<PAGE>

                  FIXED RATE GLOBAL MEDIUM-TERM NOTE, SERIES B

     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

REGISTERED                                              PRINCIPAL OR FACE AMOUNT
No. FX              CUSIP No. ___________________  $____________________________


                         TOYOTA MOTOR CREDIT CORPORATION
                           MEDIUM-TERM NOTE, SERIES B
                                  (Fixed Rate)


--------------------------------------------------------------------------------

                  *** [ ] CHECK IF A PRINCIPAL INDEXED NOTE ***
                  IF CHECKED, CALCULATION AGENT: _____________

If this is a Principal Indexed Note, references herein to "principal" shall be
deemed to be the face amount hereof, except that the amount payable upon
Maturity of this Note shall be determined in accordance with the formula or
formulas set forth below or in an attached Addendum hereto.


--------------------------------------------------------------------------------

ORIGINAL ISSUE DATE:          INTEREST RATE:            STATED MATURITY DATE:


INTEREST PAYMENT DATES:


INITIAL REDEMPTION            INITIAL REDEMPTION        ANNUAL REDEMPTION
DATE:                         PERCENTAGE:               PERCENTAGE REDUCTION:


OPTIONAL REPAYMENT DATE(S):


DAY COUNT CONVENTION
[ ] 30/360 FOR THE PERIOD FROM                         TO      .
[ ] ACTUAL/360 FOR THE PERIOD FROM                     TO      .
[ ] ACTUAL/ACTUAL FOR THE PERIOD FROM                  TO      .


                                     - 1 -
<PAGE>

ADDENDUM ATTACHED:                                     ORIGINAL ISSUE DISCOUNT:
[ ]  Yes                                               [ ]  Yes
[ ]  No                                                [ ]  No
                                                       Total Amount of OID:
                                                       Yield to Maturity:
                                                       Initial Accrual Period:

OTHER PROVISIONS:

























                                        2
<PAGE>


     TOYOTA MOTOR CREDIT CORPORATION, a California corporation ("Issuer" or the
"Company," which terms include any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of

DOLLARS, or if this is a Principal Indexed Note, the principal amount as
determined in accordance with the terms set forth under "Other Provisions" above
and/or in the Addendum attached hereto, on the Stated Maturity Date specified
above (except to the extent redeemed or repaid prior to the Stated Maturity
Date), and to pay interest on the principal or face amount as set forth above at
the Interest Rate per annum specified above, until the principal hereof is paid
or duly made available for payment. Reference herein to "this Note", "hereof",
"herein" and comparable terms shall include an Addendum hereto if an Addendum is
specified above.

     The Company will pay interest on each Interest Payment Date specified
above, commencing on the first Interest Payment Date next succeeding the
Original Issue Date specified above, and on the Stated Maturity Date or any
Redemption Date or Optional Repayment Date (if specified as repayable at the
option of the Holder in an attached Addendum) (the date of each such Stated
Maturity Date, Redemption Date and Optional Repayment Date and the date on which
principal or an installment of principal is due and payable by declaration of
acceleration or otherwise pursuant to the Indenture being referred to
hereinafter as a "Maturity" with respect to principal payable on such date);
provided, however, that if the Original Issue Date is between a Regular Record
Date (as defined below) and the next succeeding Interest Payment Date, interest
payments will commence on the second Interest Payment Date succeeding the
Original Issue Date. Except as provided above, interest payments will be made on
the Interest Payment Dates shown above. Unless otherwise specified above, the
"Regular Record Date" shall be the date 15 calendar days (whether or not a
Business Day) prior to the applicable Interest Payment Date. Interest on this
Note will accrue from and including the most recent Interest Payment Date to
which interest has been paid or duly provided for or, if no interest has been
paid, from the Original Issue Date specified above, to, but excluding such
Interest Payment Date. Unless otherwise specified in an Addendum attached
hereto, if the Maturity or an Interest Payment Date falls on a day which is not
a Business Day as defined below, the payment due on such Maturity or Interest
Payment Date will be paid on the next succeeding Business Day with the same
force and effect as if made on such Maturity or Interest Payment Date, as the
case may be, and no interest shall accrue with respect to such payment for the
period from and after such Maturity or Interest Payment Date. The interest so
payable and punctually paid or duly provided for on any Interest Payment Date
will as provided in the Indenture be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such Interest Payment Date. Any such interest
which is payable, but not punctually paid or duly provided for on any Interest
Payment Date (herein called "Defaulted Interest"), shall forthwith cease to be
payable to the registered Holder on such Regular Record Date, and may be paid to
the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the


                                       3
<PAGE>

Trustee, notice whereof shall be given to the Holder of this Note not less than
10 days prior to such Special Record Date, or may be paid at any time in any
other lawful manner, all as more fully provided in the Indenture.

     Payment of the principal of and interest on this Note will be made at the
Office or Agency of the Company maintained by the Company for such purpose, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
at the option of the Company, payment of interest may be made by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Security Register; and provided, further, that AT THE OPTION OF THE COMPANY, the
Holder of this Note may be entitled to receive payments of principal of and
interest on this Note by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Trustee not
less than 15 days prior to the applicable payment date.

