predetermined period. Once the lease ends, you will turn the car back into the financier or dealer. Novated LeasesNovated leases are leasing options exclusive to salaried employees. This lease allows you to finance your vehicle through part of your pre-tax income, effectively lowering your taxable income. To enter into a novated lease, you, your employer, and the financier must agree to the lease terms. Once the lease ends, you can either refinance the vehicle, pay out the residual, or sign a new lease for a newer car. However, if you lose your job while in a novated lease, you may lose ownership of the vehicle. Personal LoansAnother way to finance a vehicle through a payment plan is to take out a personal loan. You can receive a personal car loan through numerous financial institutions, such as your personal bank, a credit union, or an online lender. You will then repay the loan over time through monthly payments that include interest. The interest rate you can expect on a personal loan will depend on your credit score, credit history, income, savings, and loan amount. Sometimes, these loans can be relatively affordable. Other times, they leave you paying thousands of additional dollars in interest. Dealer FinancingMost dealerships allow you to finance your vehicle through a dealer-sponsored loan. When you opt for dealer financing, the dealership will work out all the loan logistics for you, then present you with the terms. You can agree to the terms or attempt to negotiate. Your loan payments will then take place through the dealer. Dealer financing is the most affordable way to finance a vehicle. Often, dealer loans include low interest rates and affordable monthly payments, making them easier on the wallet than any other option. Balloon PaymentsMany car dealers offer loans with balloon payments, which are lump sums that you pay at the end of the loan term. If you accept a loan that uses the balloon payment method, you will pay low monthly payments throughout the term. At the end of the loan, you will need to pay a larger monetary sum to finish paying off the vehicle. Many car buyers choose the balloon payment method to limit their monthly costs. Then, they sell the car at the end of the loan term, use their earnings to pay the balloon payment, and purchase another vehicle through a new loan. Buying a quality used vehicle can be a great way of getting on the road for less. But, when you buy a Toyota Certified Pre-Owned vehicle you can take advantage of a personalised rate and other flexible finance options from Toyota Finance Australia.LEARN MORE The benefits of a Toyota Access Car Loan with a Certified Pre-Owned ToyotaThere’s a lot to like about a Toyota Access Loan. It’s designed to keep you agile, thanks to flexible loan terms, lower monthly repayments[F6] than a regular car loan and plenty of options at the end of the loan, via your vehicle’s Guaranteed Future Value^. With a Toyota Access Car Loan you could get:
Toyota Access is available on Toyota Certified Pre-Owned vehicles, meaning you can drive the Toyota you want today with the knowledge that the future is taken care of. LEARN MORE GET A QUOTE VIEW TOYOTA CERTIFIED STOCK Disclaimers ^The Guaranteed Future Value (GFV) is the minimum value of your Toyota at the end of your finance contract, as determined by Toyota Finance. If you decide to return your car to Toyota Finance at the end of your term, Toyota Finance will pay you the agreed GFV, which will be put against your final payment subject to fair wear and tear conditions and agreed kilometres being met. The information provided is general in nature. You should seek your own financial advice to determine whether Toyota Access is appropriate for your individual circumstances. Terms, conditions, fees and charges apply. Toyota Access GFV products are available to approved customers of Toyota Finance, a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536. [F6] Lower monthly repayments compared to a similar term with no Guaranteed Future Value (GFV) or equivalent balloon final payment. Total interest charges will be higher if a GFV or balloon final payment is selected.
Find a Certified Pre-Owned ToyotaSEARCH NEAR ME How does financing a second hand car work?How do used car loans work? Used car loans can be used to completely or partially cover the cost of a used car. Once you get a loan approved, the lender hands over the money and you can purchase the car. Then you start making monthly repayments, plus interest, until you pay off the loan.
Can Centrelink help with buying a car?Yes, if you are unemployed, you may be able to get a car on finance depending on your income from Centrelink payments and the affordability of the loan1. Receiving Centrelink payments of a certain type such as single parent payments may influence your ability to get a car on finance.
Can you get a car on buy now pay later?It's easy! Select the “Pay Later” option once you get an SMS or email with your invoice. Have your email, phone number, address, DOB, and debit/credit card and drivers licence ready. We'll let you know instantly if you're approved, so you can drive away safely.
What is the longest payment plan for a car?One of the longest car loan terms available is generally a 96-month car loan — except not every lender will offer them, and specialty lenders may have other, longer terms available. If you're in the market for a low monthly payment, an eight-year-long car loan can provide this; although you may want to compare lenders.
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Can you get payment plans for used cars?
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