Do you have your eyes on a stylish and powerful pre-owned Lexus model but are wondering about the ins and outs of financing? Used car financing can be a smart way to get behind the wheel of your dream Lexus vehicle, and here at Lexus of Valencia, our professional and helpful Lexus finance representatives are ready to help you understand the pre-owned Lexus financing process and the associated restrictions.
Common Used Car Auto Loan Restrictions
While financing a pre-owned Lexus model is generally a simple process, it is vital to be aware of the following restrictions:
- Vehicle Age: Some lenders will have restrictions based on the age of the vehicle being financed. A pre-owned Lexus car older than ten years tends to be harder to finance, even if it’s in excellent condition. You may also face shorter loan terms and higher interest rates.
- Vehicle Condition: Similarly, the car’s overall condition plays a role. Lenders may require an inspection to ensure the vehicle is in working condition and worth the loan amount.
- Mileage: High mileage is another factor that can play a role. Lenders might limit the number of miles for eligible cars, as higher mileage can indicate wear and tear.
- Interest Rates: Interest rates for used car loans can sometimes be higher than those for new cars.
Used Car Financing Tips
Before shopping for a used car or pre-owned Lexus vehicle, check your credit score to determine your approval odds. Additionally, remember that a larger down payment can help you secure a loan with a lower monthly payment. Finally, one of the most helpful tips for financing a pre-owned Lexus car is to get pre-approved so there are no surprises.
Start Your Used Car Search in Valencia, CA
At Lexus of Valencia, our team of finance professionals is ready to match you with a loan that works for your personal financial situation. Stop by our dealership today to get started, or pre-qualify online. We’re always here to help either way.
