Andy111

Do you know what Lexus dealers looks for in a payment to income ratio? What percentage does your monthly payment have to be in regards to your income? Does anyone put any downpayment such as 10 or 20 percent?

GS350Lexus

iTrader: (5)

As long as you have a job and good credit u will be apple to get it in tier 1 price range, bad credit gets u to toer 2 or even 3 difference between tier ever tier down is like $40-$50 added to the montly payment.

rominl

iTrader: (4)

last i checked the tier 1+ score needs to be 720+, otherwise the rates start to go up. you can finance the whole car if you want. not sure what they ask for in payment to income ratio though. haven't financed in a while

GS300ken

They do ask for income ratio. I was trying to finance with Lexus last year but they could not beat my credit union rate. Tier 1 is 720+ with no negatives in your credit. The best rate they gave me was 5.9% while I got 4.9 at my credit union and my score was lower 700 across 3 agencies.

BRADSGS4

Good credit is a must when buying any high end car. Money down can also help get you approved. If you have good credit and money down you should have no problems. Keep in mind the dealer has finance specials during the year and most outside lenders don't.

IAMJAVEDG

iTrader: (5)

Lexus Financial is great when it comes to financing

Opaline460

Your payment should be no greater than 12% of your income, every 10 scores is different tier. If your credit is 720 or higher you should not have worries.

Dema

Before tax?

LeslieRC

Sounds like you're new to this. Yes, stated income on the credit application is before tax. You've received excellent advice here as far as I can tell. I would add this...if you have a relationship with a financial institution, and you should, go there first. Finance guys at dealerships are paid to sign people up and they can pull upon lots of resources for that task. A financial institution, and particularly a credit union, will sit down with you to help you determine whether you can afford such a purchase.