Buying your first car is a significant milestone. While that new Lexus car at the Lexus of Valencia showroom may be calling your name, it is important to first have an idea of how Lexus financing works. Here at Lexus of Valencia, we know that the financing process can seem intimidating, but our friendly team of professionals is here to walk you through the entire process. This is an overview of some things that first-time buyers should know about auto loans.
Understand Your Credit Score
Your credit score plays a significant role in determining your loan terms and interest rate. If you have a higher credit score, this often leads to lower rates and better financing offers. Before applying for auto financing, be sure to check your credit report and address any issues.
Shop Around for the Best Rates
Here at Lexus of Valencia, we work with an extensive network of lenders in the Valencia, CA, area and beyond. Our finance professionals will help you shop around to find the best rates.
Know The Loan Terms
When reading over the loan’s fine print, be sure to pay attention to the loan term (length of the loan), interest rates, and any fees. A longer loan term can result in lower monthly payments, but you will likely pay more in total interest.
Don’t Shortchange The Down Payment
A larger down payment, or the amount you pay upfront, reduces the loan amount and can lead to lower monthly payments and more favorable interest rates.
Get Pre-Approved for Lexus Financing at Lexus of Valencia
One final tip for Lexus financing is to get pre-approved on the Lexus of Valencia website. Visit our friendly dealership today to get the ball rolling on the financing process!
