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04.05.2023

DOCUMENTS NEEDED FOR FINANCING A TOYOTA LAND CRUISER PRADO

04 May 2023

If you would like to obtain a brief overview of the requirements of vehicle finance for a first-time buyer, have a look at the Youtube video below:

First-time buyer guide to vehicle finance

[CREDIT: ABSA SOUTH AFRICA]

TOYOTA LAND CRUISER PRADO OVERVIEW

Given that the Toyota Land Cruiser Prado is from the same family as its legendary cousin, the Toyota Land Cruiser, it would inevitably be a relentless performer. This variant is assembled with the specific intent of tackling every off-road obstacle that could be presented to it. Brand Toyota has designed specific innovations to deal with the bush. Drivers can expect Multi-Terrain Select and Kinetic Dynamic Suspension and a new 2.8-litre turbodiesel engine to power through any terrain.

There is a further element here, however. As impressive as Toyota’s leaps in driving innovation have been, it has not lost focus on another important aspect: Comfort. The cabin is a stunning 7-seater with striking leather finishes. Expect a leather steering wheel with a stylish wooden insert. There is great versatility with the seating well. Occupants in the cabin can fold down the third row of seats which increases the loading space.

For all of the Toyota Land Cruiser Prado’s impressive capabilities, the model is very competitively priced. Prado enthusiasts can expect the entry-level Toyota Land Cruiser Prado TX 2.8GD A/T to retail for R1 079 700, whilst the Toyota Land Cruiser Prado VX-L 2.8GD A/T will cost R1 271 900.

This model is also available for a test drive. By locating your nearest CFAO Toyota Dealership, we encourage you to schedule an appointment with us. Taking the next step and purchasing your very own Toyota Land Cruiser Prado can be a daunting task, especially if you would like to finance your vehicle. Our finance team can assist you with any financial advice to ensure that the process is as uncomplicated as possible.

There are, however, some terms that we will explore in this article. Understanding how to obtain credit, what institutions look for, and how to ready yourself for a vehicle purchase is a great way to get your journey underway.

HOW TO GET VEHICLE FINANCE FOR A TOYOTA LAND CRUISER PRADO

There are several factors that a financial institution will take into consideration when you apply to purchase your Toyota Land Cruiser Prado. It is important to bear in mind that your private bank may have different criteria than others. These are not immovable rules, but they are guidelines that Toyota Financial Services and other lenders often look to. Let’s have a look at a few:

  • The term of the loan: Depending on your affordability, the bank could suggest an extension of the term of an agreement. This will result in lower monthly payments, making the Toyota Land Cruiser easier to afford.
  • Income: Perhaps the most important factor that will be listed here. It is important to prove to the lending institution that you receive a steady income. The bank could request bank statements to confirm affordability.
  • Credit score: A credit report is usually conducted to analyse your credit history. Many banks also have a unique scoring system that is utilised to measure creditworthiness.
  • Employment history: Banks could take your employment history into account as well. This allows the financial institution to verify how stable you are.
  • The value of the vehicle: The larger the value of the Land Cruiser Prado variant, the more risk the institution would be taking.
  • Debt-to-income ratio: This is part of the bank's affordability check. The institution needs to ensure that you are still able to cover all your other obligations, as well as the additional debt for the Toyota Land Cruiser Prado.

WHAT IS A CREDIT CHECK?

With your permission, the lending institution may pull a credit report to assess your creditworthiness. This report contains the following information:

  • Repayment history
  • Defaults on loans
  • Outstanding balances
  • Clothing accounts and micro-loans

This report is an excellent indicator of how a potential customer is likely to repay their debt. The better your credit score, the more likely it is that you will qualify for a Toyota Land Cruiser Prado. You may also qualify for a favourable interest rate. A bad credit score could make it harder to qualify for vehicle finance.

DOCUMENTS NEEDED TO BUY A CAR ON FINANCE

The information that you need to provide will differ from lender to lender. However, there is a general list of acceptable documents that are generally required when purchasing a Toyota Land Cruiser Prado. Let’s go through them:

  • Proof of address: This can be in the form of a utility bill, bank statement, or lease agreement.
  • Proof of identity: Most institutions will accept a driver’s licence, ID document and/or passport.
  • Proof of income: Depending on your risk profile, you may be asked to provide bank statements and/or payslips.
  • Credit report: The lender will pull this report with your permission.
  • Employment information: You will be required to provide information about your employment. If you have just started in a position, an official letter of employment may be required.

TOYOTA LAND CRUISER PRADO FAQS

How much can one expect to pay for a Toyota Land Cruiser Prado per month?

Many variables affect the instalment amount. However. On average, consumers can expect to pay about R20 000 per month for this luxury vehicle.

Is the petrol variant more cost-effective than the diesel variant?

Tests have shown that there is a slight cost-saving if you choose the diesel variant. This would be the ideal option for consumers who are conscious about spending money on fuel.

Is there any significance behind the name Prado?

In Spanish and Portuguese, the name “Prado” refers to a field or meadow.

What makes the Toyota Land Cruiser Prado such a popular vehicle?

Its spacious interior makes this the ideal vehicle for families. The Prado also has a high driving position, which makes it great for off-road adventures.

Is the Toyota Land Cruiser Prado a reliable vehicle?

Absolutely. If this model is properly maintained you can expect it to last for many years.

RELATED SEARCHES:

  • Toyota Prado Monthly Instalment
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  • Toyota Prado 2020 Price South Africa
  • Toyota Land Cruiser Prado Price South Africa
  • Toyota Prado For Sale South Africa

EXPERIENCE TRUE OFF-ROAD PLEASURE

Our Toyota Land Cruiser Prado is a worthwhile investment, especially for off-road adventure seekers. However, financing this vehicle is not a decision to be taken lightly. Ensure that you read your financial agreement carefully, and ask that your finance consultant explains the terms of the loan in full. Remember to consider your budget carefully, taking into account costs such as maintenance and fuel, as well as insurance.

For further financial advice (or to take the next step), contact our finance department here to assist you.

Alternatively, feel free to contact us here:

Email: autoteam@cfaomotors.co.za