MANILA, Philippines — Life can get busy and fast-paced, especially for professionals on the hustle. Many find themselves in situations requiring ways to move around with equal acceleration, not to mention safety during this worldwide health crisis. In these instances, having a car offers the exact convenience needed to stay on track with their careers and lifestyles today.
If you feel ready to enjoy the benefits of having a car, there are many ways to go about it. Those who can readily afford it pay straight up using their savings. Some choose to take out a personal loan from a bank.
But did you know there’s another great way that isn’t as widely known yet? This is called a balloon payment and is offered by Toyota Motor Philippines through Toyota Financial Services Philippines in a package called Balloon Payment Plus.
Essentially, a balloon payment, according to finance website Investopedia, is a lump sum due at the end of a loan term. In simpler terms, it is a final payment at the end of a finance term that’s considerably bigger than previous payments.
In the country, balloon payments were first introduced in real estate, but in the car industry, Toyota Motor Philippines is the first to offer it through Toyota Financial Services Philippines.
A balloon payment presents several benefits when examined closely, especially when you apply for Toyota’s Balloon Payment Plus. Here are some of them:
1. Easy-on-the-bank account payments
Building a career is altogether both rewarding and challenging, especially when you have financial responsibilities to cover—that’s adulting for you!
That’s why when it comes to car financing, Toyota’s Balloon Payment Plus makes matters as light as possible with lower monthly payments that put less pressure on you and your wallet.
Whether going for short or long term, you have more room to spread out your monthly payments, so you can easily lead the lifestyle you choose, minus the burden and guilt!
With Toyota and Toyota Financial Services’ new offer, you can choose your finance term from 24, 36, 48 and 60 months with a lump sum amount of as low as 30%.
2. Flexible end-of-term options
The money you spend on getting a new car is no joke, especially for young professionals budding in their careers. This is why it’s important to familiarize yourself with the terms that come with financing your new ride and the options you have at the end of the finance term.
Thankfully, Toyota’s Balloon Payment Plus offers not just one but two convenient options, as shown in the following infographic:
And unlike other arrangements that require a large down payment, Toyota Financial Services only requires an easy down payment of 20%, 25% or 30% of the total suggested retail price (SRP), applicable to the following models:
- Rush (all variants)
- Corolla Cross (all variants)
- Fortuner (all variants)
- Hilux (Conquest, G, E, J and GR-S)
- Innova (all variants)
3. Awesome inclusion: Worry-free maintenance
These days, being outdoors carries with it its own set of risks and burdens, and vehicle concerns or worse, breakdowns, should be the last thing on your mind. This makes car maintenance a definite must.
With Toyota’s Balloon Payment Plus, car maintenance is easy! Apart from affordable monthly payments, bundled with it is a Periodic Maintenance Service for the whole finance term of up to 100,000km for a 5-year finance term, giving you the assurance that your ride is in top condition whenever you venture out on the open road.
4. Take your ride home, right away
These days, it’s hard to get much done without a reliable vehicle to take you anywhere, especially at a moment’s notice.
With Toyota’s Balloon Payment Plus, get on the road and achieve more things right away, while sticking to your monthly payment obligations.
5. Safer, more proactive
In this ongoing global health crisis, nothing is worth more than security in mobility. Whether going to work (with workplace health protocols a given, of course) or driving the family from point A to point B, having a car to do these gives you more peace of mind than resorting to public means that leave you more open to contracting illness.
Toyota lets you have more options for safer workarounds, for you and your loved ones.
Another benefit is a good resale value should you choose to trade in your vehicle at the end of your finance term.
So go ahead and get that brand new car you deserve and apply for Balloon Payment Plus.
All you need to prepare are the following:
- Accomplished and signed Application Form
- 1 Valid Government ID
- Proof of income and other supporting documents
For more information about Balloon Payment Plus, go to https://toyota.com.ph/balloon-payment-plus or https://toyotafinancial.ph/balloon-payment-plus. You can also call Toyota Financial Services Customer Care Hotline at 02-7757-8500, inquire via email at feedback@toyotafinancial.ph, or call and visit your nearest Toyota dealership.
Toyota Financial Services Philippines Corporation is supervised by the Bangko Sentral ng Pilipinas (consumeraffairs@bsp.gov.ph).