When you first head to your Lexus dealership to pick out your new car, you’ll be excited about all the great options. However, you’ll also have to think about how to pay for your vehicle. For most people, car financing is the easiest option because it allows them to spread the payment of their vehicle over several months or even years. Let’s look at the best tips for getting a competitive interest rate and lowering your monthly payments in Silver Spring, MD.
1. Contact Your Local Dealership
Getting a good financing deal is easy, and you can find the best options directly at your dealership. If you have purchased a car on finance before or have a good credit score, you could apply online. The process is extremely easy, so you don’t have to spend a lot of time on your application. However, if this is your first car or you have a low credit score, it might be worth getting in touch with your dealership and speaking to the finance team before applying.
We want to offer the best deals possible to all of our customers, so we’ll be able to help you no matter what happened in the past. By coming into the dealership, you give us a chance to get to know you, and you show us that you are serious about purchasing your Lexus.
2. Put Up a Down Payment
No matter what your current financial situation and your credit score is, there is an easy way to lower your monthly payment. By putting up a down payment, you reassure your lender that you are responsible with money, and the total loan amount will be reduced because you’ve already paid off a part of your car. If you can, we recommend that you use some of your savings for a small down payment.
However, this isn’t necessary if you already have a car that you can trade in. The Lexus brand holds its value very well, so if you’ve taken good care of your vehicle, you might be able to get a very good deal on it. Use the “Estimate Your Trade” function on our website or bring your car in for a valuation, so you’ll know how much you can deduct from your total loan amount.
3. Shorten Your Loan Term
In addition to reducing your monthly payment, you might also want to reduce the total amount of money you’ll pay for your car. You can do this by shortening the duration of your loan. While this might mean paying a bit more every month, you will be able to save a lot of interest in this way.
Buying a new Lexus is exciting, and paying for your vehicle doesn’t have to be a challenge when you get in touch with your trusted finance team at DARCARS Lexus of Silver Spring.
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