FAQs

What is a Toyota Personalised Rate?

Essentially, it’s an interest rate that’s tailored to your financial circumstances. Instead of taking a one-size-fits-all approach, we use your credit score and other relevant criteria to calculate a rate that’s right for you. It doesn’t matter who you are or where in Australia you live, the same transparent and trusted process applies.

How does this affect me?

Toyota Finance is deeply committed to providing you with quality finance options that are tailored to your individual needs and circumstances. With Toyota’s Personalised Rates, you can be sure that you’re always getting a transparent interest rate for your loan.

What is a credit score?

A credit score is a single number, usually between 300 and 850, that enables financial institutions to get a sense of your credit history and to work out whether you’re a viable person to lend money to. Find out more with David Koch here.

What can affect my credit score?

There are lots of things that can affect your credit score, including your payment history, how much credit you have available and how many active credit accounts you have.

Why should I borrow from Toyota Financial Services rather than a bank?

Unlike banks and other financial institutions, we calculate your rate based on your credit score and other personal criteria determined by us. This means you can always be sure of a rate that’s transparent and tailored to you.

Is this the most competitive interest rate Toyota Finance can give me now?

Based on your credit score and other financial criteria, this is the only rate that Toyota Finance can offer you right now.

Do you have any other resources on how finance works generally?

It is important to understand how your personal circumstances impact your finance options. For more information, check out our ‘Car Finance Explained’ series with David Koch here.

How do Toyota Personalised Rates work?

Using smart and sophisticated software, our dealers will calculate a rate based on your individual credit score and other criteria determined by us. No matter who you are or where in Australia you live, you can be sure of a transparent rate that’s tailored to your personal financial circumstances.

Why is Toyota relying on software to calculate my rate?

Our goal is to give you a rate that’s transparent and tailored to your financial circumstances. The best way to do this is by handing over the brain power to a smart algorithm that’s designed to calculate your rate in seconds, based on your individual credit score and other financial criteria determined by us.

Does everyone have a credit score?

If you’re over the age of 18 and have applied for credit, it’s likely that you’ll have a credit profile and credit score with a credit reporting body such as Equifax.

How can I improve my credit score?

If you’re not happy with your current credit score, these tips should help you give it a boost.

• Check your score Most credit reporting bodies will tell you where and how you need to improve.
• Pay your bills on time This is the single most effective way to improve your credit score.
• Don’t borrow more than you can handle There’s nothing more damaging than defaulting on your loan or credit cards.

Remember, even if you’ve signed up to one or more credit score websites, it’s still a good idea to request a free copy of your credit report each year. This will help you understand how your score has been calculated and to ensure your information is correct.

If my spouse had bad credit before we married, will that affect my credit score?

If you and your spouse hold a joint credit account, have co-signed a loan or have authorised use of one another’s credit facilities, your score could be affected.