Toyota provides two methods for owners to pay off loans: paying a set monthly amount until the loan is paid off or paying a lump sum at any point for the remaining amount owed. Paying off a loan early usually doesn't result in a penalty, states Toyota Financial Services .Continue Reading
Paying off a Toyota car loan with a set monthly amount is the standard system set up by Toyota dealers. Purchasers can also make additional, up-front payments, as stated by Toyota Financial Services. These payments can greatly decrease the amount of time a consumer pays on a loan and lessen interest charges.
Purchasers can also pay off the remaining balance on their Toyota vehicle at any time by going to the Toyota website and checking the payoff amount remaining in the account overview section under Payoff Information. Payoff amounts are only applicable for 10 days, so the check needs to arrive within this time or else the payoff amount may change, according to Toyota Financial Services.Learn more about Credit & Lending