topic Re: Porsche 911 Financing in Auto Loans

Porsche 911 Financing

Anonymous — Sat, 03 Jul 2021 18:36:15 GMT

Looking to pick up a 2021 Porsche 911. The cost of the car will be approximately 150K (including tax and license) and I would like to put as little down as possible. My average credit score across all three is 760, income is 200k a year. DIR is 9% (fairly low). I've had about 5 leases through BMW averaging approximately 50K MSRP, all paid off with perfect pay history. Questions are:

1. Are there any lenders you can recommend that finance over 100K (e.g., 140K), will Porsche financial do this, or do they top out at 100k like other lenders?

2. Who is offering (or what lenders do you recommend I apply to) given my credit profile?

3. What is the likelihood I will be approved and what are some rate estimates?

Any and all help would REALLY be appreciated. Thank you all in advance!!

Re: Porsche 911 Financing

buildingcreditfromnothing — Sat, 03 Jul 2021 21:24:38 GMT

@Anonymous wrote:
Looking to pick up a 2021 Porsche 911. The cost of the car will be approximately 150K (including tax and license) and I would like to put as little down as possible. My average credit score across all three is 760, income is 200k a year. DIR is 9% (fairly low). I've had about 5 leases through BMW averaging approximately 50K MSRP, all paid off with perfect pay history. Questions are:

1. Are there any lenders you can recommend that finance over 100K (e.g., 140K), will Porsche financial do this, or do they top out at 100k like other lenders?
2. Who is offering (or what lenders do you recommend I apply to) given my credit profile?
3. What is the likelihood I will be approved and what are some rate estimates?

Any and all help would REALLY be appreciated. Thank you all in advance!!

I would check out Lightstream, PenFed, Bank of America, and some local credit unions. Lightstream and Bank of America finance well over $100K; with your income and credit profile, you will have no problem getting approved for the best rates. Lightstream loans have an interesting feature where the auto loan is actually unsecured for borrowers with excellent credit and their rates are among the best. I would get preapproved and allow your dealer to try to beat their rates -- Porsche Financial will certainly try to beat out the other banks. Enjoy your new 911!

Re: Porsche 911 Financing

Shooting-For-800 — Sat, 03 Jul 2021 23:34:01 GMT

Porsche...

There is no substitute.

Congrats!

Re: Porsche 911 Financing

dunn2500 — Mon, 05 Jul 2021 06:18:46 GMT

sick car sure you wont have any trouble.......would highly doubt porsche financing would top out @ 100k when there cars start @ 100k and only go up from there.......its all the same just bigger numbers, enjoy your new ride!....always loved those cars

Re: Porsche 911 Financing

micvite — Thu, 08 Jul 2021 04:16:26 GMT

@Anonymous wrote:
Looking to pick up a 2021 Porsche 911. The cost of the car will be approximately 150K (including tax and license) and I would like to put as little down as possible. My average credit score across all three is 760, income is 200k a year. DIR is 9% (fairly low). I've had about 5 leases through BMW averaging approximately 50K MSRP, all paid off with perfect pay history. Questions are:

1. Are there any lenders you can recommend that finance over 100K (e.g., 140K), will Porsche financial do this, or do they top out at 100k like other lenders?
2. Who is offering (or what lenders do you recommend I apply to) given my credit profile?
3. What is the likelihood I will be approved and what are some rate estimates?

Any and all help would REALLY be appreciated. Thank you all in advance!!

I'm also curious, I'm in the same position but with a bmw m5 haha... waiting for 2022 orders to start. LMK what down payment you had to use and if you went with porche financial please.

Re: Porsche 911 Financing

Anonymous — Thu, 08 Jul 2021 14:50:11 GMT

1.) You're asking if Volkswagen Credit will finance the full amount of one of their production cars...? C'mon now. 2.) Captive lender (i.e. VW Credit) 3.) You'll be fine.

Re: Porsche 911 Financing

Anonymous — Thu, 08 Jul 2021 16:03:31 GMT

Ha Ha, thank you, everyone, for the replies. Does anyone think my prior loan amounts will be an issue? My average prior auto financing is around $50,000.00. It is my understanding that lenders will only finance within 200% of the highest prior loan balance, which would put me at about $100,000.00 (i.e., $50,000.00 short). Does anyone think this will be an issue?

Re: Porsche 911 Financing

micvite — Fri, 09 Jul 2021 04:13:04 GMT

@Anonymous wrote:
1.) You're asking if Volkswagen Credit will finance the full amount of one of their production cars...? C'mon now. 2.) Captive lender (i.e. VW Credit) 3.) You'll be fine.

would you say this applies to BMW as well?

Re: Porsche 911 Financing

Anonymous — Fri, 09 Jul 2021 14:16:45 GMT

@micvite wrote:
@Anonymous wrote:
1.) You're asking if Volkswagen Credit will finance the full amount of one of their production cars...? C'mon now. 2.) Captive lender (i.e. VW Credit) 3.) You'll be fine.
would you say this applies to BMW as well?

Generally this will apply to all captive lenders. In my experience, captive lenders are generous with approvals and will extend credit where other banks would not. That isn't always the case, but with an okay profile and some money down dealers and captive lenders often work together to get approvals that an outside lender would not extend.

Re: Porsche 911 Financing

Anonymous — Tue, 13 Jul 2021 14:26:36 GMT

In regards to the comment "lenders will only finance 200% of your highest trade line," My highest trade line balance was $35k. Toyota Motor Credit picked me up for $112k. I would say this rule applies to all captive lenders.

Re: Porsche 911 Financing

chfenton — Mon, 19 Jul 2021 21:09:03 GMT

Just as a data point -- if you have the scores and the cash--there is a lot of money out there right now to be lent. I just took delivery of a 2021 Cayenne Coupe GTS and it was 138K out the door. I got pre-qualed with Bank of America who was willing to give me up to $100K at 2.2% for 5 years but I didn't need that much. With cash and trade I was looking for only about a $45k loan. Yes decent equity in the vehicle will get you good deals too--dealer came back with 1.79% for 5 years from US Bank--but they made me take $50K but no prepayment penalty so whatever.

Re: Porsche 911 Financing

Anonymous — Sat, 21 Aug 2021 13:48:14 GMT

Another datapoint for anyone that is interested in working Porsche Financial.

Purchased 2021 Porsche 911 - $180k all in with TTL, $50k down, $130k financed with PF at 3.5% / 72mos.

No previous auto loan or lease history - 650k income and 7% DTI.

I've heard that the first one is the hardest and then they are much easier to get approvals from as you build history. Same bank for VW, Porsche, Bentley, Lamborghini, etc so the history and relationship translates to the other brands in the future.

Re: Porsche 911 Financing

Appleman — Sat, 21 Aug 2021 18:52:10 GMT

You might consider using some enthusiast forums. Google 911 Porsche forum financing.
The brief info I gathered from such a site recommended PenFed, BofA, and a few regional credit unions. One of the posters implied that there are fewer lenders who do loans over $100,000, but they are available.

Good luck in your quest.