Lexus Finance 101: How to Afford a Luxury Car

Easy Finance | Auto Loans in Allentown, PA | Lexus of Lehigh Valley

As their name suggests, luxury vehicles are a significant financial decision impacting your monthly budget for the next few years. At our Lexus finance center, we make it easy to get a loan for our luxurious SUVs and sedans, but it’s important to note that financing one of these cars is a little different than something less expensive. Visit us at Woodfield Lexus to learn more.

How Do I Qualify?

Getting a loan for a luxury car like the Lexus LS is a bit more involved compared to regular vehicles. You’ll want to ensure you have an excellent credit score, meaning it’s at least 750 or above. This is important because you will receive lower interest rates and be able to put down less cash upfront. If you have poor credit, you might need to put down as much as 25% of the vehicle’s cost.

Financers will also check to see if you have a track record with luxurious vehicles or other expensive purchases that need financing. You’ll also be able to choose a much more extended loan period than you would with one of our other Lexus vehicles – luxury car loan periods can reach as high as 144 months.

What About Interest Rates?

Another critical factor to consider in luxury car loans is that the interest rate will likely be much higher, making you want as short of a loan period as possible. The interest rate is determined by several factors, including your credit score, the loan length, and how much money you put down. Luxury car loan rates can reach as high as 10%.

One of the most vital pieces of advice concerning luxury vehicles is to take your time and consider all available financial options. This ensures that you get the best possible loan terms and are completely satisfied with your decision.

Visit Woodfield Lexus to Get Started

If you’re curious about financing a luxury vehicle, stop by our Schaumburg, IL, Lexus dealership today. Our team of financial experts will walk you through the entire process so you can get a loan deal that perfectly fits within your budget. Come see us or schedule an appointment online for more information!