The Porsche financial services available here at Porsche Jacksonville are comprehensive and easy to use. We help you on every step of the luxury vehicle financing process, so you can focus on picking out the perfect model.
Tips for Financing Luxury Vehicles
There are many similarities between financing a luxury vehicle and traditional vehicle financing. That said, there are a few things you’ll want to keep in mind when financing your next Porsche model.
Check Your Credit Score
The higher your credit score, the more favorable your terms will be. And with luxury vehicles, credit scores are especially important. To be eligible for a luxury vehicle loan, you’ll need a very high credit score, so it’s important to check your credit in advance.
Consider Your Loan History
In addition to your credit score, potential lenders will be looking at your history of large or luxury purchases. Typically, they want to see a history of auto loan repayment for amounts at least 50% of the requested loan.
Debt-to-Income Ratio
Another element that potential lenders will be looking at is your current debt-to-income ratio. Ideally, your DTI will be less than 50%, which shows potential lenders that you are capable of paying your loan back and that you don’t have a lot of accrued debt.
The Length of Term
Luxury vehicles do typically have a larger rate of depreciation than other vehicles, so you really want to consider term length. Longer term lengths may result in overpaying for your vehicle and losing out on potential value, which is why term length should be taken into consideration before you buy.
Here at Fields Porsche Jacksonville, you’ll find all the tools and information you need to finance that next great vehicle without breaking a sweat. Schedule a financing appointment with our expert team, and take home a performance luxury vehicle you love today.
