It could be anything, but the most common problem is the O2 sensor.
Check out toyotanation.com They have a forum dedicated to paseo,tercels,startlets They also have a common engine swap guide there.
If its from the engine bay, check the serpantine belts, and the timing belt. My old Toyota paseo had a bad serpantine belt and it did squeak alot. Also check all the pulleys make sure theyre not wobbly.
Low fluid levels in engine.
Problem with the emissions system.
The oil capacity should be 3 quarts w/ oil filter. That is for the engine oil. Check your owners manual and use the index to look for service specifications. I have a 96 paseo. It is a 5E-FE motor. This should be the same for your vehicle.
There is no way to know without reading the code. Use a code scanner to figure out what's wrong. They are available at auto parts stores and are quite easy to use. Note: The paseo uses the old type of electronics so you have to go to a shop that has a reader for all types of computers. Auto Zone and other "free" reading places will probably not be able to assist you . There is a question called you can find out the manual way to read the code. See Check engine light came on 1991 Toyota passeo? Be patient!
Check the temp sensor. The control is not turning on the fan when engine temp requires it, so the most common cause is the sensor.
you can run a ignition diagnostics to check the alternater, starter and the battery, if it wont start, its probably somewhere in one of those
Could be one of a thousand things. Go to a shop and have them read the error code.
how to discontect the engine light on a 2001 toyota camery ?
With engine coldDrain coolant from radiatorRemove hose clamps on defective hoseRemove defective hose and replaceRe-fill coolant slowly to prevent an air lockStart engine and look for leaksRun engine to normal operating temperature with heater onRe-check coolant level
it means you need to check the engine