Find your best Toyota finance rate with Driva

The maximum amount that you’ll be eligible to borrow is dependent on a few factors, like your credit score, the type of car you’re buying and whether you’re getting a secured or unsecured loan. Driva works with a panel of more than 30 lenders, and across this panel, there are loan amounts available between $5,000 and upwards of $250,000. 

One way to increase your maximum borrowing amount is to change the duration of your loan term. For example, if you increase your loan term from 3 to 5 years, you’ll be able to borrow more money because your monthly repayments will be smaller and more manageable. Bear in mind that the longer your loan term, the more interest you’ll end up paying overall.

To check out your best Toyota finance options now, you can get your personalised rates through Driva’s smart platform. Alternatively, you can use our car loan calculator tool to get an idea of how much you could borrow (and we have a bike and caravan loan calculator too).

In many cases, one of the main factors that lenders will consider when assessing and pricing your loan is your credit score. The higher your credit score, the lower the interest rate they’ll be able to pass on to you because they’ll be reasonably confident that you’ll be able to meet your repayment obligations. 

However, credit score isn’t always the most important factor. Some lenders will pay more attention to other factors like the type of car you’re buying and type of loan you’re looking for, as well as your personal circumstances like income and living situation.

Driva works with more than 30 lenders, so we’re pretty confident that there will be a Toyota finance option that suits you! If you’re looking to improve your credit score, it’s a good idea to find out what it is first. You can access it through Equifax and they can assist you in understanding why your credit score is the way it is. You can also get in touch with the Driva team or seek your own financial advice. 

A balloon payment is a type of financial arrangement where you’ll make lower monthly payments over the duration of your loan, and at the end of your loan, you’ll need to make a balloon final payment, which is a lump sum payment (often around 30% of the loan amount). This can be a great option because it reduces your monthly payments, but it requires you to budget carefully to ensure you can meet your balloon final payment amount. 

It’s important to weigh up whether the benefits of making lower monthly repayments (compared to a non-balloon payment situation) is worth the final lump sum payment).

Yep! If you’re not completely happy with your current Toyota finance situation, or if it just doesn’t quite suit your personal circumstances, Driva can help you refinance your loan. Refinancing is a great option if you’re looking to change your loan term, lower your monthly repayments or access improved loan conditions.