Latest car loans news
New car sales activity revs up in June as bargain hunters snap up EOFY deals
Car shoppers were out and about in June, with more than 110,000 new vehicles sold in the month.
Introduction to Toyota
Toyota was founded in Japan in 1937, while Toyota Australia opened its doors in 1963. The brand’s Australian headquarters is located in Melbourne; it also has sites in Sydney, Brisbane, Perth, Adelaide, Darwin and Townsville. Toyota also has more than 300 local dealerships, scattered throughout all eight states and territories. Besides selling a wide range of vehicles, Toyota offers financing, insurance and maintenance. Toyota no longer builds cars in Australia: it ended manufacturing operations in 2017.
About Toyota cars
Toyota offers a wide range of vehicles, including hatchbacks, sedans, utes, vans, SUVs, 4WDs and hybrids.
Popular models include:
- Camry SL ($44,333), a sedan with sport, eco and normal driver modes
- C-HR ($30,682), a hatchback with ‘active cruise control’ and ‘smart parking’
- Corolla Hatch Ascent Sport ($26,439), a hatchback with a 1.8L hybrid engine
- HiLux WorkMate ($27,027), a ute with ‘hill-start assist control’ to prevent rollback
- Landcruiser 70 WorkMate ($69,525), a ute with a 4.5-litre V8 turbo-diesel engine
- Kluger GX ($49,273), an SUV with a braked towing capacity of 2,000kg
- Prius ($40,417), a sedan that combines petrol and electric power
- RAV4 GX ($33,217), an SUV with two-wheel drive and all-wheel drive options
- Tarago GLi ($49,943), a people mover that can seat four adults
- Yaris Ascent ($18,680), a hatchback that comes in automatic or manual
Toyota has the highest market share of any car brand in Australia, partly because Toyota offers vehicles that could potentially interest any mainstream car owner.
For example, Toyota sells a variety of models – hybrids, SUVs, vans, utes, sedans, hatchbacks and 4WDs – that might appeal to drivers who want a basic, stylish, family, outdoors or green car. Prices range from budget to affordable to mid-range.
Toyota has more than 300 dealerships located in all states and territories throughout Australia, with both new and used models on sale. Warranties for new vehicles last for three years or 100,000 kilometres – whichever occurs first. Buyers can also get finance, insurance, roadside assistance and maintenance services through Toyota.
Toyota mainly focuses on the consumer market, but it also has a fleet division that targets businesses. Special discounts and assistance packages are available for businesses that order in bulk.
How can I get a Toyota car loan?
Toyota, like many brands, has an in-house finance offering that helps buyers organise car loans.
However, dealer finance tends to be relatively expensive for buyers – typically, you get convenience in exchange for higher interest rates, higher fees or both.
To get around this problem, there are three other ways that buyers can organise a Toyota car loan:
- Use a comparison website to research options
- Appoint a finance broker to act on their behalf
- Go direct-to-lender
Please note that if you want, say, a $40,000 Toyota car loan, there’s no guarantee you will qualify for one, no matter which financing option you choose. As a general rule, buyers who have higher salaries, higher savings rates and more stable employment are able to get bigger loans than buyers who have lower salaries, lower savings rates and less stable employment.
How much does a Toyota car loan cost?
Here are the approximate running costs for three different Toyota models, based on RACQ category averages:
|Model||Category||Cents/km||Average $ per week|
|Landcruiser 70 WorkMate||4wd utility||84.8c||$244.55|
Here’s how much a five-year loan will cost for three different Toyota models if you borrow 100 per cent of the purchase price over five years:
|Model||Price/loan||Total repayments at 6%||Total repayments at 8%||Total repayments at 10%|
|Landcruiser 70 WorkMate||$69,525||$80,647||$84,583||$88,632|