iFinance
iFinance
For those with limited credit history, financing or leasing a vehicle may be a challenge. But Toyota Financial Services (TFS) has a program designed especially for you. The iFinance program allows you to drive off in a new Toyota Corolla, Matrix, Tacoma, or Yaris without a co-applicant.
Both finance and lease contracts are available. With a TFS finance or lease contract, you can start building your credit history. Just meet the following criteria:*
Credit Line. At least one satisfactory credit line (minimum $500 trade line) open for at least one year, and no adverse credit.
- References. Five personal and verifiable references.
- Employment. A full-time job, which you've held for at least six months.
- Sufficient Income. Your income must be enough to cover ordinary living expenses and vehicle payments, and be consistent and verifiable. Your monthly payment may not exceed a certain percentage of your gross monthly income. See your dealer for details.
- Vehicle Insurance. You must show verifiable proof of insurance, as required under the terms of your contract. See your dealer for details.
- Maximum Advance Limit. Maximum advance of 100% of original dealer invoice including dealer-installed accessories, tax, title, and license, plus rebateable insurance products (i.e. GAP, VSA, TAC, credit life and disability insurance).
- Minimum down payment. Minimum down payment is equal to the difference between the amount you choose to finance and the maximum advance, or $18,000, whichever is less
- Other restrictions apply. See your Page Toyota F&I MGR for details.
Example of typical finance transaction: If financing a 2005 Toyota Corolla CE with an MSRP of $14,195 for 60 months with $2000 down payment and an Annual Percentage Rate (APR) of 5%, you would have 60 monthly payments of $230.13 each.
