2001 Toyota Corolla Malfunction Indicator Light

when you turn on your ignition to the point before engaging the starter all your warning lights should light up. The Engine Check Light is very obvious, except they throw convention to the wind and show it as 'Service Engine Soon' lamp 'Malfunction indicator lamp (MIL)'.
Page 63 - Section 2-7 Instruments and controls

Malfunction indicator lamp (MIL) If this indicator lamp comes on steady or blinks while the engine is running, it may indicate a potential emission control malfunction. The malfunction indicator lamp may also come on steady if the fuel filler cap is loose or missing, or if the vehicle runs out of fuel. Check to make sure the fuel filler cap is installed and closed tightly, and that the vehicle has at least three gallons of fuel in the fuel tank. After a few driving trips, the lamp should turn off if no other potential emission control system malfunction exists.

http://www.vadennissanservicecontracts.com/owners-manual/nissan/2001-Nissan-Frontier.pdf

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Yes, the car can be driven but it is advised to check in a timely fashion the reason for the MIL to have come on.

EOBD II Error Code: P0117
Fault Location:
Engine Coolant Temperature (ECT) Sensor (G62) - Low Input
Possible Cause:
Malfunction Indicator Lamp (MIL) Triggered on first occurrence.
Coolant thermostat.
Wiring short to earth.
Engine coolant temperature (ECT) sensor.

EOBD II Error Code: P0340
Fault Location:
Camshaft Position (CMP) Sensor A (G40), Bank 1 - Circuit Malfunction
Possible Cause:
Malfunction Indicator Lamp (MIL) active.
Wiring from/to Camshaft Position Sensor (CMP) faulty.
Camshaft position (CMP) sensor faulty.
Timing misaligned.
Possible Solutions:
Check Wiring from/to Camshaft Position Sensor.
Check Camshaft Position Sensor.
Check Timing.

EOBD II Error Code: P0500
Fault Location:
Vehicle Speed Sensor (VSS) - Circuit Malfunction
Possible Cause:
Malfunction Indicator Lamp (MIL) Non Emission Fault - No warning light.
Wiring.
Vehicle speed sensor (VSS).
Engine control module (ECM).

Check for codes

it comes on if you have a vehicle problem. so you can read the code.

Check the computer codes by grounding the diagnostic terminal. Instructions for how to do this can easily be found online. Usually you just use a short piece of wire or a paperclip or something, stick one end into the diagnostic terminal of the ALDL connector and place the other end on the metal frame of the car. Then hop in, insert the key and turn it to the 'Run' position, and read the codes which will appear as a timed series of flashes of the Malfunction Indicator Light.

The check engine light also called the malfunction indicator comes only when the computer control unit (called the PCM) senses a fault in the electronic controls of the engine and/or the emission system, there are about 200 possible faults that turn the light on, to know what has developed a problem you must have the system tested, this is called an OBD2 fault code test, Kragen and Autozone parts stores do this testing for free.

With the engine off turn the key to on. Then turn the key just past on, but before the starter starts. This should turn all the dash indicator lights on.

Malfunction indicator light is the same as Check engine or Service engine soon. It only tells you that your vehicle needs a checkup but does not mean there is a big problem.

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YOU NEED TO AT LEAST PULL THE CODE TO FIND OUT WHAT YOU ARE DEALING WITH, MOSTLIKLEY ITS FINE BUT YOU NEVER KNOW