Your Lexus will be one of the largest purchases you will make at this stage of your life. So it is really important that you make the right decision, and sign up for finance which works for you, with which you will be comfortable for the life of your vehicle. But you can relax, while you will need to fill in some forms and provide us with some documents, Lexus Financial Services is here to help and to guide you through every step of the process. Together we will get it right. It may seem annoying at first, but there are laws in place to ensure that you will never sign up for a loan that is larger than you can afford, as you and Lexus Financial Services need to be confident that this finance arrangement will work.
The law requires that we take a look at various documents when we prepare to offer you a finance deal. These are:
- Your bar-coded ID book, so we can confirm that no one else is trying to borrow money in your name.
- Your valid driver's licence, as you must legally be able to drive and insure the vehicle.
- Your latest payslip, or recent bank statements if you are self-employed. We need to be confident that you will be able to meet the payments on your loan, and because we do this, it will give you peace of mind that you are not over-extending yourself. With your consent, we can even request your bank statements electronically, directly from your financial institution, within a matter of minutes.
- Proof of residence. Normally a few recent utility bills will be sufficient.
- Proof of insurance. If there is an accident, and repairs are required, we all need to be confident that you are covered and the vehicle can be repaired. Or if the vehicle is stolen, and is not recovered, we need to know you can pay off the loan and are not burdened with the remaining payments for a vehicle you are no longer using. If you do not already have a relationship with an insurer, don't worry. We can deal with this when you complete your application. What is important is that when you leave our showroom with your Lexus, you are properly insured.
There is a Finance and Insurance (F&I) Manager at each Lexus dealer. His or her job is to help and guide you through the paperwork, and to get you our best available finance deal. It couldn't be easier. Once you have chosen the new or pre-owned car you want to buy, the Sales Assistant can introduce you to the dealership's F&I Manager. To speed up the process, please bring along all the documents you will need to show us (see above). If you still have any questions or concerns about what is needed, you have an expert on hand to give you the right advice.
You will need to look at a range of options, such as the period of your loan, what deposit you may want to pay in, how your Lexus will be insured, and so on. Our job is to give you the right advice, depending on your circumstance and needs. And importantly – you will be with a trusted expert who can answer all your questions and whose task it is to understand all your needs, and what you can afford.
You will be asked some rather personal questions, but it is quite normal. The process is totally secure and in total confidence, and the information you share with us will help us to help you to set up the right finance deal. We will need banking details, your address, and will also ask about your marital status, your income, your job and so on.
We aim to get you on the road as speedily as we can, so once the F&I Manager has all he or she needs, your completed finance application information will be processed by our Automated Credit Assessment System. In most cases, we can get you a swift answer, and in less than an hour you will receive a detailed Finance quotation.
The F&I manager will inform you if we need to see any further documents, and if not you will receive an offer from us, known as a 'pre-agreement'. This will include all you need to know about the finance contract, the costs, the monthly payments, the duration of the agreement and so on. At this stage we will be there to answer any questions you may still have, to explain anything which appears confusing and to ensure that both sides are happy. If there are no outstanding issues, and you are happy with our offer, you can arrange to sign your contract on the same day that you have made arrangements to collect your new Lexus.
Of course you can. Once you have selected your Lexus, you just need to click on “Apply for Finance” on this page, or on any of the other web pages. You can then complete your application online, in the comfort of your own home or office.
We need this to work well for both sides, so we have put a lot of work into ensuring that you will be guided through a step-by-step process in completing your application for finance. But to help speed things up, we suggest you have all the documentation that was mentioned earlier onhand, in case you need to get any important information from them. Once again, you shouldn't be worried if we ask you some rather personal questions – asking about your income, employment, marital status, address, bank details etc., is all a standard part of the application process. This process is totally secure and your information will always be treated as confidential.
Assuming that there is nothing we need to double-check or any follow-up questions, an online response will be given within a few minutes. Make sure that you make a note of the reference number for your application – and have it handy – so that we can easily access your account when you contact us or your Lexus dealer of choice.
You can get in touch with your Lexus dealer of choice and ask to speak to the Lexus Financial Services F&I Manager to discuss the next steps and the various options available to you. You will also be informed whether any further documents (if any) will be required. You can also make an appointment to sign your finance contract. You will need to bring along all your documents so we can make copies of them, – this can be done on your first visit or at the time you come to take delivery of your vehicle. You will get the same offer document – the 'pre-agreement' – which will set out all the costs and arrangements. There will still be plenty of opportunity to discuss anything you are uncertain about, and to ensure that you understand the agreement and are happy with it. If so, you can arrange to sign your contract on the same day that you have made arrangements to collect your new Lexus.
So... What are you waiting for? Remember, we are here to help and to ensure you get the right deal on the right Lexus. Giving you years of happy, stress-free motoring.