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Instalment Finance is usually offered over a period of 12 to 72 months. These monthly instalments can be structured with equal amounts over the entire agreement period so that there is no balloon payment required at the end. Alternatively, if you’d prefer a shorter finance period, you can either increase your monthly instalments, pay a deposit, or arrange for a final balloon payment.
A final balloon payment is a larger payment at the end of your vehicle finance agreement, which can help in lowering your monthly repayments upfront. Under Instalment Finance, you will own the vehicle at the end of the agreement once all outstanding amounts, including the balloon payment, if applicable, have been paid.
If you choose Instalment Finance, you will be given the option to select a balloon payment depending on your financial risk profile. A balloon payment is a pre-determined amount that is added to your agreement; it’s typically much larger than your ordinary monthly instalments and is usually made right at the end of your agreement. However, it does help in lowering your monthly instalments.
Your final balloon amount will be worked out at the beginning of your contract and at the end of the finance period you will need to settle the balloon amount in full.
You are offered a market-related interest rates based on your credit profile. A good credit profile means you’ll enjoy the benefits of a better interest rate. You can also choose whether to link rates to the official prime lending rate, or a fixed rate can be negotiated to provide you with the comfort and peace of mind that the instalment will remain the same for the agreed period, and will not change.
Once you have paid your last instalment in full, you can finally take ownership of your vehicle. You can request all documentation through Toyota Financial Services customer services or via the self-service portal on the Toyota website. This documentation can be couriered to you at no extra cost. You can also make use of the MyToyota app to request your final settlement amount or a copy of your vehicle registration.
