Frequently Asked Questions
What Identification and Documents do I need to apply?
To apply for car finance you will need to provide the following:
Proof of Identity
- Driver’s license – at least one person on the finance application
- Passport or Proof of age card
One of the following:
- Valid Medicare
- Valid Credit/debit card
- Valid Veteran card
Proof of income – one of the following combinations
- Pay slip including year to date summary (unless Jul/Aug) or
- 3 x consecutive payslips (if no YTD or Jul/Aug) or
- Employment contract and 3 months bank statement
- (if recently started)
- Tax Return or
- Business Financials
Proof of residence
Boarding or living with parents
Understanding of monthly expenses – you will be asked about your current monthly expenses. It is best to be prepared with a list of your monthly expenses.
How does Toyota Access work?
At the time of 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)[F2], 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.
What if I drive extra kms?
An excess usage adjustment of $0.0635 per kilometre will apply if, at the end of the term, you have travelled more than the agreed end odometer. This will be deducted from your Guaranteed Future Value (GFV)[F2], which then becomes your adjusted GFV.
If there's lots of damage, can I return my vehicle and claim the Guaranteed Future Value (GFV)?
If your car doesn't meet fair wear and tear guide, Toyota Finance will give you the opportunity to have the car repaired. Otherwise, Toyota Finance can organise the repairs and deduct the cost from your Guaranteed Future Value (GFV)[F2]. This adjusted GFV will then be the price that Toyota Finance will offer you if you return the car at the end of your term. Of course, if you keep the car, the condition won’t matter; however, if you trade it in or sell it privately, the condition will obviously impact your sale price.
Who decides the Guaranteed Future Value (GFV) and how is it calculated?
Toyota Finance analysts set the Guaranteed Future Value[F2] based on what they estimate the car will be worth in the future. This is done through sales results of similar cars, new model data and economic factors, with your loan term and agreed end odometer factored in.
Is Toyota Access a lease?
No. 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.
What happens at the end of my loan?
When your loan term ends, you have the choice of one of three flexible options:
- Trade for a new model - If the trade-in value is higher than your outstanding loan balance, you can put the difference towards your new Toyota.
- Keep your Toyota – Simply pay the remaining balance owing on your loan, or we can help you refinance that amount, if you don’t have the cash on hand (conditions apply).
- Return your Toyota - Toyota Finance will pay you the Guaranteed Future Value[F2] agreed at the start of your loan, (subject to fair wear and tear and agreed kilometres being met) and put it against the remaining balance owing on your account.
You’ll just need to let us know what you would like to do around 180 days before your car loan term ends.
*Please check with Stawell Toyota to find out if Toyota Certified Pre-Owned Vehicles are available at the dealership.
[F2] 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.
[F9] 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.