Our Porsche Financial Services center is here to help you make the best choice for your vehicle purchase. This guide answers several common questions we get about financing and how it works, brought to you by the friendly professionals at Porsche Jacksonville.
What is Financing?
Financing is a great way to get a vehicle without needing to have a lot of money on hand. Financing lets you get a loan from a bank or other financial institution and then pay it off monthly. In addition to the principal amount of money borrowed, your monthly payments will come with an interest rate.
How is the Interest Rate Determined?
The lender will look at a number of factors to figure out your interest rate. These include the amount you intend to borrow, the vehicle you’re buying, and your down payment. Your credit score will also play a role.
Does a Low Credit Score Affect a Loan?
Even if your credit score isn’t great, you should still be able to secure a loan. It is important to note, however, that this could mean you will have a higher interest rate. Using a co-signer or raising your down payment can help reduce it.
How Long is a Car Loan?
A car loan could be as short as a year or as long as 10 years. There are two things to keep in mind when choosing the loan term. First, the shorter it is, the higher your monthly payments will be. And while reducing those with a longer term may sound great, you will end up paying more in interest.
How Does the Financing Process Work?
At Porsche Jacksonville, we make the financing process easy. Just fill out our online form to get pre-approved for a loan. You can also get in touch with our financing department with any questions or concerns.