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Lexus Car Loan

Learn about your options for purchasing a luxury car with Savvy and find out whether Lexus Financial Services is right for you.

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, updated on June 30th, 2023       

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Lexus is a branch of Toyota which specialises in the manufacturing of luxury vehicles, all of which start from high prices upwards of $65,000 (and $80,000 to $100,000 in some cases).

With these steep prices, it’s not uncommon for prospective buyers to seek out a helping hand when it comes to the purchase of a model, which is where Lexus Financial Services can come in handy.

However, it’s crucial to know exactly what your car loan offer entails before you sign up for it, so Savvy is here to break down the nitty-gritty details of loan offers from financiers around Australia to give you the tools to make the most informed decision for your needs.

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*Savvy does not represent Lexus Financial Services for their car loan products.

Car Loans for Lexus

The features and benefits of Lexus car loans

Lock in your rate from the start

Lexus Financial Services offer fixed finance interest rates, which provide you with peace of mind that you’re protected from rate rises and enable more accurate month-to-month budgeting.

Repay your loan over as many as seven years

You have the freedom to make your car loan affordable by selecting its length, with available loan terms ranging from as little as one year up to seven years to give you the options you need.

Buy new or used up to seven years old

You’re not restricted to buying brand-new vehicles with Lexus Financial Services, with used models as old as seven years at the point of purchase able to be financed.

Borrow above 100% of your car’s value

You can include various on-road costs in your loan sum, such as stamp duty, insurance, warranties and other expenses, to free up your available funds in the short-term and pay them at your speed.

Optional balloon payment available

Lexus allows you to add a balloon payment (or residual payment) to be paid at the conclusion of your car finance agreement, which lowers your monthly repayments.

Guaranteed Future Value options

They also offer Guaranteed Future Value (GFV) on one of their car finance products, which provides you with the option to replace, return or purchase your car outright.

More about Lexus car finance in Australia

Which car finance products does Lexus offer?

Lexus Financial Services offers three different personal car finance options, so you should review these when determining which is the best for you. These are:

Consumer Fixed Rate Loan

As the name suggests, this car finance product is very similar in nature and structure to a standard car loan. Most of the features listed above apply to this product, with fixed interest rates, terms ranging from one to seven years, Lexus and non-Lexus models up to seven years of age available and optional deposits and balloon payments, as well as extra repayments. You’re likely to find that Lexus Financial Services offers lower finance interest rates for newer models, which you own from the outset of your loan.

Lexus Ownership Solutions

Lexus Ownership Solutions are slightly different. These products are designed for the purchase of a new or demo Lexus model and come with a GFV, which is the value you and your dealer agree upon at the end of your loan term. You can repay this loan over one to four years and, at its conclusion, choose either:

  • To pay the GFV and buy the car outright
  • To replace the car by taking out finance for a new model, with the GFV subtracted from your debt
  • To return the car and have the GFV paid to you by Lexus

Novated Lease

A novated lease is different again from conventional car loan offers. This is a system whereby you salary sacrifice to lease your car, which is done by your having your employer paying for the lease and taking the repayments out of your pre-tax salary. This reduces your taxable income, potentially saving a meaningful amount of money on income tax. You can also include a range of upfront and on-road costs as part of your novated leasing agreement, although you’ll be required to pay Fringe Benefits Tax (FBT).

It's important to note that you can access a wide range of car loan products and financiers when you apply with Savvy. We’re partnered with over 25 lenders nationwide and offer a comprehensive end-to-end service thanks to our experienced team of consultants. All of this enables us to help you find the car loan which is best for your needs and profile.

What are the fees charged on my Lexus car loan?

There is a range of fees which you may encounter as part of your loan with Lexus Financial Services. You should always review these thoroughly before agreeing to your loan, as you’ll want to avoid any unwelcome surprises along the journey. The fees which will apply to your loan are:

  • Establishment fee: $395
  • Administration fee: $8 per month
  • Vehicle Security Registration fee: $6
  • Dealer Agency fee: $890 plus GST

The fees which may apply to your loan are:

  • Information Request fee: $25
  • Late Payment fee: $25
  • BPay fee: $1.50 per payment
  • Cheque, Direct Deposit or BPay fee: $3 per payment
  • Account Payment Card fee: $5
  • Payment Dishonour fee: $3.25 per dishonour
  • Early Termination fee: ($750 x whole months left of agreement) ÷ whole months across the term

More frequently asked Lexus car loan questions

Can I access a Lexus car loan no matter where I live?

Yes – there are Lexus dealerships all across Australia, meaning you can take out a car loan whether you live in the ACT, Victoria, South Australia, Western Australia, Queensland or anywhere else around the country.

Will I be able to take out my first car loan with Lexus?

Yes – provided you meet their criteria, there’s no reason why you can’t take out your first car loan with Lexus. However, those who have repaid car loans in the past will be considered safer applicants and are more likely to be approved for better rates. They’ll want to see some form of credit, such as credit card repayments and personal loans, to verify that you have the ability to repay a debt.

Will GFV prevent me from having negative equity on my car loan?

Assuming you hand your car back in the condition agreed upon with your dealer, yes – part of the appeal of GFV is that it essentially rules out the possibility of negative equity, as you’ll know exactly what the amount is that you’re getting at the conclusion of the finance deal.

Should I get pre-approval for my car loan first?

Yes – pre-approval is always best when applying for a car loan. This gives you a clear indication of the price range you’re required to shop within and provides a clear indicator to your seller that you can only spend up to that amount when negotiating on the price. This can help you save on your purchase price.

What happens if the car I want to buy is more than seven years old?

Lexus won’t accept a car above the age of seven at the point of purchase. Fortunately, Savvy is partnered with a range of lenders who can finance cars up to 20 years old in some cases. We can find you the lender and loan you’re looking for quickly and easily. If it’s even older than that, you can purchase any type of car you like with an unsecured car loan.

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