Thread: Exotic Car Financing

Does anyone have any experience with a company that does longer term exotic financing?

There are a couple that will, but you need to have pretty strong credit to be approved. What car are you trying to finance, how much, and for how long?

Just for kicks I wanted to see what numbers came out to on like an 85k loan..yes a company will do but I'm sure credit gotta be up in the mid 700+ or higher.

APR was like 12% over 8-10 years LOL. Something like $800 payment.

Wow, that is ridiculous. I was looking at 90k. I guess I'm better just putting half down and financing the other half on 5 or 6.

Contact Phil Sachs.... SanFranciscoSportscars...

or Jonathan from Catsexotics..

Originally Posted by TomLamboBH

There are a couple that will, but you need to have pretty strong credit to be approved. What car are you trying to finance, how much, and for how long?

I'm looking at used Gallardo's right now. Something around 90k. I just thought instead up putting down a bunch of cash I would go with a lower down payment and just run it out longer; but at those high rates it's not worth it.

Originally Posted by 150shot

Just for kicks I wanted to see what numbers came out to on like an 85k loan..yes a company will do but I'm sure credit gotta be up in the mid 700+ or higher.

APR was like 12% over 8-10 years LOL. Something like $800 payment.

LOL.. i just tried woodside also for the amount he suggested

20% down , $945/month but it didnt say the term..

WOODSIDE CREDIT | Collector Car Financing | Apply Now! | Payment Calculator

It depends who you are buying the car from. If you're buying from a dealer there are many avenues. You can get many banks to do loans out to 72 months with fairly normal rates in the 6-8% range. Rolls-Royce Financial is where we run many of our used cars through (even non Rolls-Royce vehicles) along with Chase and Bentley Financial, but they typically don't go beyond 60 months. If you're looking for 96-144 month finance, you don't have a lot of options, once in a while you may find a decent rate, but that is the exception, not the rule. Also, expect the bank to require at least $20-30k down on a $90k car.

Bear in mind that a 740+ fico alone is not enough. Banks these days want to see comparable prior credit. So if you haven't financed anything in the past close to what you're looking to get, expect to get turned down. Also, be prepared to provide 2 years of tax returns. Any high amount loan requires proof of income these days. It's not like it was a few years ago...there is ZERO flexibility with lenders these days.

Originally Posted by TomLamboBH

It depends who you are buying the car from. If you're buying from a dealer there are many avenues. We've run several used cars (non Rolls Royce) through Rolls-Royce Financial. Also, we're starting to see credit unions stepping up to exotic cars too.

The only thing to look out for is that a 740+ fico is not enough. Banks these days want to see comparable prior credit. So if you haven't financed anything in the past close to what you're looking to get, expect to get turned down. Also, be prepared to provide 2 years of tax returns. Any high amount loan requires proof of income these days. It's not like it was a few years ago...there is ZERO flexibility with lenders these days.

Yeah, I'm going through this right now with the house I'm buying. Showing 2 years of income and my 726 credit score. I'll be coming with a good bit down, several titles in hand, and only a mortgage as debt. I should be ok when I want to do it then. I'm just getting an idea, because in the summer when I get back to the states I think I will buy one.

Originally Posted by TomLamboBH

It depends who you are buying the car from. If you're buying from a dealer there are many avenues. You can get many banks to do loans out to 72 months with fairly normal rates in the 6-8% range. Rolls-Royce Financial is where we run many of our used cars through (even non Rolls-Royce vehicles) along with Chase and Bentley Financial, but they typically don't go beyond 60 months. If you're looking for 96-144 month finance, you don't have a lot of options, once in a while you may find a decent rate, but that is the exception, not the rule. Also, expect the bank to require at least $20-30k down on a $90k car.

Bear in mind that a 740+ fico alone is not enough. Banks these days want to see comparable prior credit. So if you haven't financed anything in the past close to what you're looking to get, expect to get turned down. Also, be prepared to provide 2 years of tax returns. Any high amount loan requires proof of income these days. It's not like it was a few years ago...there is ZERO flexibility with lenders these days.

Out of curiosity, if I put $60k down on say a $90k Gallardo, how many of those hoops would I be expected to jump through?