There are many benefits to purchasing a Lexus L/Certified vehicle, including savings. You’ll enjoy a lower down payment and smaller monthly payments on cars that drive like new. But how do you determine how much money to put down before you sign off on your loan? Lexus of Valencia is here to help you calculate your down payment costs.
Check Your Credit Score
Before you begin the vehicle financing process, you’ll want to check your credit score. Your credit score tells lenders how reliable you are as a borrower, so a higher credit score can give you access to more favorable terms. Check your credit score early in the financing process to prepare for what kind of vehicles will be available in your budget, what term lengths you’ll have, and how high the interest will be.
Use the 20/4/10 Rule
One of the best ways to determine the down payment on your vehicle is by using the 20/4/10 rule. It recommends that drivers put down 20% of the vehicle’s value for the down payment, that they take out a four-year term, and that the monthly cost of vehicle ownership (including ancillary costs like fuel, insurance, and maintenance) is no more than 10% of the monthly income. You can adjust the guidelines to suit your budget and Lexus L/Certified vehicle needs, but it can be a helpful place to get started.
Begin Lexus L/Certified Vehicle Financing in Valencia, CA
No matter what your vehicle financing needs may be, you’ll find what you need here at Lexus of Valencia. We offer a range of financing tools and resources, and we’re here to help you take home the best Lexus L/Certified vehicle at the best price. Calculate your down payment at our dealership today.
