Toyota Car Credit Requirements that You Need to Know in 2024

Owning your dream Toyota car is a goal for many people. Toyota vehicles are known for their superior quality, modern design, and strong resale value. However, purchasing a car in cash may not be an option for everyone. Car financing becomes a commonly chosen solution.

Before you apply for Toyota car financing, there are several requirements you need to be aware of. In this article, we will discuss the requirements for Toyota car financing, the application process, and some important tips to ensure your application goes smoothly. Without further ado, let’s dive in!

Toyota Car Financing Requirements

The requirements for applying for Toyota car financing may vary depending on the policies of each institution. At TAF (Toyota Astra Finance), several documents are required to submit a Toyota car financing application, such as:

1. Original ID Card / Indonesian Permanent Residency Permit (KITAP) /  Indonesian Temporary Residence Permit (KITAS) of the Customer and Signed

This is an official identity document showing that you are an Indonesian citizen (KTP) or a foreign citizen with a permanent (KITAP) or temporary (KITAS) residence permit. The document must be original and signed.

2. Original ID Card / Indonesian Permanent Residency Permit (KITAP) /  Indonesian Temporary Residence Permit (KITAS) of Spouse

If you are married, your spouse's identity must also be included in the Toyota car financing application. The original ID card (KTP), KITAP, or KITAS of your spouse is required as part of the data verification process.

3. ID Card in the Name of the Vehicle Registration Certificate (If Required)

In some cases, you will be asked to provide the ID card registered in the name that will be listed on the vehicle registration certificate (STNK). This applies if you want the vehicle to be registered in someone else's name.

4. Guarantor’s ID Card (If Required)

If you are using a guarantor for the loan, a copy of the guarantor's ID card is also required. A guarantor is someone who will help repay the loan if you have difficulty making payments. This is usually necessary if the financial institution assesses that your credit risk is higher or if you are applying for credit for the first time.

5. Tax Identification Number (NPWP)

This document is required as proof that you have a tax identification number and have fulfilled your tax obligations. It also shows that you are financially qualified to apply for credit.

6. Family Registration Certificate

This document shows family relationships and registered residence. Additionally, the family registration certificate is used to verify the household members listed in the application.

7. Savings Account Statement or Salary Slips for the Last 3 Months

You need to demonstrate your financial capability through a savings account statement or salary slips. The report from the last three months is used to assess your creditworthiness based on your monthly income.

8. Supporting Documents

Besides the main documents mentioned above, you also need to prepare several supporting documents to complete the Toyota car financing application. These documents are important to strengthen your application and ensure that all the information provided is accurate and reliable. The supporting documents required include:

• Vehicle Order Form (SPK)

• ID Card or Other Information Supporting Customer Identity

• Proof of Home Ownership or Rental Agreement

Credit Application Process

After understanding the necessary requirements for Toyota car financing, the next step is to understand the application process. This process may vary depending on the institution you choose, but generally, the steps for applying for Toyota car financing are as follows:

1. Document Preparation

The first step in the Toyota car financing application process is to prepare all the documents mentioned above. Ensure all documents are complete and in accordance with the requirements set by the leasing company or bank.

2. Choosing the Desired Car

Before applying for credit, you must determine the type and model of Toyota car you want. Each car model has different prices and financing schemes, so make sure your choice matches your financial capability.

3. Submitting the Credit Application to the Dealer or Leasing Company

Once all the documents are ready and the car has been selected, you can submit the credit application to a Toyota car dealer or leasing company. Usually, the dealer will assist you in the credit application process, from document verification to credit simulation.

4. Verification and Survey Process

After submitting the credit application, the bank or leasing company will verify the documents you have submitted. Additionally, they will conduct a survey of your residence or office to confirm the accuracy of the information provided.

5. Credit Approval

If all the above steps go smoothly and there are no issues with the documents or survey results, your Toyota car loan will be approved. You will receive a credit approval letter along with details of the installments, tenure, and interest to be paid.

6. Signing the Credit Agreement

After the credit is approved, you need to sign the credit agreement, which contains all the terms related to your car loan. This agreement is legally binding, so make sure you read and understand the entire content before signing.

7. Down Payment

After signing the credit agreement, you will be asked to pay the down payment as per the agreement. The down payment usually ranges between 20-30% of the car price.

8. Car Collection

Once the down payment is made, you can collect your dream Toyota car from the dealer. The dealer will handle the process of vehicle registration and ownership documents (STNK and BPKB) according to the applicable regulations.

Tips for Toyota Car Financing

To ensure your Toyota car loan application goes smoothly without any issues, here are some tips to consider:

1. Prepare an Emergency Fund

Although you have carefully planned your installment payments, it is advisable to set aside an emergency fund. This fund can be used if you face financial difficulties and still need to pay the loan installments.

2. Choose a Tenure According to Your Capability

When applying for credit, you will be offered several tenure options. Choose a tenure that suits your financial capability. A longer tenure will make monthly installments lighter, but the total interest to be paid will be higher.

3. Use a Credit Simulation

Before applying for credit, use the credit simulation available on the dealer or leasing company's website to estimate the monthly installments and the total cost you need to pay. This way, you can better manage your finances.

These are the various requirements for Toyota car financing in 2024. Applying for a Toyota car loan requires careful preparation, especially in terms of documentation and choosing the right leasing company. By understanding the requirements and following the application process carefully, you can own your dream car without needing to pay a large amount upfront.

If you are interested in owning a Toyota car on credit, perform a Toyota credit simulation on TAF now. Various simulations for different Toyota car models are available, making it easy and comprehensive. This simulation will help you get a clear picture of the installments you need to pay so you can manage your finances better.

So, if you are considering Toyota car financing, performing a simulation on TAF is the right step to get a clear understanding of the costs you need to prepare!