In July 2016, Toledo's federative rights were assigned to Deportivo Maldonado for a reported US$ 7.5 million fee, and he was loaned to Serie A side ACF Fiorentina for one year.[4] After failing to make a single appearance for the side, he moved to Lanús the following 17 February until the end of the season.[5]
On 11 July 2017, Toledo joined La Liga side UD Las Palmas on a one-year loan deal.[6] In August 2018, he was then loaned out to Argentinos Juniors. After appointment of new manager Diego Dabove in January 2019, Toledo wasn't a part of the new managers plans, and was therefore sent back home to Maldonado.[7]
In January 2022, Toledo returned to Argentina, signing a one-year loan deal with Estudiantes, including a purchase option.[8]