Dreaming of a luxury or exotic car but don\u2019t know where to start? Financing a luxury car is not that much different from financing a regular car, though\u2014surprise, surprise\u2014it is on a grander scale. However, luxury car financing can provide loans for larger amounts with terms up to 144 months compared to your typical auto loan.<\/p>\n\n\n\n
While owning an expensive luxury car may seem unattainable for many people, there are financial options available to make your dream car a reality. Luxury cars can range dramatically in price, so narrowing down your options should be step one in order to have a clear financial goal in mind.<\/p>\n\n\n\n
Thinking about getting an Audi, Porsche, or maybe even a Tesla? Once you\u2019ve settled on a luxury car, it\u2019s time to find a luxury loan!<\/p>\n\n\n\n
Car loan<\/a> lenders analyze many factors, including a potential borrower\u2019s credit score, credit history, ability to repay, and debt-to-income (DTI) ratio. Luxury car finance lenders strongly consider ideal applicants to have the following qualifications:<\/p>\n\n\n\n Don\u2019t think you quite make the cut? Don\u2019t worry, luxury car finance lenders look at the whole picture and will work with you. For example, if you don\u2019t have the best credit score around, you may want to look into making more than a 20% down payment.<\/p>\n\n\n\n Luxury car loan rates can reach up to 10% with the average term ranging from 72 to 84 months. Your interest rate will be determined by factors like your credit score, loan term, and down payment. Depending on your annual percentage rate (APR), your monthly payment could potentially be about $20 for every $1,000 that you financed.<\/p>\n\n\n\n Keep in mind that a longer loan term may mean lower monthly payments, but longer terms typically include a higher interest rate, costing you more in the end. It is best to put down a larger down payment if possible in order to secure a lower interest rate and monthly payments.<\/p>\n\n\n\n It\u2019s beyond crucial to shop around for luxury car financing. You don\u2019t have to go through a luxury car dealer as they often add on a couple of extra percentage points to your interest rate. If possible, come prepared with a few offers directly from lenders to give yourself some bargaining power.<\/p>\n\n\n\n Here are your main options when it comes to financing a luxury car:<\/p>\n\n\n\n Remember:<\/strong> Take your time when comparing auto loans. This is not the time to make a spontaneous purchase on something you cannot pay back! Look at your options and make sure you can handle the payment schedule involved with an expensive luxury car.<\/p>\n\n\n\n As with any big financial decision, there are pros and cons to financing a luxury car. Before you consider buying the latest, greatest luxury car on the market\u2014think about the following positives and negatives:<\/p>\n\n\n\n Not sure if financing a luxury car is right for you? Consider leasing! You\u2019ll feel like you \u201cown\u201d a luxury car but without any long-term commitments.<\/p>\n\n\n\n Most car leases last 24 to 48 months. At the end of the lease term, you have the option to buy the car or give it back, if you so choose.<\/p>\n\n\n\n Leasing options include traditional leasing, used leasing, or a subscription service:<\/p>\n\n\n\n When it comes to leasing a luxury car, you don\u2019t have to worry about the cost of maintenance and repairs or purchasing a potentially depreciating asset. But the downside of leasing might include limited yearly mileage or paying fees for excessive mileage or damage to the car.<\/p>\n\n\n\n Honestly, who has time to call around or visit brick-and-mortar lenders? Not only can car insurance<\/a> comparison super app Jerry<\/a> help you find cheap car insurance quotes lightning-fast, but you can also quickly compare luxury car loan rates and save on your loan.<\/p>\n\n\n\n If you are looking to refinance your luxury car loan: just download the Jerry app, enter your information, and within 45 seconds or less you will gain instant access to multiple rates from top auto loan lenders. It\u2019s that simple!<\/p>\n\n\n\n Make sure you are getting the best auto loan around with Jerry\u2019s auto refinancing tool. Our customers are living proof of just how easy Jerry makes it to find the best coverage around:<\/p>\n\n\n\n\n
Securing an interest rate<\/h3>\n\n\n\n
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Luxury car finance pros and cons<\/h2>\n\n\n\n
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How to refinance your auto loan with Jerry<\/h2>\n\n\n\n