05 May 2023
Introducing the dynamic Toyota Corolla range. Epitomising the desired combination of quality and innovation, the Corolla models boast performance, power, and beauty. A lineup like no other, the Toyota Corolla includes the all-new Gazoo-inspired Corolla Cross GR-Sport, Corolla Cross GR-S Hybrid, and more.
Meet the Toyota Corolla range plus the new Toyota Corolla price guides:
Designed with you in mind, the Corolla range showcases:
Let’s explore what car financing is below, and get you a step closer to buying a Toyota Corolla on car finance.
Choosing the right financing option when buying a car can be daunting but it doesn’t have to be. In this article, we explain everything-car-finance. From the car financing options and what they mean to requirements and credit scores. All this and more to get you a step closer to buying an exciting Toyota Corolla on car finance.
Many people's preferred alternative is to purchase a car with cash. The greatest choice would be to go with this option if you have the financial means to do so and have completed all other required research to prepare you for purchasing the Toyota Corolla that is suitable for you.
This is the most popular and simple method for paying for a car, and it allows you to either pay a deposit or not by making monthly payments for up to 12 to 60 months. Here, the purchase price of a vehicle is subtracted from the initial deposit made to determine the monthly instalments.
Do note that the longer the duration, the higher the interest rate. And thus a substantial amount of a deposit will shorten the term. Under this option, the vehicle only becomes yours after making the final instalment of the instalment term.
Click here to learn more about our instalment options, including benefits and more.
A balloon payment is a one-time, large principal balance that is due at the end of a loan term. With this option, the monthly instalments made by the borrower are significantly lower until the balloon payment is due.
Even after years of making that monthly payment, the car is still not yours; and the large sum that was deducted to make your monthly payment more manageable is now due.
Leasing a car is simply a semi-long-term agreement where you pay to use a brand-new car for a predetermined amount of time. Monthly payments are more inexpensive, and since service and maintenance are included in the service and maintenance contracts, there are no additional expenditures.
Every two to four years, you can drive a brand-new vehicle and profit from the newest models, and you won't have to worry about selling or trading in the vehicle or paying any outstanding debts to your bank when the lease expires.
Learn more about our Toyota leasing options here, including the Take-A-Break option you can add to your package if you will.
A GFV plan determines a vehicle's future monetary value after taking into account certain factors like mileage, maintenance, and vehicle condition. In other words, the GFV plan calculates the future worth of your car if specific terms and criteria of the vehicle's condition, mileage, and maintenance are met.
Following that, you have three options to choose from:
Should you decide to use this car financing option, you must carefully read and comprehend the fine print.
Watch this video here and learn more about the Toyota Future Drive financing option we offer.
Financial institutions consider a few factors when you apply to purchase your Toyota Corolla on car finance. You can expect to follow these general steps to get car finance for a Toyota Corolla:
Calculate how much you can afford to spend on a car by taking stock of your financial condition. Think about your finances, including your income, expenses, and any debts.
Your credit score is very important when applying for car financing. Request a copy of your credit report from a credit reporting agency to verify the information for any inaccuracies or inconsistencies.
Look for banks, credit unions, and online lenders that offer car loans. Compare their interest rates, terms, and eligibility criteria to find the best option for your needs.
Alternatively, you can fill out a form here and have our expert team approach all of the major banks and finance houses for you, including Toyota Financial Services.
Lenders typically require documents such as
Make sure to have these documents ready.
Some lenders offer pre-approval for car loans. All you would have to do is contact the lender of your choice and submit an application with the required paperwork. A pre-approval decision, including the loan amount, interest rate, and terms, will be made after they have reviewed your information.
Making a down payment on a vehicle can lower the loan balance and the corresponding monthly payments.
If you decide to go with the pre-approved loan, contact the lender to finalise the loan application. They will walk you through everything, give you the required documentation, and make arrangements for the money to be transferred to the dealership.
The next step would be to carefully read the loan agreement before signing it. Ensure that you understand the terms, interest rate, repayment schedule, and any associated fees. Always ask questions if anything is unclear.
Once the paperwork is complete, the loan funds will be sent to the dealership, and you can take delivery of your Toyota Corolla. It is always best to make sure to register and insure the vehicle before driving it.
Remember to consider your budget and choose a loan that suits your financial situation. Shop around for the best interest rates and terms, and read the fine print before committing to any loan agreement.
A credit score is a number from 300 to 850 that rates a consumer's creditworthiness. A borrower's standing with potential lenders improves with a higher score.
This often differs from lender to lender but often you would have to submit your proof of income, credit report, proof of identity, employment info, and proof of address for evaluation.
You can expect to pay instalments of anything from R6,190 to R11,067 for a new Toyota Corolla model. All this depends on client requirements, finances, and more. Visit our website here for a more detailed breakdown of how much your desired Toyota Corolla price is. T&Cs apply.
Typically, a rating score between 580 and 669 is considered fair and may consider your application. And anything between 670 to 739 is desirable, meaning you are likely to get your finance application approved.
If you are looking to purchase a Toyota Corolla on car finance, then CFAO Motors Toyota can help. All of our cars, new or used, are available on finance. Let’s get you the best deal with the aid of our vehicle finance team.
Alternatively, find a dealer here.