     Unless the certificate of authentication hereon has been executed by or on
behalf of Deutsche Bank Trust Company Americas, the Trustee for this Note under
the Indenture, or its successor thereunder, by the manual signature of one of
its authorized officers, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     This Note is one of a duly authorized series of Securities (hereinafter
called the "Securities") of the Company designated as its Medium-Term Notes,
Series B (the "Notes"). The Notes are issued and to be issued under an Indenture
dated as of August 1, 1991 as amended and supplemented by the First Supplemental
Indenture dated as of October 1, 1991, and the Second Supplemental Indenture
dated as of March 31, 2004 (herein called the "Indenture") between the Company,
JPMorgan Chase Bank (as successor to The Chase Manhattan Bank, N.A.) and
Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights thereunder of the Company, the
Trustee (as defined below) and the Holders of the Notes and the terms upon which
the Notes are to be authenticated and delivered. Deutsche Bank Trust Company
Americas shall act as Trustee with respect to the Notes (herein called the
"Trustee", which term includes any successor Trustee with respect to the Notes,
under the Indenture). The terms of individual Notes may vary with respect to
interest rates or interest rate formulas, issue dates, maturity, redemption,
repayment, currency of payment and otherwise.

     Except as otherwise provided in the Indenture, the Notes will be issued in
global form only registered in the name of The Depository Trust Company ("DTC")
or its nominee. The Notes will not be issued in definitive form, except as
otherwise provided in the Indenture, and ownership of the Notes shall be
maintained in book entry form by DTC for the accounts of participating
organizations of DTC.

                                       4
<PAGE>

     This Note is not subject to any sinking fund and, unless otherwise provided
above in accordance with the provisions of the following paragraphs, is not
redeemable or repayable prior to the Stated Maturity Date.

     If so provided above, this Note may be redeemed by the Company on any date
on and after the Initial Redemption Date, if any, specified above. If no Initial
Redemption Date is set forth above, this Note may not be redeemed prior to the
Stated Maturity Date. On and after the Initial Redemption Date, if any, this
Note may be redeemed at any time in whole or from time to time in part in
increments of $1,000 (provided that any remaining principal hereof shall be at
least $1,000) at the option of the Company at the applicable Redemption Price
(as defined below), together with accrued interest hereon at the applicable rate
payable to the date of redemption (each such date, a "Redemption Date"), on
written notice given not more than 60 nor less than 30 days prior to the
Redemption Date or such other notice specified in an Addendum attached hereto.
In the event of redemption of this Note in part only, a new Note for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the surrender hereof.

     Unless otherwise specified above, the "Redemption Price" shall initially be
the Initial Redemption Percentage, specified above, of the principal amount of
this Note to be redeemed and shall decline at each anniversary of the Initial
Redemption Date, shown above, by the Annual Redemption Percentage Reduction, if
any, specified above hereof, of the principal amount to be redeemed until the
Redemption Price is 100% of such principal amount.

     Unless otherwise specified in an Addendum attached hereto, this Note is not
subject to repayment at the option of the Holder. If this Note shall be
repayable at the option of the Holder as specified in an attached Addendum
hereto, unless otherwise specified in such Addendum, on any Optional Repayment
Date, this Note shall be repayable in whole or in part in increments of $1,000
(provided that any remaining principal hereof shall be at least $1,000) at the
option of the Holder hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with interest thereon payable to the date of
repayment. If specified as repayable at the option of the Holder in such
Addendum, for this Note to be repaid in whole or in part at the option of the
Holder hereof, this Note must be received, with the form entitled "Option to
Elect Repayment" below duly completed, by the Trustee at its Corporate Trust
Office, or such address which the Company shall from time to time notify the
Holders of the Notes, not more than 60 nor less than 30 days prior to the
related Optional Repayment Date or such other time as is specified in an
Addendum attached hereto. Exercise of such repayment option by the Holder hereof
shall be irrevocable.

     Interest payments on this Note shall include interest accrued from, and
including, the Original Issue Date indicated above, or the most recent date to
which interest has been paid or duly provided for, to, but excluding, the
related Interest Payment Date or Maturity, as the case may be. Interest payments
for this Note shall be computed and paid on the basis of a 360-day year of
twelve 30-day months if the Day Count Convention specified above is "30/360" for
the period specified thereunder, on the basis of the actual


                                       5
<PAGE>

number of days in the related month and a 360-day year if the Day Count
Convention specified above is "Actual/360" for the period specified thereunder
or on the basis of the actual number of days in the related year and month if
the Day Count Convention specified above is "Actual/Actual" for the period
specified thereunder.

