What are car finance options for Toyota?
Toyota offers several car finance options in Canada to accommodate different financial situations and preferences. These options include traditional financing, leasing, and special financing programs.
Here’s a detailed overview of the car finance options available for Toyota vehicles:
- Traditional financing involves taking out a loan to purchase the vehicle, which you repay over a set period, typically ranging from 24 to 84 months.
- Toyota Leasing allows you to drive a Toyota for a set period (usually 24 to 48 months) with the option to return, purchase, or lease a new vehicle at the end of the term.
- Toyota Balloon Financing combines elements of both leasing and traditional financing. It offers lower monthly payments with a larger final payment (balloon payment) at the end of the term.
- Toyota Graduate Program is designed for recent graduates, this program offers special financing rates and incentives to help new graduates purchase or lease a Toyota.
- Toyota Loyalty Program offers benefits to existing Toyota customers who are purchasing or leasing another Toyota vehicle.
- Toyota Financial Services (TFS) offer special financing rates, cash incentives, and promotions on new and certified pre-owned Toyota vehicles.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 10,000 | 7.10% | 385 |
| 10,000 | 13.10% | 710 |
| 10,000 | 13.10% | 710 |
| 20,000 | 7.30% | 791 |
| 20,000 | 10.30% | 1,116 |
| 20,000 | 13.30% | 1,441 |
| 30,000 | 7.50% | 1,219 |
| 30,000 | 10.50% | 1,706 |
| 30,000 | 13.50% | 2,194 |
| 40,000 | 7.70% | 1,668 |
| 40,000 | 10.70% | 2,318 |
| 40,000 | 13.70% | 2,968 |
What are the best vehicle loan rates for Toyota?
The best vehicle loan rates for Toyota in Canada can vary depending on several factors, including your credit score, loan term, down payment, and the specific model you're interested in.
However, here’s a general overview of where you might find the best rates:
- Toyota Financial Services (TFS) - 0% APR financing for terms up to 60 months or longer. Standard rates typically range from 2.9% to 6.9% APR, depending on the model and term.
- Big Bank’s rates from major banks like RBC, TD, BMO, and CIBC often range from 3.49% to 6.49% APR for new car loans. Credit Unions: Credit unions like Vancity, Desjardins, and others may offer lower rates, typically ranging from 2.99% to 5.99% APR.
- Dealerships sometimes offer special promotional rates, such as 0% APR for qualified buyers on select models. If promotional rates are not available, standard rates are typically in line with or slightly higher than those offered by Toyota Financial Services.
- Toyota and financial institutions occasionally offer special programs for different customer segments, such as recent graduates or loyal customers.
- Online lenders and financial technology companies can offer competitive auto loan rates, sometimes lower than traditional banks. Typically range from 2.99% to 5.99% APR, depending on the lender and your credit profile.
See the similar FAQ about Canadian banks:
- B2B Bank SMART Loan
- B2B Bank investment loan
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Company of Cars
Head office’s address: 1885 Clark Drive Vancouver, BC. V5N 3G5
Contact center: 604-239-3888
Web-site: https://www.companyofcars.com/about-us/
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Yourcarloan
Web-site: https://yourcarloan.ca/