If you want to buy a Lexus car, you probably have some questions. If you’ve never financed a vehicle before and you don’t have much credit, you probably have even more questions.
At Keyes Lexus, we do our best to work with drivers of all backgrounds to help them find auto loans. If you’re wondering whether you can buy a Lexus car with no credit, the answer is yes, and we’ll tell you everything you need to know.
Get Help from a Co-Signer
Having a co-signer is one of the easiest ways to secure financing without credit. If you know someone with good credit who will vouch for you and back you up, you may be able to secure an auto loan.
Coming on as a co-signer is a big responsibility. If you co-sign a loan, you are responsible for paying it if the original borrower does not come through. If someone is willing to co-sign your Lexus loan with you, that person is putting a lot of trust in you to take this financial obligation seriously.
Take Out a Smaller Loan
You can also increase your chances of getting financing and reduce how much interest you’ll need to pay by taking out a smaller loan. There are a few ways to do this, including:
- Making a larger down payment. Many drivers pay 20 percent upfront when buying a new car, but nothing is stopping you from paying more. If you’re willing to make a larger down payment, you will have less to finance with a loan and you’ll pay out less interest over time.
- Finance a pre-owned vehicle. You can also finance a pre-owned vehicle as well. A pre-owned luxury model might offer the kind of driving experience that you’re looking for at a lower price, which means that you’ll save on interest payments.
If you have more questions about car loans, we’re ready to help. Visit our Lexus dealership near Los Angeles and talk to our financing experts today!