Eskridge Lexus Finance Center

Eskridge Lexus Finance Center

When it comes to buying a new or used vehicle, there are many options available to buyers that can help them get the car of their dreams without having to drain the savings account. With automotive financing, you pay off your vehicle over time versus all up front, which can help you budget for a vehicle that fits your lifestyle as well as your finances. At Eskridge Lexus, we are committed to providing exceptional financing options and a seamless experience to get you in the car of your dreams.

Understanding Automotive Financing Options

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Getting a new vehicle doesn’t mean having to drain your savings account to buy your vehicle outright or jumping through a million hoops just to qualify for a car loan. There are many options to consider and each has its pros and cons. Here’s more about each buying option along with their respective benefits and challenges:

• Loan: Car loans allow you to borrow money from a lender to allocate to a car purchase that you then repay over time. The key benefit of this financing option is that it saves you money upfront as you don’t have to put down a hefty payment upfront. The challenge of this financing option is that it can result in you paying more for your vehicle over time.
• Lease: Leasing a vehicle is similar to borrowing a vehicle for a set period from a dealership. While you don’t own the vehicle, the benefit of this financing option is generally lower monthly payments and being able to continuously get behind the wheel of newer cars after your lease terms end.
• Purchase outright: Financing a vehicle outright, meaning you pay the full price of the vehicle upfront, can help you save big in the long run. The major challenge of this financing method is the sheer amount of funds needed upfront to buy a vehicle outright as Lexus vehicles have a starting MSRP of $37,490 and up.

The Role of Credit Scores in Automotive Financing

If you opt for a lease or loan, your credit score can play a hefty role in your financing terms. Credit scores help lenders determine risk. Lower credit scores mean more risk for the lender while higher scores are often associated with less risk. Less risk means smaller monthly payments. There are many ways to help boost your credit score before you start working on financing a new car loan or lease. Here are some tips to consider:

Maintain Old Accounts

One major factor that contributes to your overall credit score is how long you’ve had credit. The longer you’ve maintained a line of credit, the higher your credit score is likely to go. Student lines of credit with your banking institution are a good way to start a line of credit that follows you through the years.

Dispute Credit Report Errors

Check your credit report regularly to see how many hard and soft credit inquiries are on your report. Hard inquiries can affect your credit score, and if you see any on there that you didn’t initiate it’s important to dispute this. This can have a quick positive effect on your credit score, which can help you get a better interest rate on your car loan.

Pay Your Bills on Time

A final heavy factor on your credit score for a car loan comes down to paying your bills on time and maintaining an account balance that is 50% or less of your total available credit. These two factors can have a major effect on your credit score. The more often that you pay your bills on time, the more your credit score will rise.

Why Finance Through a Dealership?

Who you finance your vehicle through is important. Different lenders have different perks, rates, risk analyses, and other factors that can affect your overall financing experience. Going through a reputable dealership like Eskridge Lexus means automotive financing you can count on. Our finance team has the expertise and competitive rates you’re looking for, meaning you can secure the right loan for your unique situation.

The Eskridge Lexus Finance Center Experience

Customer service is something we pride ourselves on, meaning you don’t get a robotic experience that simply checks all the boxes. Our team, from our sales team to our finance team, strives to learn about all your wants and ideal financial situation to find a plan that works. With a personalized approach and a streamlined process, you’re sure to leave knowing you got the best deal on your perfect Lexus vehicle.

Preparing for the Financing Process

There are many practical things you can do to prepare for the financing process. This can drastically speed up your financing process and secure the most favorable terms for your vehicle. Here are some tips that can help you prepare for this step of the car-buying process:

• Gather your documentation: There are a few documents you should have on hand when stepping onto the car lot to purchase your next vehicle; your valid driver’s license, proof of auto insurance, and payment for your purchase.
• Avoid other major purchases: Major purchases, especially ones that go on your credit card, can affect your credit score. This can have a snowball effect and can result in lenders thinking you’re more risky.
• Check your credit: Speaking of credit, knowing where your credit score is before you step foot onto the car lot can prevent any unexpected surprises. Knowing this beforehand can also help you when it comes to negotiating your loan terms.
• Reflect on your ideal budget: Mentally establishing your budget beforehand can help you find vehicles that fit within that budget and align with your lifestyle needs.
• Get pre-approval: If you have a budget already in mind, getting pre-approval from your lender can drastically speed up the financing process.

Take the Next Step With Eskridge Lexus

Explore Eskridge Lexus’s finance center and take advantage of our expertise and commitment to customer satisfaction. With a vast new and used vehicle inventory, you’re sure to find the perfect vehicle. If you want to get ahead of the financing curve, apply for financing or use our payment calculator to skip ahead in the car-buying process. We look forward to helping you secure the car of your dreams soon.