Porsche Financial -- hard to get approved?

[Anonymous]

I make ok money -- I work two commisioned jobs and I net around $7k-8k a month, I was looking at getting a Porsche Taycan 4S (financing or leasing, idk yet) and was wondering if anybody here has any experience with Porsche Financial, or if I should go else where. Im in Rochester, NY if that helps. My three bureaus vary, My experian and equifax are around 610 and my Transunion is around 630. I'm guessing Ill need some serious money down to get a car like this, and although I can afford the monthly payments, Im probably high risk due to my age and lack of auto loans on my credit report. Thanks guys!

[Horseshoez]

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@Anonymous wrote:

I make ok money -- I work two commisioned jobs and I net around $7k-8k a month, I was looking at getting a Porsche Taycan 4S (financing or leasing, idk yet) and was wondering if anybody here has any experience with Porsche Financial, or if I should go else where. Im in Rochester, NY if that helps. My three bureaus vary, My experian and equifax are around 610 and my Transunion is around 630. I'm guessing Ill need some serious money down to get a car like this, and although I can afford the monthly payments, Im probably high risk due to my age and lack of auto loans on my credit report. Thanks guys!

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Kind of a timely post, I recently took a new job (I start next Monday), and have been toying with buying a new Cayman as a play car, so any responses you get I'll be very interested in reading.

Regarding your situation, back when I was in my early twenties (a lifetime ago) I bought a brand new 1982 Audi Quattro, which for the era was a hotter than hot car, and yikes, the insurance costs were stupid high.  Have you priced out what insurance would cost you if you do opt for the Taycan?

[Mjhall85]

I would work on getting your scores higher, Do you carry high balances or what's keeping them low ? Derogatory accounts ? If you have a good relationship with your bank I would try with them and see what offers you get. 

[4sallypat]

The Taycan is a very hot car and prices are above MSRP (in So Calif) and at the Porsche Experience center in LA, I have seen customers race around the course while I have lunch at their most delicious restaurant.

The Taycan being so new - I would lease - lower payments that you may qualify for instead of financing.

Just remember on leases to never put a downpayment to lower the capital cost...

Since my friend works for Porsche LA Experience and can get me a good price thru their employee lease programs, I am toying with the idea of financing the Cayenne 4S turbo. 

But I am also looking at the new Land Rover Defender 110 as I love their off road ability....

Gonna have to wait until after we get the house....

[Anonymous]

With a healthy down payment (20-30%), you could most likely get approved with your current scores. However, the rate is not going to be favorable. As mentioned above, what does your credit profile look like? It may be the wiser move to invest some money into paying down any current debt obligations rather than using it as a down payment. Another thing to consider; how long have you been working your commissioned jobs? If proof of income is required, most lenders will require 2 years of time at the current job if it is commission based pay.

[Elitex]

I used Porsche twice. Cayman and a 911. When I bought my Cayman, my scores were mid to high 600's. Porsche approved but rates were in 7's. BOA approved me around 4% for the same deal.

Second time around buying a 911. My scores were all 720-740 and Porsche approved this time also but rates were around 4's. BOA was still a better deal in the 3's.

I hope this helps.

[Loquat]

OP if you'd rather buy now rather than working on getting your scores up a bit then you're probably going to need the help of the F&I manager to get a deal done with scores that low.

I know most here hate working a finance deal at the dealer unless they're getting 0% but in your situation you may not have much choice.

Best of luck to you.