Lexus Financial Services auto loans review
Its preapproval offer is good for up to 30 days at any authorized dealership.
- Best for loyal Lexus customers, college grads or military members looking for discounts.
- Pick something else if you're not looking to negotiate rates at the dealership.
Pros and cons
- Discounts for college grads, military members and repeat customers
- Preapproval can be used at any Lexus dealership
- Mobile app makes for easy repayments
- No discount for first responders
- APR and fees negotiated at the dealership
- Poor Better Business Bureau rating
Lexus Financial Services special discounts
- Military: Yes
- College grad: Yes
- Repeat customers: Yes
- First responders: No
- Accessibility equipment: No
Lexus Financial Services reviews and complaints
|BBB customer reviews||1.1 out of 5 stars, based on 39 customer reviews|
|BBB customer complaints||604 customer complaints|
|App Store Score||1.7 out of 5 stars, based on 197 customer reviews|
|Google Play Score||3.1 out of 5 stars, based on 356 customer reviews|
|Customer reviews verified as of||19 October 2020|
There isn’t much in the way of reviews for Lexus Financial Services online — it doesn’t even have a Trustpilot page. But there are over 600 complaints on its Better Business Bureau profile.
How to apply
Lexus has a quick online application that requires just a few simple steps:
- Visit the Lexus Financial Services website and click Apply for Credit.
- Enter your ZIP code and select the model and trim you want to purchase or lease.
- Enter information about yourself, including your contact details, housing situation, education, employment and income.
- Select a Lexus dealership and desired term, then enter your down payment and trade-in value, if applicable.
- Review the terms and privacy information before submitting your application.
Lexus Financial Services processes most applications within one to three business days. If approved, you’ll receive a preapproval certificate that can be used for up to 30 days at any Lexus dealership.
How do repayments work?
You can repay your car loan one of five ways:
- One-time and recurring online payments
- By phone
- By mail
- On the myLFS mobile app
- Through Western Union Quick Collect (WUQC) or CheckFreePay
As of October 2019, Lexus doesn’t accept repayments made with debit or credit cards.