Find your best Toyota Corolla finance rate with Driva

Every lender is different when it comes to assessing your credit score, but in many cases, the higher your score, the lower interest rates you’ll be eligible to receive. This is because lenders will view your high score as evidence that you’re able to meet your existing debt obligations.

Credit score isn’t the most important factor for every lender though. For certain lenders, other factors are more important when it comes to pricing your loan, including your living situation, employment status and history, and income. 

If you’d like to check out your credit score before you start applying for loans, you can request it from Equifax. You’ll also be able to see your full credit history and check for any errors (which you can then get amended).

Once you’ve decided to buy a Toyota Corolla, the next step is working out how you’re going to finance it. Here are some of your main finance options:

Cash

This is the most straightforward (and overall cheapest) method of financing, but it isn’t an option for everyone. You might not have the cash on hand to purchase a car outright, or perhaps you’d rather shop from an expanded choice of vehicles, or use this opportunity to improve your credit score. 

Secured car loan

A secured car loan will use your car as collateral against the loan, which means you’re often able to access a lower interest rate than with an unsecured loan. Secured loans tend to be used for newer cars.

Unsecured car loan

By comparison, you won’t need to put up your car (or any other asset) as collateral against an unsecured loan, but you’ll end up paying a higher interest rate. Unsecured loans are often used for older cars.

Commercial loan options

We also have a wealth of commercial loan options available, from chattel mortgages and hire purchase arrangements to novated leases and ongoing leases. If you’re after a business vehicle, a commercial loan could be a great option for you. 

Depending on the lender and your personal circumstances, approval normally takes between 2 hours and 2 days.

The basic trim level sedan Corolla Ascent Sport starts at $20,828, so a five-year loan with a 20% deposit could cost you around $81 per week. To calculate your exact personalised rates, head to the Driva Dash.

Our lenders have loan amounts available from upwards of $5,000, but the exact amount you’re eligible for will depend on a few factors. Depending on the lender, these factors could include your credit score, income and employment history. 

One way that you can adjust your maximum loan amount is by increasing the duration of your loan term. By increasing your term from, say, 3 years to 5 years, you’ll be able to increase your total borrowing amount. Keep in mind though, that the longer your loan term, the more you’re going to end up paying over the life of the loan. 

To get an idea of how much you could borrow, check out our car loan calculator, or, if you’re ready to get started, head to the Driva Dash to calculate your personalised rates in less than a minute (without impacting your credit score!). 

This will depend on a number of factors including your credit score and history, employment history, living situation and income. Our panel of more than 30 lenders have interest rates available from 3.69% (4.90% comparison rate).

Yes, we do. If you’d like to get an idea of how much you could borrow with a Toyota Corolla car loan, or what your monthly repayments could look like, feel free to check out our car loan calculator.

When you’re comparing your lender options, you’ll notice that there are APRs and comparison rates on each option. The lender quoted APR (or Annual Percentage Rate) is the base interest rate you’ll need to pay, but since it doesn’t include any fees it can be pretty misleading.

It’s a good idea to rely more heavily on comparison rates when shopping around, as they are a more realistic indicator of how much your loan will cost you - since they include nearly all fees you’ll be charged (excluding things like stamp duty).

All of the personalised finance options you’ll see in your Driva Dash are fixed-rate car loan options. A fixed-rate loan essentially means that the amount of interest you pay each month won’t change throughout the loan (like it would with a variable rate loan). This makes it far easier to budget since you can be sure that you’ll be paying the same amount each month until your final payment. 

There are pros and cons to both, so it’s worth weighing them both up to decide which is right for you.

Driva car loans are available for both new and used cars, and you’re able to compare finance options from many different lenders (so you can have the confidence of getting your best rate!). However, you might find that approval times are slightly slower.

Dealer finance often offers lower interest rates (but these are normally only available on specific makes and models) and can be negotiable. They also offer a guaranteed future value scheme. However, it’s not available for used or older vehicles, you won’t have the ability to shop around and you might need a balloon payment.

Driva can assist you with getting pre-approved for a certain loan amount and a fixed interest rate even before you’ve decided on which vehicle you’re after. Pre-approved applicants are then able to start shopping around with a set limit in mind of how much they can spend (which makes it easier to negotiate!). We can also update your exact vehicle and loan amount prior to settlement. 

Keep in mind that your pre-approval period must be less than 90 days.

Absolutely! Whether you’re after a brand new Toyota or a second-hand model from a private seller, Driva can help with all of your vehicle loan needs.

Every lender charges fees, so it’s important to be across these before deciding on a lender and signing your finance contract. These fees could include monthly fees, early exit fees or early repayment fees. 

Absolutely! If you’ve got any questions about how our flexible finance products work, or what loan might be best for your individual circumstances, feel free to get in touch. Our friendly finance team is always here to help, so give us a call on 1300 755 494 or email us at contact@driva.com.au.