Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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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.
You have a few options to choose from when it comes to financing an exotic car:
An exotic or luxury car loan works by offering larger amounts and longer terms than your typical auto loan. Most luxury cars start at $40,000, which many conventional car loan providers don’t cover.
Terms typically start at around two years and can run as long as 12 years. Rates run around 6.99% on the longest terms, though it depends on the type of dealer, car and your personal finances.
Possibly. The ideal customer for a 12-year loan term is someone who knows luxury, exotic and classic cars well. Certain makes and models increase in value over time, which can help you turn a profit.
To get the most out of it, invest in a low-maintenance car. And try to find a way to pay off your loan early — usually by selling the vehicle at a show or auction.
But 12-year car loans aren’t for everyone — that’s a long time for interest to add up. 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.
Beyond loan term, fees and repayment options, you’ll want to keep an eye out for:
Eligibility requirements vary by lender, but in general you must:
Although all lenders are different, here’s some basic information you’ll need when applying for a loan:
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.
On top of offering financing designed specifically for buying a luxury vehicle, here are a few other perks of working with an exotic car lender:
Consider these potential drawbacks before taking out an auto loan from an exotic car lender:
Thinking of financing a luxury car? Here are a few mistakes to avoid:
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:
When you’re ready to buy a luxury car, finding financing is a vital 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 up for before you take the plunge.
Speak with a financial adviser and compare your car loan options carefully until you’re sure you’ve found the best deal available.
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