The financing world includes lots of arcane terms and options, so it’s easy for first-time car buyers to get overwhelmed. However, with a little preparation, you can find a loan that works for your budget. Follow these tips from our team at Fields Lexus Glenview to make Lexus financing a breeze.
How Do I Estimate My Car Budget?
Even if you know how much you can budget for a car, it can be hard to know what plan to choose. The 20/4/10 rule is a great rule of thumb for buyers in this situation. Plan to put at least 20 percent of the car’s cost down, look for a loan that will last for four years or less. Also, try not to spend more than 10 percent of your income on car costs — including gas and other driving costs.
Can I Get Financing with Little or No Credit?
No matter what your credit history looks like, our team at Fields Lexus of Glenview will work with you to find an affordable plan. If you haven’t checked your credit recently, use a free online tool like Annual Credit Report to find out what creditors are seeing before you apply. Information takes a while to appear on your report and some facts may need to be corrected, so checking it regularly is a good idea.
Should I Add a Co-Signer?
If you can’t find a workable plan on your own, adding a co-signer can be a great opportunity to secure your deal. Co-signers are also responsible for any missed payments, so talk with your partner and make sure you have a plan in place in case of a financial emergency. However, creditors will consider your credit histories together, so it can lift your score if it’s on the edge.
Apply for Lexus Financing in Glenview, IL
Whether you’re applying for a loan for the first time or are looking for your next great drive, visit our Lexus dealership near Chicago and explore our showroom. Talk to our team about available new Lexus specials and other financing discounts, then take a test drive today!
