Like any loan application, applying for Lexus financing is a big step. It’s easy to make some mistakes if you’re a newcomer to applying for an auto loan. Keep these tips in mind when talking to our team at Fields Lexus of Glenview to find a financing plan that you can afford while keeping your debt manageable.
Focusing on the Purchase Price
It’s easy to focus on the monthly payment when choosing a financing plan, and many drivers automatically pick the offer with the lowest monthly payment. However, a lower bill means a longer financing term, which leads to you paying significantly more over the term. You can use an online loan calculator to find out how much you can save with a shorter term.
Not Researching Your Credit Score
Before applying for financing, you should have a general sense of both your credit score and credit history. This gives you a better sense of how much you can afford and more confidence when negotiating the price. Also, if any information is inaccurate or out of date, you may be able to make a stronger case for yourself by, for example, bringing receipts for debt payments.
Skipping the Down Payment
Depending on your credit score, you may qualify for financing for a new car with no money down. This can seem like a great opportunity to save, but your down payment offsets the depreciation that kicks in the minute you drive your new car off the lot. Without a down payment, you can quickly end up upside-down on your loan, especially in the first year.
Apply for Lexus Financing in Glenview, IL
Whether you’re using our speedy online application or working in person with our talented team, financing your new car at Fields Lexus of Glenview is quick and easy. Visit our Chicagoland Lexus dealership and take your next dream car for a test drive, then apply for financing today!
