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How to finance a Lexus

College grads, service members and loyal customers may be able to score a special discount.

Lexus is an innovative and luxurious car brand with a wide range of vehicles to choose from, including coupes, sedans and SUVs. Though its sticker prices are on the higher end, you have a few financing options to consider. And you may even be able to score a discount through one of its special car-buyer programs.

How can I finance a Lexus?

Lexus is a luxury brand — and the price of its cars confirms it. The most affordable way to finance one is likely through a secured car loan, which is backed by the car you’re purchasing. You can find secured car loans at banks, credit unions and online lenders. They usually come with lower rates, but your car can be repossessed if you don’t make your payments.

Another option is taking out an unsecured personal loan. This is ideal if you don’t want to back your loan with your brand-new Lexus. However, you’ll likely find higher rates since there’s more risk to the lender.

If speed and ease is your biggest priority, then you can also apply for financing directly through an authorized Lexus dealership. Here are your two options:

  • Financing through Lexus Financial Services. This is usually the fastest and easiest solution, but not the cheapest. Dealerships usually charge higher interest rates, plus most of them charge a documentation fee for filing the paperwork. While deals will vary depending on where you live, past offers include 0% financing for five years or $3,000 cash back on the 2018 GS.*
  • Leasing through Lexus Financial Services. If you’re someone who always wants to be driving the latest model, you might be better off with a lease. You’re technically renting the vehicle, not buying it, so you can switch to a newer model every few years. If you really like the car, you can buy it when your lease term is up. In the past, Lexus offered a three-year lease on the 2018 LC for just $1 a month and $5,999 due at signing.*

Your local dealership might offer its own special promotions, including low-down payment options or cashback deals. The rates and terms you qualify for will depend on your credit history and personal financial situation.

*Rates as of December 6, 2018.

How to apply with Lexus Financial Services

Lexus has a quick online application that requires just a few simple steps:

  1. Visit the Lexus Financial Services website and click Apply for Credit.
  2. Enter your ZIP code and select the model and trim you want to purchase or lease.
  3. Enter information about yourself, including your contact details, housing situation, education, employment and income.
  4. Select a Lexus dealership and desired term, then enter your down payment and trade-in value, if applicable.
  5. 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.

Lexus Financial Services pros and cons

Pros:

  • Discounts for college grads, military members and repeat customers
  • Preapproval can be used at any Lexus dealership
  • Mobile app makes for easy repayments

Cons:

  • No discount for first responders
  • APR and fees negotiated at the dealership
  • Poor Better Business Bureau rating

Compare car loans to finance a Lexus

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Name Product Minimum credit score APR Loan term Requirements
Carvana
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
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Monevo Auto Loans
500
3.99% to 35.99%
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
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myAutoloan.com Car Loans
550
Starting at 2.15%
550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
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Compare up to 4 providers

Does Lexus offer special discounts or programs?

Yes, Lexus offers a few special car-buyer programs for college grads, servicemembers and repeat customers:

  • College graduate program. Did you graduate in the past two years? Have plans to get your degree in the next six months? You could qualify for a $750 discount on a new or used Lexus.
  • Military reward program. Active-duty servicemembers, reservists, recent retirees and their spouses could score a $750 discount on a new Lexus when financed or leased through Lexus Financial Services.
  • Loyalty program. If you previously financed or leased a car through Lexus Financial Services, you may be eligible for exclusive benefits and discounts. Reach out to your local Lexus dealership for more details.

And after you buy your Lexus, the discounts don’t go away either. As a Lexus owner, you’ll also receive rewards and special invitations from partner companies. These may include complimentary VIP parking at concerts, priority reservations at restaurants and discounts at hotels and resorts.

How much will a new Lexus cost me?

The manufacturer suggested retail price (MSRP) of Lexus’s 2019 models range from $32,000 for a low-end SUV all the way up to $92,200 for a sporty coupe. However, your actual price will vary depending on where you live, features you add on, your negotiation skills and any discounts you qualify for.

Choose a type

Sedans

IS

  • Starting MSRP: $38,560
  • Build: Sedan
  • City/highway MPG: 21/30

ES

  • Starting MSRP: $39,750
  • Build: Sedan
  • City/highway MPG: 43/45

GS

  • Starting MSRP: $46,860
  • Build: Sports Coupe
  • City/highway MPG: 22/32

LS

  • Starting MSRP: $75,450
  • Build: Sedan
  • City/highway MPG: 25/33

SUVs

UX

  • Starting MSRP: $32,150
  • Build: SUV
  • City/highway MPG: 38/41

NX

  • Starting MSRP: $36,720
  • Build: SUV
  • City/highway MPG: 30/33

RX

  • Starting MSRP: $43,820
  • Build: SUV
  • City/highway MPG: 28/31

GX

  • Starting MSRP: $52,505
  • Build: SUV
  • City/highway MPG: 15/18

LX

  • Starting MSRP: $86,230
  • Build: SUV
  • City/highway MPG: 13/18

Coupes

RC

  • Starting MSRP: $41,145
  • Build: Coupe
  • City/highway MPG: 21/30

LC

  • Starting MSRP: $92,950
  • Build: Supercar
  • City/highway MPG: 27/35

Car insurance rates for driving a Lexus

Does a new Lexus come with a warranty?

Any non-hybrid new Lexus comes with a four-year, 50,000-mile warranty, which is extended to six years or 70,000 miles for powertrain parts. Hybrid models get a big step up with an eight-year, 100,000-mile warranty. Lexus also offers extended warranty plans that you can purchase for an additional fee.

Bottom line

If you’re looking to get behind the wheel of this luxury car as fast as possible, then financing through a Lexus dealership may be your best bet. Otherwise, you may be able to score a better rate by taking out a car loan from a bank or online lender.

Research your options and compare lenders with our guide to car loans.

Frequently asked questions about financing a Lexus

Image source: shutterstock

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