Your Top Pre-Application Car Finance FAQs - Answered!

At Sunshine Toyota we offer a range of finance products for both personal and business use vehicles:

For personal vehicles we can offer you:

• Personal fixed rate car loan
• Toyota Access personal car loan

For business vehicles we can offer you:

• Business fixed rate car loan
• Toyota Access business car loan

Our accredited Business Managers can adjust these products to meet different requirements and are more than happy to help you find the right finance product for you. If you want to read more about the finance products that we can offer – please visit the Car Finance page on our website.

At Sunshine Toyota, we can offer a range of loan terms to suit you these range from 12 to 84 months (1 to 7 years) in length and are subject to Toyota Finance policy & approval with a variety of flexible payment options.

Through Toyota Access you are able to take out a loan for 12, 24, 36 or 48 months – so anywhere from 1 year to 4 years on a new or demonstrator vehicle. When it comes to Toyota Certified Pre-Owned Cars you can take out your Access loan with a term of 36 or 48 months – so 3 to 4 years!

So while all loans will run on a monthly billing cycle we are able to offer guests the flexibility of weekly, fortnightly or monthly payments, it’s entirely up to you!

When you start your finance application with us you will receive a Toyota Personalised Rate, as we are no longer able to give a singular finance rate that fits everyone. Toyota Finance has sophisticated software that calculates your personalised interest rate based on your credit score and other personal criteria determined by them. This means that you will get a rate that is based on your individual circumstances, and not one for the masses.

Toyota Finance is committed to providing you with quality finance options that are tailored to your individual needs & lifestyle. And with Toyota’s Personalised Rate, you can be confident that you are getting a fair and transparent interest rate for your loan.

At Sunshine Toyota, we make it really easy to apply for car finance, but you need to provide us with it before we can submit a finance application. This includes proof of identification, proof of income & proof of residency.

Proof of Identity: we require 3 forms of identification. These can include a driver's license a passport or a proof of age card. You’ll also need to provide us with a copy of either your Medicare card, credit/debit bank card or veteran card.

Proof of Income: for obvious reasons we need to sight proof of income to ensure you’re able to pay back your loan! To do this we require one of the following combinations:

If you’re employed:

• Most recent payslip including year to date summary (unless it's July/August) or
• 3x consecutive payslips (if you have no YTD summary or the application is made in July/August)
• Your employment contract and 3 months’ worth of bank statements (if you’ve recently started in a new role)

If you’re Self-Employed:

• Tax return or
• Business financials

Proof of Residence: homeowners or buyers will need to submit a Rates Notice for your home. For renters, you will need to submit a copy of your tenancy agreement and if you’re boarding or living with your parents, you’ll need to submit your proof of address.

Click here to view our Finance Application Checklist!

To apply for Toyota Finance is actually a pretty quick process, our Accredited Business Managers will ask you a series of questions regarding your current financial circumstances and we can then submit your application. It's so easy that we can do this face-to-face, over the phone or even by email!

Once you have submitted your application, Toyota Finance will review your application and make a decision. They aim to have this decision made within 2 business days of the finance application. If you’re approved, your Sunshine Toyota Business Manager will contact you to notify you of the approval. 

In some cases, Toyota Financial Services may require more time to finalise a credit decision, our team will always communicate with you should we require any additional documentation and aim for all applications will have a decision made within 5 business days.

In most circumstances yes you can, dependent on your financial situation. Our team of Accredited Business Managers can guide you through this when you sit down with them in the dealership. If you are in a part-time or casual role please don’t let this stop you from sitting down with us to talk finance!

Whether it's a change in lifestyle, an accident or even just a great deal – sometimes changing your car over can happen unexpectedly. If you’ve got a car with existing finance on it already, don’t let this stop you from considering an upgrade.

Most car loans are secured loans which means that the financier registers security against the car until it is repaid in full, enabling lenders to provide you with a lower interest rate on your loan. This also means that to upgrade your car you’ll need to pay out the existing loan first.

There are a couple of things that you should do if you’re looking to upgrade your car

Determine your payout figure: this is the total amount that you owe on your loan and should include any early termination fees

Decide what to do with your old car: will you trade it or sell it privately? If you’re looking to trade-in & upgrade, our friendly team are happy to provide you with an obligation-free trade appraisal

Trading in your car is the easiest option because it means that we handle all of the paperwork! We take care of paying out your car loan with the current lender (be it Toyota Finance or otherwise) and will submit your application with Toyota Finance for extra funds you might need to purchase your new car! Easy & convenient.

Absolutely you can! At Sunshine Toyota, we offer a range of finance solutions for your commercial use vehicle. These include a business fixed rate car loan or a Toyota Access business car loan.

Speak to our Finance team for more information on how we can help you & your business!

Toyota Finance is committed to helping their guests, especially during a challenging time such as losing hours or even your job. Toyota Finance understands the evolving COVID-19 may be affecting customers and are here to help. Should you lose your employment because of COVID-19, you may be eligible for financial support and can contact Toyota Finance directly on 137 200.

