If you’re planning to purchase a high-end vehicle from the Lexus lineup, you’ll need to checkout for any financial option that suits your needs.
The financing services cover both traditional financing and leasing contracts for buyers of Certified Pre-Owned and new Lexus models. The loan term is generally between two and five years, and applicants are permitted to have cosigners.
If you decide to go ahead to switch your Lexus Car Lease to financing, there are a couple of other things you need to note. Let’s go over everything in detail.
Advantages And Disadvantages Of Lexus Financing
This option comes with a number of pros (benefits):
- Easy application and quick online pre approval
- Co-applicants are allowed
- Easy setup of monthly payments
Some of the downsides include:
- Difficult qualification if you don’t have a credit score in the range between ‘good and excellent’.
- Poor rating with the Better Business Bureau
- Fees and annual percentage rate (APR) must be negotiated at the dealership
- No discounts given to first responders
- Limited options for loans
- Can only be used when purchasing or leasing a vehicle from an authorized Lexus dealership.
Most of all, you need to know that in financing, there are only limited options for loans and you’re limited to specific authorized dealerships. The dealerships also have limitations, such as which car you can purchase under the available financing options.
Some of the options for financing a vehicle include:
- A brand-new Lexus loan
- A lease contract for a new or approved pre-owned model (must be certified by Lexus)
- A lease buyout for a vehicle financed through the dealer
- A loan for a certified Lexus pre-owned vehicle
However, to qualify, you must have a high credit score. Some financing programs are available to those who qualify, including for repeat Lexus customers, recent and soon-to-be college graduates, and members of the military.
College graduates who have completed their degrees within the last two years and students who plan to graduate within a six-month period might qualify for a reward of $1000, plus a lower APR when financing a new Lexus. To qualify, you must have attended an approved trade school, college, or program.
Military, including retired and active-duty members and their family, can also qualify for a $1000 reward. This can be applied toward an approved Lexus model that will be financed.
Repeat Lexus customers are also eligible for exclusive benefits. These benefits are available to those who purchase both new and pre-owned Certified Lexus models.
Lexus Financing Buyout is a great only option for car buyers. However, it is important to compare the offers of different providers to make a decision.
If you’re trying to determine whether financing is the best option for you now, you can contact our team at VIP Auto of NJ. To get started, visit us today at 32 US-46, Lodi, NJ 07644, (201) 749-4339, https://vipautonj.com/