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How to finance a Lotus

Get help footing that $100K bill for your fancy ride.

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Need financing for a Lotus?

Coast Capital Car Loan logo
  • High borrowing amounts
  • Interest rates vary
  • Loan terms from 18 - 84 months
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Lotus Cars is well known for its premium brand of sports and racing cars that come with a high price tag. Buying its most recent model, the 2021 Evora GT, can run you over $120,000. Luckily, you have several financing and leasing options to choose from.

How do I finance a Lotus?

If you’re looking for Lotus financing, you have several options:

  • Secured car loan. Banks, credit unions and online lenders all offer secured car loans, which use the vehicle you’re buying as collateral. This means your Lotus may be seized by your lender if you default on the loan. While this won’t be your fastest option, comparing offers from different lenders could help you secure a lower interest rate and better terms.
  • Unsecured car loan. You can opt for an unsecured car loan from a bank or credit union. With an unsecured car loan, your Lotus will not be collateral.
  • Lotus financing through a dealership. Buying your new Lotus at the dealership is one of the fastest and easiest routes, but it may come with higher interest rates. Prices will vary based on the model and dealership.
  • Lotus leasing. If you don’t want to be chained to the same Lotus forever, you may want to consider saving money by leasing one. According to the Lotus website, the lease price for the Evora GT starts at $1,286 per month with $0 down. Check with your local Lotus dealership to see what leasing deals they might offer.

Like with other types of loans, your car loan amount, interest rate and loan term will depend on your personal finances, such as your credit score, credit history, income, employment, assets and debts.

Top pick for Lotus financing: Coast Capital

Coast Capital logo

Key features: Coast Capital is a major credit union that can finance a wide range of vehicles, including luxury cars. The car loan is unsecured. There is no maximum loan amount, and a membership is not required. Interest rates vary based on personal factors.

How to apply: Apply online in as little as 10 minutes and get a response on the same business day to learn about your rates and terms.

Eligibility requirements: Able to service debt payment of $300/month, minimum credit score of 650, minimum age of 19.

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Representative example: Andrea buys a Lotus

Andrea, a resident of Ontario, has come into financial success as a major investor in an enormously profitable tech startup. She wants to fulfill a lifelong dream of owning a Lotus and visits a dealership where she spots a 2020 Verde Pearl Evora GT for $161,000.00. Andrea makes a 20% deposit of $32,200.00 to hold the vehicle while she secures the rest of the financing.

Andrea soon finds a lender that specializes in providing luxury car loans, and she submits an application for funding. Thanks to her solid credit history and high income, she is approved for a loan to cover the amount owing on the vehicle ($128,800.00) plus 13% HST. Additionally, Andrea pays around $180.00 to register her car with the provincial government – this includes the cost of a licence plate, sticker and vehicle permit.

Cost of vehicle$161,000.00
Loan typeAuto loan (term loan)
Loan amount$149,730.00
Interest rate (APR)4.90%
Loan term8 years
Additional fees3.00% origination fee ($4,491.90)
$0.00 application fee (waived by dealership)
Payment $1,888.45 monthly or $870.81 biweekly
Total loan cost$181,291.20 with monthly payments or $181,128.48 with biweekly payments

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How much is a Lotus?

The price of a Lotus can vary based on several factors like model, mileage, add-ons, condition, location and more. To give you a general idea, the prices below are from an authorized Lotus dealer in Vancouver.

ModelConditionPrice

2013 Lotus Evora S

Pre-ownedCA$74,900

2021 Lotus Evora GT

NewCA$124,999

Prices as of June 2021

Does a new Lotus come with a warranty?

Yes, all new Lotus cars come with a warranty that lasts for 3 years or 58,000 km — whichever comes first. In addition, you’ll receive up to 8 years of coverage against perforation on the car’s chassis. Certain Lotus racing models may have different warranties, so you should consult with your local Lotus dealership for more details.

Does Lotus offer special discounts or programs?

No, Lotus doesn’t feature any special discounts or programs on its website. However, you should still check with your local dealership, as it might have its own promotional offers on Lotus models.

Compare car loans

While the full cost of a Lotus may be beyond what most lenders offer for a car loan (excluding lenders who work directly with Lotus dealerships), a loan can still help offload some of the cost of owning one of these vehicles. Check out the loan providers below to see some of the financing options available on the market.

Note that, to qualify for financing, you have to meet lenders’ criteria. Requirements include having a credit score at or above a certain minimum, having a reliable history of making debt repayments and having a good debt-to-income ratio.

Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements Table description
CarsFast Car Loans
$500 - $75,000
4.90% - 29.90%
12 - 96 months
300
Min. income of $1,800 /month, 3+ months employed
Get a new or used vehicle delivered to your door.
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs.
Loans Canada Car Loans
$500 - $35,000
0% - 29.99%
3 - 96 months
300
Min. income of $1,800 /month, 3+ months employed
Compare rates from multiple lenders.
Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered.
AutoLoanProviders
$7,500 - $85,000
3.99% - 29.99%
12 - 96 months
300
Min. income of $1,800 /month, 1+ months employed
Available in Ontario only.
Apply online and get your new vehicle delivered to your door anywhere in Ontario free of charge. All credit scores considered.
Coast Capital Car Loan
$10,000 - No Max.
Varies
18 - 84 months
650
Able to service debt payment of $300/month
Competitive rates and flexible terms.
Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
Splash Auto Finance
$10,000 - $50,000
9.90% - 29.90%
24 - 84 months
300
Min. income of $2,200 /month, 3+ months employed
Apply with any credit score.
Get financing for a new or used car. Auto loans for borrowers with fair credit, bad credit, no credit or bankruptcy.
goPeer Car Loan
$1,000 - $25,000
8.00% - 31.00%
36 - 60 months
600
Min. income of $40,000 /year
P2P platform with competitive rates.
Canada's first regulated consumer peer-to-peer lending platform that connects creditworthy Canadians looking for a loan with Canadians looking to invest.
Carloans411 Car Loans
$500 - $50,000
1.90% - 19.99%
Up to 72 months
300
Min. income of $1,600 /month, 3+ months employed
High application approval rate.
Get connected with suitable lenders to finance your next car, van or truck. Check eligibility for this loan through LoanConnect.
Canada Auto Finance
$500 - $45,000
4.90% - 29.95%
3 - 96 months
300
Min. income of $1,500 /month, 3+ months employed
Get financing from partnered local lenders.
Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
LoanConnect Car Loans
$500 - $50,000
9.90% - 46.96%
3 - 120 months
550
No min. income requirement
Pre-approval in as little as 60 seconds.
Get access to 25+ lenders through this brokerage. Get your funds in as little as 24 hours.
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Compare up to 4 providers

Bottom line

Lotus is a luxury car brand — and its prices reflect this. But you have a few options to help you foot the bill. While financing straight at the dealership might be quicker, you can potentially save more by taking out a car loan through a bank or online lender.

Ready to get started? Read our guide to car loans to learn more about how they work and compare your options.

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