It’s really important to understand the ins & outs of car finance before you apply. To help, Toyota has enlisted the help of one of Australia’s most respected financial experts, David Koch.

In a series of short and informative videos, Kochie explains everything from credit scores to comparison rates along with the different types of finance you can get. He even discusses the various options for car finance that Toyota Finance has on offer, such as Toyota Access.

View all of the videos here.

Did you know that just 26% of Australians know what their credit score is?

Knowing what your score is and how to use it wisely, can do wonders for getting you a great deal, anytime you borrow.  Your credit score is a number on file that all lenders will look at when deciding how risky you are as the borrower, the better your score (or the higher the number) the more lenders will trust that you’ll repay the loan. But a low score will attract higher rates as you appear riskier and less likely to repay the loan. 

Now don’t panic, if you don’t have a good score right now, a credit score is dynamic and it constantly moves up & down based on your financial behaviour, so you can improve it by doing things like paying bills on time, limiting the number of credit cards you have and lowering credit limits across all avenues.

You can check yours easily, online right now.

Being armed with your credit score is now more important than ever, today you’re better protected, better informed and able to use your credit history for good. A good way to see this in action is to look at your Toyota Personalised Rate, it’s an interest rate that’s calculated up front just for you, it’s completely personalised because it’s based on your own individual credit score, as well as other relevant information about the car & loan terms.

One thing that won’t affect your score with Toyota Personalised Rate is getting quotes, only when you submit a loan does it have an impact. You can check your score right now for free online.

Your repayment is calculated based on your Toyota Personalised Interest Rate, the amount financed, the deposit you want to pop down, the term of your loan and the kilometres you expect to travel in your new car.

Yes! At Sunshine Toyota, we can assist you in financing any of the cars that we have for sale. If there is something you’ve had your eye on, give one of our team a call and we can tailor a finance package to suit your budget.

Unfortunately, we only offer loans to finance vehicles, where the car is used as security on the loan, so we are unable to assist you with an unsecured personal loan.

Yes, we register our interest in any vehicle that we finance on the Personal Property Security Register (PPSR). We keep the registration in place until the loan on that vehicle is paid out completely.

If you are looking to buy a vehicle from someone that has a current loan with Toyota Finance (or any other financier), you will need to negotiate with the owner of the vehicle to ensure the loan is paid out in full, before the vehicle can be transferred into your name. If you purchase the vehicle and the vehicle is not paid out in full, the lender will retain an interest in the vehicle.

With wait times on vehicles blowing out to months on some model lines, it’s really important for guests to know that if something changes in your financial circumstances between finance application & vehicle delivery, you need to let us know.

Often times we will get the initial approval, but if the wait time for a vehicle is longer than X months, we actually need to resubmit the application on your behalf, and if your circumstances have changed or we are still waiting on documentation from you, this can lead to additional delays in getting you in the road in your brand new Toyota!

https://youtu.be/iCLo93LobUg?si=78p8uGUOIpsxZwwy

Toyota Access is a unique finance product to Toyota Finance. It gives you the freedom to choose the car you want today and decide whether to trade it in, keep it or return it at the end of your loan. It really is the smart way to buy a Toyota and works for both individuals and businesses.

When it comes to setting up your Toyota Access loan, you will need to choose your deposit amount, the loan term & the number of kilometres you expect to travel annually. From that, we’ll then calculate the Guaranteed Future Value (GFV) of your new, demo or Toyota Certified Pre-Owned vehicle. The GFV calculation assumes that your vehicle will be kept in good condition** and stays within the agreed kilometres over the life of your loan, this then becomes the final payment on your car should you choose to keep it.

When the term of your Toyota Access loan ends, it’s up to you what you choose to do with it. You can trade your Toyota in for a new one, keep it by settling your remaining loan balance (including your final payment) or return it and we’ll put the GFV figure towards the remaining balance of your loan.

For more information on Toyota Access, visit our dedicated web page here.

** _{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 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.}

At the time of your Toyota purchase, you’ll be asked to choose a car, loan term, deposit amount (if any) and agree on the number of kilometres you expect the car to travel before the loan ends. We’ll then guarantee the minimum future value of your new car, otherwise known as the Guaranteed Future Value (GFV)**, which will be used as the final balloon payment on your loan (subject to fair wear and tear and the estimated kilometres being met). When your term is up, you’ll have the flexibility to trade, keep or return your car as needed. It’s as easy as that!

** _{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 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.}

Toyota Access is available at Sunshine Toyota on any new, demonstrator or Toyota Certified Pre-Owned vehicle. You can buy a passenger or commercial vehicle on your Access loan and drive away with lower monthly repayments* & a guaranteed future value for your car! How good is that!

_{*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.}

No it isn’t. If you enter into a Toyota Access Consumer Loan Contract or Toyota Access Business Vehicle Loan, you own the car and Toyota Finance will have a security interest over it.

If by the end of your Toyota Access term you’ve driven more kilometres than your end Odometer and excess usage will apply.