Compare luxury and exotic car loans | Terms from 24 to 144 months

Compare car loans for luxury and exotic cars

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Explore your options for exotic car financing.

Getting a loan for a luxury car is a lot like getting a regular car loan — but at a much higher amount. With loans of this size, you might have trouble qualifying unless you have strong credit and can prove you can afford the monthly repayments.

LendingTree Auto Loans

Our top pick: LendingTree Auto Loans

Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

  • Competitive interest rates
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  • One simple form. No obligation offers.

    How do luxury car loans work?

    A luxury car loan works the same as a regular car loan but you’ll be committing to a larger amount of money — most luxury cars costs upwards of $40,000. A loan of this size is a serious undertaking, and you should make sure your budget can handle the monthly payments before you start browsing lenders.

    Fortunately, there are plenty of loan options out there. Whether you’re seeking a secured or unsecured loan or a loan with a fixed or variable interest rate, you can find something that suits your needs.

    How to finance an exotic car

    • Secured car loans. Backing your loan with your car makes it less of a risk to the lender, making it easier to qualify for a competitive rate.
    • Unsecured car loans. You won’t risk losing your car but you could end up paying higher rates than you would with a secured loan.
    • Business car loans. Business car loan come with payments structured around your business’ cash flow, and some don’t even require a deposit.
    • Dealer financing. Most dealerships offer a financing option when you purchase cars from them, usually with low monthly repayments and a balloon payment at the end.

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    Rates last updated November 20th, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Term of Loan Requirements
    car.Loan.com Car Loans
    Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
    300
    Varies by lender
    Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Auto Credit Express Car Loans
    Get connected with an auto lender near you, even if you have bad credit.
    300
    Typically 3 to 6 years
    Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
    LightStream Auto Loans
    Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
    Good to excellent credit
    Flexible terms
    Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
    RateGenius Auto Loan Refinance
    Connect with a network of over 150 lenders to refinance your car loan.
    510
    Varies
    Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
    LendingClub Auto Refinancing
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    Fair or better credit
    Minimum of 2 years
    Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
    MotoRefi Car Loan Refinancing
    A car loan connection service for borrowers looking to refinance.
    525
    1–6 years
    Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
    LendingTree Auto Loans
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
    Good to excellent credit
    Typically 1 to 7 years
    Must be a US citizen and 18+ years old. Must have good to excellent credit.

    Compare up to 4 providers

    144-month loans: what you need to know

    When you’re looking into buying a luxury or exotic car, these terms start to pop up. The interest rates are typically around 6.99% for this 12-year loan, and it takes a knowledgeable buyer to get the most out of it.

    So who should borrow? The ideal customer is someone who knows luxury, exotic and classic cars well. There are certain makes and models that appreciate in value, and an initial down payment combined with a loan could actually be worth the investment, making you a profit. The car you invest in should be low-maintenance to reduce ownership costs. Try to find a way to pay off your loan early — usually by selling the vehicle at a show or auction.

    But, 144-month loans aren’t for everyone. If you know what you’re getting into and understand the risks, you may be able to finance an exotic luxury car for far less than you would have paid in cash or with a smaller loan.

    How to compare exotic car financing

    Beyond loan term, fees and repayment options, you’ll want to keep an eye out for loans that have these features:

    • Fixed or variable rate. Would you prefer a stable monthly payment, or are you willing to take a gamble on a fluctuating interest rate that could be lower down the road?
    • Secured or unsecured. Do you want to can use your new luxury car as collateral to get a lower rate, or pay a little extra to avoid losing your exotic wheels?
    • Flexibility. Look for a lender that allows you to pay off your loan early with no fee and has customer service with a strong reputation

    4 mistakes to avoid

    • Small down payments. A hefty down payment helps reduce the cost of the loan and lower your monthly payments.
    • Adding one-time costs into the loan. Some lenders might let you include the taxes and cost of vehicle registration in your loan but remember — anything added to your loan balance gains interest.
    • Not comparing your options. A luxury car shouldn’t be a spur-of-the-moment purchase. Take your time to review your loan options and your finances to be sure you can handle the payment schedule.
    • Long terms. Unless you’re buying your car as an investment, going for an extra-long term means you’ll pay a lot more in interest.

    How to apply

    Although all lenders are different, here’s some basic information you’ll need when applying for a loan.

    • Personal information, including your name, Social Security number and proof of identity
    • Employment information, including your income, your employer and the length of your employment
    • Financial information, including your assets, credits, debts and liabilities
    • Vehicle information, including make, model, condition and price
    • Business information if the car is being purchased by a business

    Since you’re borrowing a large amount, your credit score needs to be high with a near-perfect payment history. Lenders are unlikely to extend a loan to someone whose score and history don’t reflect upstanding financial decisions.

    Can I qualify?

    It depends on your lender but generally you must:

    • Have good or excellent credit. If you want an unsecured loan, you’ll likely need to have near-perfect credit to be eligible for a loan of that amount.
    • Have a low debt-to-income ratio (DTI). You generally can’t qualify for a loan with a DTI over 43%, though it’ll likely need to be much lower for a luxury car loan.
    • Make enough to afford repayments. Lenders for loans of this size often require you to have an income nearing six figures.

    Most popular luxury car brands in the US

    These luxury car brands are known for their speed, power and reliability. Some even cost as low as $35,000 for someone with a budget on their mind.

    • BMW. One of the most well-known German car brands, BMW produces luxury cars around the world. Whether you want style, eco-friendly features or handmade design — remember, BMW owns Rolls-Royce — you can find it with BMW.
    • Audi. Another German company — much renown Audi is owned by Volkswagen and is among one of the top sellers of luxury cars around the world.
    • Lexus. Under the luxury division of the Toyota brand, Lexus was once known for stuffy, conservative designs but has recently reemerged with the intent that users Experience Amazing.
    • Mercedes-Benz. The top-selling luxury car brand of 2016, Mercedes-Benz is known for beautiful design and great engineering, and the price you pay reflects it.
    • Porsche. Also owned by Volkswagen, Porsche is even more luxurious and glamorous than its Audi counterpart. Best known for its sport cars, it also offers trendy coupes and stylish SUVs.
    • Acura. Part of Honda, Acura produces luxury vehicles that are sleek and powerful. Models range from sedans to SUVs, and the Acura NSX is a sports car that screams exotic design.

    Bottom line

    When you’re ready to buy a luxury car, finding financing is an important step you shouldn’t overlook. Most cars are bound to depreciate, so understand how much you’re paying and how much debt you’re signing for. Speak with a financial advisor and compare your options carefully until you’re sure you’ve found the best deal available.

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    Kellye Guinan

    Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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