Car Loan for Lexus 2024

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Car Loan for Lexus 2024

Make auto loan refinancing easy with PriceProtect™
No long forms · No spam · No rush
Jerry, Inc.
To finance a Lexus, you can go to a dealership with Lexus Financial Services to secure a loan or you can get a traditional auto loan from a bank or credit union. Though it’s convenient to get a car loan from a dealership, you may get better terms and customer service from a bank or credit union.
From small sedans to full-size SUVs, Lexus is known for making reliable cars with attractive interiors. When you’re looking for a car loan, you’ll want the same reliability from your loan provider.
There are nearly unlimited auto financing options today, but how do you get the best car loan for a Lexus? Luckily, the car insurance broker and super app Jerry has done the research for you.

How to get a Lexus car loan

Whether you’re interested in a CT 200 or an ES 350 F-Sport, getting a car loan for a Lexus is fairly straightforward.
First, check your credit. After that, compare the rates and terms from no fewer than three different lenders. Finally, try and get preapproved for a loan, if you can.

Check your credit

Always check your credit score before you begin to look for an auto loan. Not only will it help determine your loan terms, but it’ll also influence your interest rate. Generally, a credit score over 660 is considered good enough for a car loan.
If you have a credit score lower than 660, you may still be able to get a Lexus car loan if you’re purchasing your vehicle through a dealership. Lexus Financial Services will accept an applicant if they can prove they’re able to make payments with personal references, proof of income, or a co-applicant.
See the table below for the average APR and monthly payments for various Lexus cars based on your credit score:
Car MakeAverage Annual Interest RateAverage Monthly Payment

Compare lenders

Once you understand what kind of car loan you could qualify for, you need to choose a lender. Car loans are available through a bank, credit union, or dealership, if you are purchasing your vehicle from one that participates in Lexus Financial Services.
You’ll want to compare offers from no fewer than three lenders before you decide which one to take out. Be on the lookout for:
  • Short loan terms: 60 months or less
  • Low APR: 4.93 percent or lower
  • Manageable monthly payments: 10 to 15% of your monthly income is the norm
While you’re comparing terms and rates, don’t forget about customer service! Excellent approval odds and low monthly payments are nice, but they don’t mean much if the loan provider has poor reviews from other customers or if they are hard to reach.

Get preapproved

If you’re able to get preapproved for your car loan, you’ll be able to negotiate for better terms when you go to sign the loan agreement. You can apply for preapproval online with Lexus Financial Services.
For preapproval, you’ll need to complete a loan application and provide the following information to the lender:
  • Social Security number
  • Proof of employment
  • Driver’s license or photo ID
  • Proof of income (paystub, employment contract, etc.)
Key Takeaway: Check your credit rating before getting a Lexus car loan. Next, compare loan terms from various lenders and attempt to get preapproval to negotiate for better terms.

Average loan term for a Lexus car loan

Your choice of the loan term is a crucial step in getting the right auto financing. Currently, the car loan term most often used in the United States is 72 months (six years). Just because it’s the most common, however, doesn’t mean that it’s the best choice for you.
If it’s financially viable for you, aim for a repayment term of 60 months or less. In exchange for higher monthly payments, you’ll pay off your loan sooner and with less interest—this makes the loan more affordable in the end.
Keep in mind, though, that not every lender will offer shorter loan terms.
If you’ve chosen to get your loan through a dealership, Lexus Financial Services has loan terms from 24 to 72 months. As an added benefit for getting a car loan through Lexus, you won’t have prepayment penalties. That means no extra fees for paying off the loan early!
To get a better idea of what your monthly payments and interest rate could be based on various loan terms, check out the table below.
Loan TermsAverage Annual Interest RateAverage Monthly Payment

Finding a Lexus car loan in your state

Interest rates and auto loan payments are heavily influenced by which state the loan is taken out in. Try to find a lender that knows your area’s financial condition and can offer you the lowest APR for your credit score.
See the table below for an idea of how much a Lexus car loan will cost in your state.
Credit RatingAverage Annual Interest RateAverage Monthly Payment
Very Good5.08$340

Lexus car loans: new vs. used

Car loans are available for both a new or used Lexus, but the terms will differ based on the age of the vehicle. For example, Lexus Financial Services only approves loans for new and Certified Pre-Owned Lexus cars which are five model years old or newer.
You’re better off seeking a car loan through your bank or credit union if you want to finance an older Lexus model. More likely than not, you’ll have a higher APR for your used car, but the smaller loan amount will make the high-interest rate more workable.
If you want to see the effects of a car’s age on monthly payments and APR, check out the table below.
Car YearAverage Annual Interest RateAverage Monthly Payment

How to calculate the costs for a Lexus car loan

Your monthly payments and APR are determined by your credit rating, loan amount, loan term, and location. Try out Jerry’s car loan calculator to see what a Lexus car loan will cost you!
Average Annual Interest RateAverage Monthly Payment

Save money on Lexus insurance with Jerry

Securing the financing for a Lexus can be a headache, but that doesn’t mean that finding affordable car insurance has to be.
Whether you need to insure a new or used vehicle, Jerry is the car insurance broker and super app that’s here for you. By comparing quotes from more than 50 top insurance companies, Jerry will find the policy that’s right for you and your budget.
In less than two minutes most drivers save as much as $887 on their yearly insurance costs. With money like that on the line, there’s no reason not to get Jerry and start saving!
Haven’t shopped for insurance in the last six months? There might be hundreds $$$ in savings waiting for you.
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