When it comes to the Lexus finance process, the more you know, the easier it will be to take home the right car at the right price for your budget. Lexus of Jacksonville is here to help, with the tools you need for financing and the information to guide you on every step. Learn more about vehicle down payments at our trustworthy Lexus dealership.
What is a Down Payment and Why is It Important?
The down payment is the amount of money you give to the dealership the day you purchase your vehicle. The more money you can put toward your down payment, the less you will pay in monthly payments, and the more quickly you’ll be able to pay off your loan. You can also save on the down payment by trading in your car.
How Does My Credit Score Affect My Down Payment?
Your credit score is one of the biggest factors of the vehicle financing process. The higher your credit score, the more reliable you appear to lenders, and the more favorable your financing terms. If you have a lower credit score, you may need to put down a larger down payment.
How Much Should I Set Aside for the Down Payment?
If you’re not sure where to start when it comes to vehicle down payments, consider the 20/4/10 rule. This rule recommends that you put down 20% of the vehicle cost. It also suggests paying the car off in four years and spending less than 10% of your monthly income on transportation costs.
Begin Your Lexus Financing Journey in Jacksonville, FL
No matter what your vehicle financing needs may be, Lexus of Jacksonville is here to help. We make it easy to pick out the right car at the right price. Learn more about vehicle down payments and find the car you love today!
