Toyota car finance explained

Buying a car is complicated, right? Wrong.

When you decide to buy a new car, the hardest decision you have to make might be which colour paint to choose, thanks to Toyota Financial Services.

Available at every Toyota Centre, Toyota Financial Services (TFS) finance solutions mean you can get behind the wheel of the car that’s just right for your budget.

TFS provides a selection of flexible finance options for new cars and Light Commercial Vehicles as well as for Toyota Approved Used vehicles. So, whether it’s a new or nearly new Toyota you’re considering, spreading the cost could be more affordable than you might think.

The two most popular ways to finance a new or Approved Used Toyota are AccessToyota and Hire Purchase.

AccessToyota is Toyota Financial Services’ version of a Personal Contract Purchase, often known as a PCP.

How Personal Contract Purchase works

Simply, you pay for your car in fixed monthly installments over a set term, and at the end of the term, choose how to end the agreement.

A PCP is different from other finance agreements as you do not pay off the whole value of the car during the term of the agreement – so a PCP mean lower monthly payments, a smaller deposit and/or a shorter repayment term. At the end of the term, you can pay the remaining balance and keep the car; take out a new agreement on a new car; or simply hand the car back to the dealer.

It’s simplest to explain the PCP agreement in three parts: Deposit, Term and Guaranteed Future Value.


You don’t necessarily need to put down a deposit with AccessToyota, but most customers do as it lowers the amount left to pay. A deposit can be cash, your current car, or a combination of both.


During the term of the agreement, you will pay a fixed amount for the car every month.

PCPs typically last for a term of between 24 and 36 months, but many of the AccessToyota plans are flexible enough to accommodate any monthly period between 12 and 60 months.

During the term of the agreement, you will need to stick to an agreed mileage limit, or pay for excess miles at the end of the term, on a ‘pence-per-mile’ basis.

Guaranteed Future Value

The Guaranteed Future Value (referred to as the GFV) is an important part of how a PCP works. As you are not paying the whole value of the car during the term, Toyota Financial Services calculates a predicted value for your car when the agreement ends.

The guaranteed future value (GFV) is the amount you’ll have to pay to take ownership of the car at the end of the agreement. If your car is worth more than the GFV at the end of the contract, you can use the difference in the two figures (or the ‘equity’) as a deposit on your next car. If you choose to hand the car back, the finance is settled.

The benefits of an AccessToyota agreement include:

It’s affordable. There’s no need for a large initial outlay, and the monthly payments can be more reasonable compared with other forms of finance.

No surprises. Payments are fixed during the agreement term, so you know how much you need to pay each month.

Getting the car you really want. With affordable monthly payments you may be able to upgrade your choice of vehicle or add extras.

The future value of your car is guaranteed, so you won’t lose out if trade-in values fall.

Choice. With flexible options at the end of your agreement, AccessToyota is ideal if your needs change as you’re not locked into a much longer term agreement − if you upgrade to a new car every two or three years, your maintenance costs will be lower.

You may never need an MOT and you may still be covered by warranty.

How Hire Purchase works

Hire Purchase is a good option if you have a reasonable deposit, or if you know you want to keep the car at the end of the term.

It essentially works like a mortgage on a house – you decide how much you’d like to pay as a deposit, and how long you want the agreement to be (up to five years), then pay monthly installments until the car is paid for.

The benefits are the simplicity and flexibility of the agreement, the ease of managing your budget with fixed monthly payments and the possibility to spread the cost of the car over a period that suits you. On top of that, you’ll own the car outright once the agreement is complete.

You can read more about Toyota Financial Services and Access Toyota on the Toyota website.

By Will McManus


  1. Hi Naomi,

    Thanks for getting in touch and we’re glad to hear you’re really making the most out of your new car. To discuss your PCP agreement in more detail, we would recommend contacting Toyota Financial Services as they are best placed to advise you further. You will be able to find their contact details via this link:


  2. Every reply is speak with Toyota Financial Services they have advised that you contact the Customer Outcomes team, no real help

    1. Hi there,

      Thanks for getting in touch. We’re sorry you’re unhappy with our financial team’s response. Is there anything we can do to help?


      1. Hi Tomas,
        Thanks for your comment. We’re sorry to hear that you’re unhappy with the responses you have received from our financial team.
        Is there anything we can do to help?

  3. Hi can I have a car I’ve hired since 2018 from Toyota if I wish to end the contract sooner can I do so? And then hand the car back without paying anymore? I’ve crossed the 50% mark of finance which by law is all you need to pay. Please explain thanks

  4. I will say that I rang Finance Services this morning and honestly I am more confused than I started. I just felt that I was being spoken down to and I am now stuck with a vehicle which I will not be able to afford. This is not what I call supporting your customers through a pandemic and honestly at this point I would not recommend Toyota

    1. Hi my other half is thinking about paying a large sum off his pcp leaving him two payments left. When will he get the options through as he wants to get another car

  5. If I purchase new car on PCP contract can I pay off car after 3 months and is their an administrative charge?
    Dealership has advised this can be done but not advised on administrative costs if any.

  6. at the end of PCP, if the car is worth than the optional final payment, can we choose the surplus to be paid directly to our bank account? can we choose to put a part of it toward a new car (as deposit) and another part to be paid to our bank account?

    1. Hi Sara,
      Thanks for your comment.
      If you have positive equity at the end of a PCP finance agreement, this can be put toward the deposit on a new car but it does not get paid into your bank account.
      We would recommend directing any further questions about your finance agreement to our Finance team:

  7. I am thinking of purchasing the new yaris GR, I currently still have outstanding balance on my car now, do toyota do any type of deal where they pay off the outstanding balance on my current finance?

    1. Hi Damian,

      Thanks for your interest in the GR Yaris. It depends on a number of factors, like the amount of time left on your agreement, for example. It is best to get in touch with a centre, give them the details, and they’ll explore what is possible in your situation.

      You can find your nearest centre here:


  8. Hi I got my aygo for 8 months now on pcp I would like to get a different car, how can I get out of my 48 months contract?

    1. Hi Efren,
      Thanks for your comment.
      It is possible to change your car early, but you’ll need to talk to a dealership about the agreement that you’re currently on, and how you can swap onto a new agreement.
      Please let us know if you have any further questions.

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