How do financing teams determine what Lexus interest rates you’ll be offered? Like with most financial data points, there’s a lot that goes into the calculation. From your credit score to the car you chose, these are just some of the factors we consider at Fields Lexus of Glenview.
Information About You
If you have been carefully checking your credit report for errors and making all of your payments on time, you can expect a lower interest rate on your next Lexus car. A strong credit score, low levels of debt, and a history of being on time all give your financier the confidence to give you a better rate. On the other hand, if you’ve had issues with your credit, expect a pricier payment plan.
Information about the Car
Like any other type of loan, the terms of a car loan are affected by how much money you’ll need to take out, but that’s just part of the calculation. Interest rates for new cars can be several percentage points lower than the rates for pre-owned models, so financing a new model may be a better choice. The type of car being financed affects the rate, too: luxurious cruisers like Lexus models tend to have higher rates than more common models.
Information about the Loan
If you choose a long term for your loan or make a small down payment, you can expect a higher interest rate. Some factors are out of your control, too, like the general economic environment for interest rates in your area, which can make your rate grow or shrink. It can be hard to keep track of all of the factors that affect your loan, so talk to our team about your situation to maximize your savings.
Apply for Lexus Financing in Glenview, IL
With our expert team at your side, applying for Lexus financing is quick and easy. Visit Fields Lexus of Glenview and explore our line-up in person to find your new favorite ride. Talk to our team about new Lexus models and take a test drive today!
