Filed Pursuant to Rule 433
Registration No. 333-222676

Term Sheet
October 13, 2020

Issuer:	Toyota Motor Credit Corporation
Security:	Floating Rate Medium-Term Notes, Series B
Title:	Floating Rate Medium-Term Notes, Series B due October 14, 2022
Issuer Senior Long-Term Debt Ratings:	Moody’s Investors Service, Inc.: A1 (negative outlook) S&P Global Ratings: A+ (negative outlook) Fitch Ratings: A+ (negative outlook)
CUSIP/ISIN:	89236THN8 / US89236THN81
Pricing Date:	October 13, 2020
Settlement Date:	October 16, 2020 (T+3) The Issuer expects that delivery of the notes will be made against payment therefor on the Settlement Date, which will be the third U.S. business day following the Pricing Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the Pricing Date will be required by virtue of the fact that the notes initially will settle in three business days to specify alternative settlement arrangements to prevent a failed settlement and should consult their own investment advisor.
Maturity Date:	October 14, 2022
Principal Amount:	$600,000,000
Price to Public:	100.000%
Underwriting Discount:	0.150%
Net Proceeds to Issuer:	99.850% / $599,100,000
Floating Rate Index:	Compounded SOFR (as defined under “Description of the Notes—Additional Terms of the Floating Rate Notes” in the preliminary pricing supplement dated October 13, 2020 (the “preliminary pricing supplement”))
Floating Rate Spread:	+34 basis points
Minimum Interest Rate:	0.000%
Interest Payment Frequency:	Quarterly
Initial Interest Rate:	The initial interest rate will be based on Compounded SOFR determined on January 12, 2021 plus the Floating Rate Spread, accruing from October 16, 2020.
Interest Payment Dates:	Each January 14, April 14, July 14, and October 14, beginning on January 14, 2021 and ending on the Maturity Date (short first coupon)
Interest Reset Dates:	Each Interest Payment Date
Interest Determination Date:	The second U.S. Government Securities Business Day preceding each Interest Reset Date.
Interest Period:	The period from and including an Interest Payment Date (or, in the case of the first Interest Period, the Settlement Date) to, but excluding, the next Interest Payment Date (or, in the case of the final Interest Period, the Maturity Date).
Observation Period:	The period from and including two U.S. Government Securities Business Days preceding an Interest Payment Date to but excluding two U.S. Government Securities Business Days preceding the next Interest Payment Date, provided that the first Observation Period shall be from and including two U.S. Government Securities Business Days preceding the Settlement Date to but excluding the two U.S. Government Securities Business Days preceding the first Interest Payment Date.

Day Count Convention:	Actual/360
Business Day Convention:	Modified Following, adjusted
Business Days:	New York and U.S. Government Securities Business Day (as defined under “Description of the Notes — Additional Terms of the Floating Rate Notes” in the preliminary pricing supplement)
Calculation Agent:	Deutsche Bank Trust Company Americas
Governing Law:	New York
Minimum Denominations:	$2,000 and $1,000 increments thereafter
Joint Book-Running Managers:	BofA Securities, Inc. Commerz Markets LLC Mizuho Securities USA LLC RBC Capital Markets, LLC TD Securities (USA) LLC
Co-Managers:	AmeriVet Securities, Inc. ANZ Securities, Inc. ING Financial Markets LLC R. Seelaus & Co., LLC Scotia Capital (USA) Inc. Siebert Williams Shank & Co., LLC UniCredit Capital Markets LLC
DTC Number:	#773
Concurrent Offering:	Concurrently with this offering of the notes, the Issuer is also offering by means of separate term sheets: (i) $1,150,000,000 aggregate principal amount of 0.350% Medium-Term Notes, Series B due October 14, 2022 and (ii) $1,000,000,000 aggregate principal amount of 0.800% Medium-Term Notes, Series B due October 16, 2025 (collectively, the “Other Notes”). This term sheet does not constitute an offer to sell, or the solicitation of an offer to buy, any of the Other Notes. Any offering of the Other Notes may be made only by means of a prospectus and related prospectus supplement.

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to withdrawal at any time.

This term sheet supplements the preliminary pricing supplement, the related prospectus supplement dated January 25, 2018 and the related prospectus dated January 24, 2018; capitalized terms used in this term sheet, but otherwise not defined, shall have the meanings assigned to them in the preliminary pricing supplement or the related prospectus supplement and the related prospectus.  

The Issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary pricing supplement, the related prospectus supplement and the related prospectus and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the web at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, Commerz Markets LLC toll-free at 1-800-233-9164, Mizuho Securities USA LLC toll-free at 1-866-271-7403, RBC Capital Markets, LLC toll-free at 1-866-375-6829 and TD Securities (USA) LLC toll-free at 1-855-495-9846.

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