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Is it difficult to get a car loan for a Porsche?
I was thinking about getting a car loan for a Porsche. I make $200,000 a year, but my credit still isn't great (about 670). Will it be difficult for me to obtain a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a
car loan
for a Porsche is about the same as getting a car loan for any other vehicle. Lenders will approve you based on your credit, income, and debt-to-income ratio.A credit score of 670 puts you in the prime range, meaning that you’ll get a decent car loan rate, but not the best rate possible. A yearly income of $200,000 looks good at first glance, but the lender will pay more attention to how your income relates to your expenses than your gross earnings.
Your debt-to-income ratio is calculated as the percentage of monthly debt (e.g., minimum payments on credit cards) divided by your monthly income. If the ratio is higher than 43%, you probably won’t get approved for the loan unless you make a sizeable down payment.
Don’t forget that your Porsche will cost you extra for car insurance compared to an economy car. Use the
Jerry
app to compare rates from top insurers so you can make
sure you aren’t overpaying to protect your luxury vehicle.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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