B-Line

Hey All,

I was just wondering, those of you who have financed through Porsche Financial Services, what type of rates did Porsche give you? Are they very competitive? Assuming tier 1 credit, what types of fees do they charge, if any?
What are the paramaters of the loans they make?

Are there better sources you would suggest for a exotic sports car financing deal? I don't want to contact to many places because the more often you credit gets run, the lower your f.i.c.a. score becomes.

Also, assuming the car could be bought for cash but would rather keep the money invested earning a higher rate of return than the cost of the loan, what type of term do you suggest. (I think the shorter the term, the less, "upside/down" you are should you decide to sell in a few short years.

Thanks.
B

blk on blk

With interest rates the way they are you'd need some pretty salty investments to bring about a greater return over a 3 year period. Negotiate it. Like everything else on the car it can be negotiatble. I would go to a credit union someplace as they usually have very good rates. There is one in Texas called Blubonnet Credit Union. You can join by depositing $7.00 into a savings account. You can then get an auto loan from them with tier 1 credit at about 5%. You can then possibly negotiate a better rate with PFS.

cr2000

73k down, 20k finance, tier 1, through Porsche Financial - I think it was like 7%. I seem to recall no difference between 12-60 month terms. I'll pay off the 20k in a few months, so I didn't pay all that much attention to the interest rate.

gravedgr

I've said this a couple of times:

www.penfed.org
$5 opens an account
5.49% on new cars loans
- up to $100,000
- up to 72 months
$0 loan/application fees
$0 cancellation fees
$0 pre-payment fees

SYMA

Got to be some type of Military affiliation at Penfed or you are SOL.

SilverSteel

The shorter the term, the more you put down, the better the rate. I don't believe in leasing, this subject covered thoroughly on previous threads, but if your concerned about your capital working for you, perhaps that would be best for you. I paid cash because, as I heard from an earlier poster, I don't believe in financing luxury goods. That said, I would spend some time on-line anlyzing this, in addition to what the posters offer. Good luck.

LVDell

I have used Porsche Financial 2x now and will NEVER do that again. I will probably just pay cash for my new car or finance elsewhere. They are absolutely the WORST to deal with. YOu can only deal with them over the phone and it feels like they are onlya couple people deep since I seem to always get the same person or two. I got fedup with their bs and lack of customer service and just sent them a check a couple weeks ago to payoff my 996. Unfortunatley I leased the Pepper and amstuck with them on that car for the next 2 years.

But, in all fairness, I did get a killer rate on my 996 loan. I financed about 70K of the car and put the rest down and got a rate of 3.9% and IIRC it was a 60 month loan. I told my salesman that I wanted the SAME rate they were offering their Jag customers in the paper and he got the rate for me. But that was a few years ago and interest rates have risen so anything in the 5-6% range right now would be a great deal.

gravedgr

Thank you for looking into it (you obviously did not), but you are 100% incorrect. IF you have some military affiliation, you can apply for loans without an account. IF you do not have any affiliation, you simply open an account with at least $5 (that's what I did last year for my previous loan).

NO downpayment - finance 100%
NO fees to apply or pay off early.

Better than any bank or manufacturer finance company I've ever worked with. They even staff the call center on weekends. Did I mention you can refinance your existing car loan with them for the same 5.49%? No fees? Or buy a used car at 5.79%? I have yet to find a better deal nationwide.

https://www.penfed.org/productsAndRa.../autoLoans.asp

sullic

I just set up an account, and it was only minutes to do. To get the lower rates, you need to apply for the load online. Easy to do, and approved in seconds. i still don't know if I want to pay all cash, or fiance a portion. I am waiting to pull the trigger on a C4 now, and I am working a few dealers who have similar cars.

If you need a loan, this was eary.

ELUSIVE

My rule of thumb is to always put at least enough down to cover depreciation so that you are never upside down. I did that when I was younger and promised myself to never be upside down in a car again.

Credit Unions are decent. I just looked up the rates at my local credit union and they are 5.74% for 60 months. +.5% for 72 months and +1% for 84 months.

Just out of curiousity what are the going rates for Porsche Financial for Tier 1 credit right now?

Dave I

Thanks for posting that info...great option to consider.

Dro

Maybe I am an idiot but I cant figure out how to open an account????

mrpc12

The rate was 6.99% for 60 months a few weeks ago when I got my Cayenne.

Haku

I must be an idiot as well!

sullic

Just call the 800 number to get an account opened. Took me 5 minutes, then online for 5 minutes to put in the application.