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.
*Savvy does not represent Lexus Financial Services for their car loan products.
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.
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.
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.
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.
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.
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.
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:
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.
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:
The fees which may apply to your loan are: