Toyota Car Finance

Toyota Car Finance

About Toyota Car Finance

Toyota financial services corporation was established as a wholly owned subsidiary of Toyota Motor Corporation. Toyota is a Japan based company which strives for perfection. Toyota is best known for its design and engineering supremacy. Toyota Motors markets and distributes its cars in 34 countries worldwide. Toyota Car Finance was founded to increase its outreach to a wider audience in India. The Indian wing of Toyota Car Finance operates as a subsidiary to Toyota financial services corporation.

Toyota Car Finance operates exclusively to provide funding for all Toyota cars marketed and distributed in India. The cars that are distributed in India include Etios Liva, Etios, Etios Cross, Innova, Corolla Altis, Fortuner, Camry, Prius, Land Cruiser Prado, Land Cruiser 200. An individual can avail Toyota car loan for any of the cars mentioned above.

Features and benefits of availing car loan from Toyota Car Finance

Toyota Car Finance operates exclusively for financing the Toyota cars, this enables them to bring to the table some exclusive deals and offers. During such offers / deals, the customer is able to lock-in an ideal interest rate. Further, Toyota cars are known for their sturdy build, superior design and power, hence individuals prefer investing in these vehicles than choosing any other brand of car. Toyota has a prominent presence in Urban India which is evident from the fleet of cars that they have marketed in India. Some of their cars are built for tough terrains and long-distance travels. A customer should be aware of the key features and benefits that can be availed by their association as a borrower from Toyota Car Finance.

• Streamlined loan processing – Toyota car finance is a company which values operational efficiency to the largest extent. They have a streamlined process where the loan application and processing are done on a tight timeline. Their centralized system processes all loan applications effectively and enables fast approval.
• Easy documentation – The documentation for availing car finance from Toyota Car Finance is quite simple and easy. They check for the authenticity of the individual applying for the loan and gather evidence for establishing a steady source of income. They do not have too many legal terms underlying their contract. Typically, those applying for Toyota car loans have a steady source of income. Most of their cars are priced high.
• Quantum of loan – In some cases, their funding is up to 100% of car value (on-road price), this is very unique for any NBFC which deals in the car loan space. Many of the solutions provided by Toyota car finance are customized based on the customers’ needs. Often, the gadgets, insurance and accessories are included as part of the loan value extended.
• Longer loan tenure – The minimum tenure for which the loan is extended is 12 months, the maximum tenure is 60 months. The longer tenure enables the borrower to pay off the EMIs conveniently without any excessive burden on the household budget.

Eligibility for car loan from Toyota Car Finance

Car loan can be applied with Toyota car finance by any individual who is either salaried or self – employed. Also, businesses (partnership firms, private limited or public limited companies) can apply for car loan. The basic criteria revolve around the age range for individuals, in the case of businesses, the number of years of business is a key criterion for extending loans. Individuals who are salaried should be within the age range of 21 years – 60 years. Applicants who are self-employed / professionals should be within the age range of 21 years – 65 years. HUFs, Trusts and societies can also apply. NRI citizens are also eligible to apply for loan. They will be considered on a case-to-case basis. NRI’s should seek the approval of RBI before applying for car loan from Toyota Car Finance.

Documents required for availing car loan from Toyota Car Finance

Documentation for applying car loan with Toyota Car Finance is quite simple where the individual / company has to provide identity proof, address proof and income proof.

Documents for salaried applicant –

• Identity proof –
Passport copy, PAN Card, Voters Id card, driving license or any document issued by Government of India
• Income proof –
Salary slip for last 3 months, Bank statement for last 3 months, Form 16 or ITR of previous year
• Address proof –
Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy/PAN Card

Documents for self-employed applicant –

• Identity proof – Passport copy, PAN Card, Voters Id card, driving license or any document issued by Government of India
• Income proof – ITR of previous year along with computation and account details
• Address proof – Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy/PAN Card
• Business proof – Tax registration document

Documents for business –

• Identity proof – PAN card of the company
• Income proof – Latest 2 years ITR's along with computation of income acknowledged by Income Tax Department, Latest 2 years Audited Financials along with schedule, Annexure, etc.
• Address proof – Bank Statement / Utility Bills - Max 3 months old (Telephone / Electricity)
• Business proof – Board Resolution / Partners Authorization Letter/ Members Authorization Letter; KYC Documents of Proprietor/ Authorized Signatory; Memorandum and Articles of Associations; Partnership Deed / Trust Deed / Society By-Law

Loan processing and sanction procedure

The loan processing and sanction procedure for Toyota is highly efficient. They have access to the world’s best technology and practices. The Japanese based companies are known for their flawless operation and time-saving practices. Toyota Car Finance and Toyota motors are no different. They have a tight procedure with strict adherence to turnaround time which ensures that they provide loan sanction in a quick paced manner.

• Finalize the Toyota car that you wish to buy
• Check for eligibility in terms of residential status and age range
• Download loan application from website or procure it from the dealer
• Fill out the application and attach self-attested documents
• Loan will be approved and sanctioned within 48 hours if all the documents are correct and verified
• Customer can take delivery of car and start paying EMI from subsequent month
• Vehicle registration copy, insurance copy and invoice copy are retained with Toyota Car Finance

What are the factors that determine interest rates for car loan availed from Toyota Car Finance?

The interest rates for car loan is determined based on multiple factors, two of the most important factors being loan value and tenure. Apart from this, the credit score of an individual would be pertinent. The credit score is based on the existing debt, stability of income, past payment pattern of credit cards, loans etc., Higher the credit score, better are the chances of loan approval and sanction. A higher credit score would mean better bargain on interest rates. Typically, if the loan tenure is longer, the interest rates tend to be lower. 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.

Hence, for an applicant it becomes important to maintain his credit score at good levels. This can be done by promptly paying off the credit card bills, existing debt liability etc.,

How to calculate EMI for car loan from Toyota Car Finance?

EMI (equated monthly installment) is the amount that is to be paid on a monthly basis against the loan availed from the financier. The EMI is the sum total of 2 components, namely principle and interest. One can ascertain the amount of EMI on the car loan availed from Toyota Car Finance by using the EMI calculator on the website. The EMI calculator captures basic personal details, income details, loan value and tenure and generates the approximate EMI payable for the car loan availed. The EMI so generated may differ from the actual payout that may happen subsequently. This would however, be indicative of the amount to be set aside on a monthly basis from the household budget. This gives a clear view of the affordability given the current net earnings and household budget of the individuals.

Owning a Toyota car is no longer a far-fetched dream, Toyota Car Finance provides loans to individuals with minimum documentation and for longer tenure. This enables the individuals to pay off the EMI with ease and convenience.

Summary

• Toyota Car Finance extends loan to all Toyota cars marketed and distributed in India
• Salaried, self-employed / professionals, companies can apply for car loan
• Loan processing with Toyota Car Finance is easy and quick
• Documentation with Toyota Car Finance is simple
• Toyota provides best deals and offers from time – to – time for customers

Frequently asked questions

1. How can I apply for car loan through Toyota Car Finance?

Loan application is available online, you can download the application from website. Alternatively, you can procure it from any nearby Toyota car dealer / branch of Toyota Car Finance.

2. Can I find out Toyota Car Finance car loan status?

Yes, you can provide your loan application number or reference number to the customer care executive who will provide the car loan application status.

3. Is the car loan statement available online?

Yes. There will be a unique ID and password which will help you to access the latest statement. Also, you can request the customer care to mail you the soft copy of latest loan statement.