Lexus Financing: What To Know Before You Buy
You might be drawn to a Lexus because of its luxury and style. However, there’s a hurdle to cross — a hefty price tag.
Before sliding behind the wheel, take some time to review your Lexus finance options. You might also want to compare your quoted Lexus payment to the average (this can help you see if your offer is competitive). It might not be as fun as comparing trim levels, but the money you could save might be worth the effort.
How do your Lexus payments compare to the average?
If you know how much your new Lexus will cost, we can help you see if your quoted payment is higher or lower than the average.
The tables below show average monthly Lexus payments, sorted by credit band. Note that these payments are only estimates. Your payment will vary based on several factors, including how much you put down and the total amount you finance. Also, know that these tables don’t reflect registration costs or dealer fees.
You might notice that, in some cases, hypothetical borrowers with higher credit scores have higher monthly payments than borrowers with lower scores. According to Experian, borrowers with stronger credit tend to choose shorter loan terms. The shorter your loan term, the higher your monthly payment (but the less interest you’ll pay overall).
Learn more about how we calculated average monthly Lexus payments.
Estimated average monthly payments for new Lexus vehicles
| Model | Starting MSRP | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2024 Lexus ES | $42,040 | $671.60 | $625.46 | $610.75 | $654.06 |
| 2024 Lexus LS | $79,335 | $1,384.54 | $1,289.42 | $1,259.09 | $1,348.37 |
| 2024 Lexus UX Hybrid | $35,540 | $679.38 | $632.71 | $617.83 | $661.64 |
| 2024 Lexus GX | $62,900 | $1,070.36 | $996.83 | $973.38 | $1,042.41 |
| 2024 Lexus IS | $40,085 | $634.23 | $590.66 | $576.77 | $617.67 |
Estimated average monthly payments for used Lexus vehicles
| Model | Fair purchase price | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2018 Lexus ES | $22,504 | $444.94 | $384.99 | $345.44 | $344.58 |
| 2018 Lexus LS | $37,020 | $796.09 | $688.84 | $618.07 | $616.53 |
| 2019 Lexus UX Hybrid* | $18,743 | $353.96 | $306.27 | $274.81 | $274.12 |
| 2018 Lexus GX | $29,899 | $623.83 | $539.78 | $484.33 | $483.13 |
| 2017 Lexus CT* | $17,275 | $623.83 | $539.78 | $484.33 | $483.13 |
*Please note that these model years vary according to release dates.
Lexus finance options
When it comes to Lexus financing, there are a few paths you could take. Ultimately, the auto loan might not be the one with the lowest monthly payment. Keep your other preferences in mind, such as convenience, warranties or other benefits.
Lexus Financial Services
Best if...
You’re buying during a promotional sales event.
Buying your car with a loan from Lexus Financial Services (LFS) means you’re financing a car directly from Lexus. This is called manufacturer financing or captive financing. In general, manufacturer financing comes with some of the most competitive annual percentage rates (APRs).
Whether you’re buying a new or used car, Lexus Financial Services can help. And if you’d rather lease, Lexus Financial Services can provide that, too.
Lexus doesn’t disclose what credit score you need to buy a car, but you can prequalify on its website. However, you’ll need to finalize the loan and purchase your car at a certified Lexus dealer.
Financing through Lexus comes with certain advantages, including:
Promotional APRs
You might find marked-down APRs on certain Lexus models during sales events. Lexus finance deals vary by ZIP code and deals change periodically throughout the year. To see what could be available to you, you’ll need to check Lexus’ website or talk with a local Lexus dealer.
Finance cash offers
During promotional sales events, Lexus sometimes offers finance cash that you can apply to your down payment. Note that finance cash isn’t available in all states.
Lease loyalty cash
Current Lexus lessees who trade in their old models for new ones might qualify for lease loyalty cash. Lease loyalty cash only applies to select models, which vary depending on your region and what your dealer has in stock.
Exclusive rebates
Recent or soon-to-be college grads could qualify for a cash rebate from Lexus. The same goes for military personnel and their eligible family members.
Certified pre-owned vehicles
L/Certified vehicles undergo a 161-point inspection before they hit the lot. Other certified pre-owned benefits include extensive warranties, complimentary maintenance, roadside assistance and more.
Your Lexus finance rate depends on several factors, some within your control and some that are not. For instance, your credit score will have a big hand in your APR. However, Lexus APRs also vary by ZIP code. You may want to speak with a local Lexus dealer for information specific to your area.
Bank and credit union auto loans
Best if...
You don’t qualify for manufacturer financing or are buying from a non-Lexus dealership.
If you don’t qualify for manufacturer financing (or you’re purchasing your Lexus at a third-party dealership), your next best bet may be your bank. Since you already have an established relationship, it may be willing to give you a competitive APR.
Although some banks allow you to apply online (Bank of America, for instance), not all do. If you do have to apply in person, you’ll get hands-on guidance from a loan officer or bank representative.
Credit union auto loans also tend to come with benefits that you might not find with other lenders. For example, PenFed offers vehicle discounts and access to its lowest APRs if you use its car-buying service.
Online auto loans
Best if...
You are comparison shopping and for borrowers with fair credit.
Sticking to online auto lenders can be a quick way to compare preapproved car loans. Getting preapproved by several lenders at once is a solid way to find the offer that’s most competitive for you. Just be sure to get your rate shopping done within 14 days. That way, only one hard credit pull will count against you.
Importantly, online auto loans are also usually easier to get than manufacturer or bank loans. They may also come with higher APRs and more fees.
In-house financing
Best if...
You have bad credit, or if you value convenience over savings.
Also called “buy here, pay here,” some dealerships offer in-house financing. With this, you’ll get your car loan from your dealer rather than a financial institution. Dealers that offer in-house financing typically specialize in used vehicles. At times, these used vehicles are several years older than what you’ll find at a traditional lot.
Getting a loan from your dealer can be convenient, but it also means you can’t compare offers. And while you might still be approved for in-house financing if you have bad credit, prepare to pay sky-high rates.
How we calculated average monthly Lexus payments
To calculate average monthly Lexus payments, we found estimated starting manufacturer suggested retail prices (MSRPs) for some of Lexus most popular models.
Then, we subtracted an average down payment from each MSRP. According to Edmunds, the average down payment on a new vehicle was $6,907 in Q3 2023. For used vehicles, it was $4,111. The resulting figure represents the total amount our hypothetical borrowers financed.
From there, we used our auto loan calculator to figure out average monthly Lexus payments, using average APRs and loan terms as reported by Experian’s State of the Automotive Finance Market Q3 2023. You’ll find this data in the tables below. Please note that loan terms were rounded to the nearest whole number during our calculations.
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 12.28% | 9.60% | 7.01% | 5.64% |
| Average loan term | 73.54 months | 74.00 months | 69.94 months | 61.90 months |
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 18.89% | 14.12% | 9.73% | 7.66% |
| Average loan term | 66.25 months | 68.43 months | 68.40 months | 64.77 months |
Frequently asked questions
They aren’t exactly the same, but Toyota does own Lexus. Lexus Financial Services is a brand name under the Toyota Motor Credit Corporation (TMCC) umbrella.
Lexus Financial Services does not disclose its minimum credit score requirements. You can, however, prequalify for an auto loan on its website. Also, adding a creditworthy co-buyer to your application could boost your approval odds.
Lexus’s finance rates vary based on your credit score, the specific Lexus you’re buying and where you live. Additionally, Lexus financing deals change over time. For example, Lexus is offering 5.99% APR on select 2024 Lexus RX styles at the time of this writing. However, the deals you find depend on what time of the year you’re shopping.