Buying a used Toyota with hire purchase (HP) car finance

Toyota is a Japanese automotive manufacturer known for its reputation for reliability, fuel efficiency, and practical design.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Toyota within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Toyota model straight away.

Apply now for HP car finance

Complete your details via our online form.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Toyota?

If you’re considering purchasing a used Toyota, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of Toyota

  1. Reliability: Toyota vehicles have a well-earned reputation for reliability and durability. They are known for their long lifespan and minimal need for repairs, making them a popular choice for used car buyers seeking peace of mind.
  2. Fuel Efficiency: Many Toyota models are designed with fuel efficiency in mind. The brand offers a range of hybrid vehicles, such as the Prius and Camry Hybrid, which provide excellent fuel economy and lower emissions.
  3. Resale Value: Toyota vehicles generally hold their value well over time. Their reputation for reliability and high demand in the used car market contributes to strong resale values, which can benefit owners when it's time to sell or trade in the vehicle.
  4. Safety Features: Toyota prioritizes safety and equips its vehicles with advanced safety features. Many models come standard with Toyota Safety Sense, which includes features like pre-collision systems, lane departure alerts, and adaptive cruise control.
  5. Practicality: Toyota vehicles are known for their practical design and user-friendly features. Models like the Corolla, Camry, and RAV4 offer spacious interiors, ample cargo space, and intuitive controls, making them suitable for families and daily commuting.
  6. Hybrid Technology: Toyota is a leader in hybrid technology, with a range of hybrid models offering improved fuel efficiency and reduced environmental impact. The Toyota Hybrid Synergy Drive system is known for its seamless operation and reliability.

Weaknesses of Toyota

  1. Styling and Design: While Toyota vehicles are practical and functional, some models may be criticized for their conservative styling and lack of excitement in design. However, recent models have shown improvements in this area.
  2. Driving Dynamics: Toyota vehicles are often praised for their comfort and reliability rather than sporty driving dynamics. Enthusiasts may find other brands offer more engaging driving experiences.
  3. Infotainment Systems: While Toyota has made improvements to its infotainment systems in recent years, some models may still lack the latest technology and user interface compared to competitors.
  4. Interior Materials: While Toyota interiors are generally well-designed and functional, some models may use materials that feel less premium compared to higher-end competitors. This can be noticeable in lower-trim levels or older models.
  5. Depreciation on Certain Models: While Toyota vehicles generally hold their value well, certain models may experience faster depreciation than others. It's important to research the specific model and year to understand its depreciation trends.

Tips for buying a used Toyota

  • Research Specific Models: Popular models like the Corolla, Camry, RAV4, and Prius each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check Service History: Ensure the vehicle has a comprehensive service history. Regular maintenance by authorized Toyota service centres is a good indicator of a well-cared-for car.
  • Inspect for Wear and Tear: Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the interior, electronics, and suspension components.
  • Consider Certified Pre-Owned: Buying a dealership-certified pre-owned Toyota offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate Running Costs: Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. Toyotas generally have reasonable running costs, but it's important to consider maintenance expenses, especially for older models.

Overall, a used Toyota can offer a reliable, practical, and fuel-efficient driving experience, with strong resale value and advanced safety features. By doing thorough research and inspections, you can find a high-quality used Toyota that meets your needs and provides lasting satisfaction.

Buying a used Toyota with HP car finance

One of the ways to buy a used Toyota, if you do not have enough money to pay for it in full straight away, is to use Hire Purchase car finance (HP car finance).

This is where you ‘hire’ the Toyota from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Toyota from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Toyota completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Toyota could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Toyota are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Toyota today: with HP car finance you can get a Toyota, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Toyota: cars are expensive, but are often an essential part of daily life. When you buy your Toyota with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Toyota will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Toyota you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Toyota at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Toyota at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Toyota being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Toyota is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Toyota’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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