Porsche 911 Financing

[Anonymous]

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!!

[buildingcreditfromnothing]

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@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!!

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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!

[Shooting-For-800]

Porsche...

There is no substitute.

Congrats!

[dunn2500]

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

[micvite]

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@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!!

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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.

[Anonymous]

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.

[Anonymous]

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? 

[micvite]

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@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.

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would you say this applies to BMW as well?

[Anonymous]

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@micvite wrote:

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@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.

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would you say this applies to BMW as well?

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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.

[Anonymous]

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.