     As used herein, "Business Day" means:

     1.   for United States dollar denominated Notes: any day other than a
          Saturday or Sunday, that is neither a legal holiday nor a day on which
          commercial banks are authorized or required by law, regulation or
          executive order to close in The City of New York (a "New York Business
          Day");

     2.   for non-United States Dollar denominated Notes (other than Notes
          denominated in euro): a day that is both (x) a day other than a day on
          which commercial banks are authorized or required by law, regulation
          or executive order to close in the Principal Financial Center (as
          defined below) of the country issuing the Specified Currency (as
          defined below) and (y) a New York Business Day; and

     3.   for euro denominated Notes: a day that is both (x) a day on which the
          Trans-European Automated Real-time Gross Settlement Express Transfer
          (TARGET) system is open; and (y) a New York Business Day.

     As used herein, "Principal Financial Center" means: the capital city of the
country issuing the Specified Currency except that with respect to United States
dollars, Australian dollars, Canadian dollars, South African rand and Swiss
francs, the Principal Financial Center will be the City of New York, Sydney,
Toronto, Johannesburg and Zurich, respectively.

     "Specified Currency" means the currency in which a particular Note is
denominated (or, if the currency is no longer legal tender for the payment of
public and private debts, any other currency of the relevant country which is
then legal tender for the payment of such debts).

     Notwithstanding anything to the contrary contained herein or in the
Indenture, for purposes of determining the rights of a Holder of a Note for
which the principal thereof is determined by reference to the price or prices of
specified commodities or stocks, interest rate indices, interest or exchange
rate swap indices, the exchange rate of one or more specified currencies
relative to another currency or such other price, exchange rate or other
financial index or indices as specified above (a "Principal Indexed Note"), in
respect of voting for or against amendments to the Indenture and modifications
and the waiver of rights thereunder, the principal amount of any such Principal
Indexed Note shall be deemed to be equal to the face amount thereof upon
issuance. The method for determining the amount of principal payable at Maturity
on a Principal Indexed Note will be specified in an attached Addendum.

                                       6
<PAGE>

     Any provision contained herein with respect to the calculation of the rate
of interest applicable to this Note, its payment dates or any other matter
relating hereto may be modified as specified in an Addendum relating hereto and
references herein to "this Note," "hereof," "herein," and "as specified above"
or similar language of like import shall also be references to any such
Addendum.

     If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of all the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected thereby at any time by the Company and the Trustee with the consent of
the Holders of 66 2/3% in aggregate principal amount of the Outstanding
Securities of each series affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all the Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the time, place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or by its attorney duly authorized
in writing, and thereupon one or more new Notes of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes as requested by the
Holder surrendering the same.



                                       7
<PAGE>

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     The Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.






















                                       8
<PAGE>


     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.




                                 TOYOTA MOTOR CREDIT CORPORATION


                                 By: _____________________________
                                     George E. Borst
                                     President and Chief Executive Officer


Attest:


By: _________________________
    David Pelliccioni
    Secretary


CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series
designated therein referred to in the
within-mentioned indenture.

DEUTSCHE BANK TRUST COMPANY AMERICAS
  as Trustee


By: _________________________     Dated: ______________________
    Authorized Officer








                                       9
<PAGE>

                            OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Company
to repay this Note (or portion hereof specified below) pursuant to its terms and
at a price equal to the principal amount hereof together with interest to the
repayment date, to the undersigned, at _________________________________________
________________________________________________________________________________
(Please print or typewrite name and address of the undersigned)

     For this Note to be repaid, the Trustee must receive at its Corporate Trust
Office, or at such other place or places of which the Company shall from time to
time notify the Holder of this Note, not more than 60 nor less than 30 days
prior to an Optional Repayment Date, if any, shown on the face of this Note,
this Note with this "Option to Elect Repayment" form duly completed.

     If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be increments of $1,000) which the
Holder elects to have repaid and specify the denomination or denominations
(which shall be $1,000 or an integral multiple thereof) of the Notes to be
issued to the Holder for the portion of this Note not being repaid (in the
absence of any such specification, one such Note will be issued for the portion
not being repaid).

$_____________________________
                                    __________________________________________
Date _________________________      NOTICE:  The signature on this Option to
                                    Elect Repayment must correspond with the
                                    name as written upon the face of this Note
                                    in every particular, without alteration or
                                    enlargement or any change whatever.




















                                       10
<PAGE>


                            ASSIGNMENT/TRANSFER FORM


         FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto (insert Taxpayer Identification No.) ____________
________________________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)
________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
________________________________________________________________________________
appointing attorney to transfer said Note on the books of the Company with full
power of substitution in the premises.

Dated: ____________                    _________________________________________

      NOTICE: The signature of the registered Holder to this assignment must
      correspond with the name as written upon the face of the within
      instrument in every particular, without alteration or enlargement or
      any change whatsoever.



















                                       11
<PAGE>


                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations.

                  TEN COM--as tenants in common

                  UNIF GIFT MIN ACT--...............Custodian...................
                                           (Cust)                 (Minor)

                                Under Uniform Gifts to Minors Act

                                .................................
                                             (State)

                  TEN ENT--as tenants by the entireties
                  JT TEN--as joint tenants with right of survivorship and not as
                          tenants in common

         Additional abbreviations may also be used though not in the above list.









                                       12