Toyota has been responsible for car financing for the automaker and has been operating in Brazil since 1999. To buy a car from Toyota you must finance the vehicle by its own brand or any Brazilian bank.
The automaker’s current rates are lower than traditional banks such as Good Finance Econômica Federal and Banco do Brasil. If you have decided to buy a car from Toyota, you need to research the market conditions.
The best car maker in the market today is GMAC (Chevrolet), so if you are willing to finance a car but aren’t sure of the model and make, check out our comparison below and see how much you would spend.
What are the interest rates on vehicle financing by Toyota?
According to data from the Central Bank of Brazil, the average rates charged for a vehicle loan at Toyota are 1.55% per month and 18.6% per year. The company has the 2nd lowest rate in the market.
In a comparison between the two companies with the lowest interest rates on the market: Toyota and GMAC, check out the impact of interest on the final value of a vehicle loan.
Considering a $ 25,000 car loan with $ 5,000 down payment and a 36-month repayment term (three years), you would spend:
Toyota (1.55% per month): $ 26,246.88 x GMAC (1.30% per month): $ 25,171.20.
A difference of $ 1,075 between banks, not to mention the other fees included in a financing.
What are the conditions offered by Toyota for vehicle financing?
Toyota provides financing to both individuals and corporations. Documents vary by customer type. Legal persons must inform the company’s CNPJ.
There are two financing options: CDC (Direct Consumer Credit), or common financing, and leasing. The automaker makes the financing available to individuals and companies and the payment period varies between 24 and 60 months, or between two and five years. In the case of leasing, the car stays in the bank’s name until the debt is fully paid off.
To get funding from Toyota, simply contact the company and get more information.
Other fees charged to both individuals and businesses for Toyota vehicle financing include:
- Copy of documents;
- Add clauses in the contract;
- Vehicle change after payment;
- Certificates and statements.