Filed Pursuant to Rule 433
Registration No. 333-222676

Term Sheet

January 6, 2021

Issuer:	Toyota Motor Credit Corporation
Security:	Fixed Rate Medium-Term Notes, Series B
Title:	1.650% Medium-Term Notes, Series B due January 10, 2031
Issuer Senior Long-Term Debt Ratings:	Moody’s Investors Service, Inc.: A1 (negative outlook)
	S&P Global Ratings: A+ (negative outlook)
	Fitch Ratings: A+ (stable outlook)
CUSIP/ISIN:	89236THX6 / US89236THX63
Pricing Date:	January 6, 2021
Settlement Date:	January 11, 2021 (T+3)
Maturity Date:	January 10, 2031
Principal Amount:	$550,000,000
Benchmark Treasury:	UST 0.875% due November 15, 2030
Treasury Yield:	1.034%
Spread to Treasury:	+62.5 basis points
Price to Public:	99.917%
Underwriting Discount:	0.450%
Net Proceeds to Issuer:	99.467% / $547,068,500
Coupon:	1.650% per annum
Yield:	1.659%
Interest Payment Frequency:	Semi-annual
Interest Payment Dates:	Each January 10 and July 10, beginning on July 10, 2021 and ending on the maturity date (short first coupon)
Day Count Convention:	30/360
Business Day Convention:	Following, unadjusted
Business Days:	New York
Calculation Agent:	Deutsche Bank Trust Company Americas
Optional Make-Whole Redemption:	T +10 basis points
Governing Law:	New York
Minimum Denominations:	$2,000 and $1,000 increments thereafter
Joint Book-Running Managers:	BNP Paribas Securities Corp. Citigroup Global Markets Inc. ING Financial Markets LLC Morgan Stanley & Co. LLC SMBC Nikko Securities America, Inc.
Co-Managers:	Banco Bradesco BBI S.A. Cabrera Capital Markets LLC Fifth Third Securities, Inc. Intesa Sanpaolo S.p.A. Mischler Financial Group, Inc. Standard Chartered Bank UniCredit Capital Markets LLC U.S. Bancorp Investments, Inc.
DTC Number:	#274

Concurrent Offering: Concurrently with this offering of the notes, the Issuer is also offering by means of separate term sheets: (i) $750,000,000 aggregate principal amount of Floating Rate Medium-Term Notes, Series B due January 11, 2024, (ii) $1,000,000,000 aggregate principal amount of 0.450% Medium-Term Notes, Series B due January 11, 2024 and (iii) $700,000,000 aggregate principal amount of 0.800% Medium-Term Notes, Series B due January 9, 2026 (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 dated January 6, 2021 (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 BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, ING Financial Markets LLC toll-free at 1-877-446-4930, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 and SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.