Exotic car financing is becoming increasingly popular when it comes to buying expensive luxury vehicles. That’s mainly because exotic car financing deals include much longer loan terms, but also higher maximum loans as well as a ton of flexibility when it comes to qualifications and payments. At the same time, financing allows the buyer to sell the car before the loan term ends which is universally positive. Financing is also fairly safe as the vehicle remains in possession of the lending company which makes financing a secured loan. That said, loan terms, interest rates, loan amounts and other aspects can be drastically different between financing companies so let’s see what the best exotic car financing companies have to offer. And at the end of this article, we will quickly mention how financing works through Exotic Car Trader.
DCU has some of the most favorable terms when it comes to exotic car financing. For one, the starting APR is around 6.7% which is one of the lowest APRs on this list. And while there are no guarantees the APR will be that low, anything under 10% when financing an exotic car is an extremely good deal. The maximum loan amount sits at $500,000 which is enough to accommodate most brand new exotic cars, and with DCU, the APR is the same for used and new vehicles. It also allows financing of up to 130% of the vehicle's value which means no down payment. But DCU does have downsides like the relatively low loan terms of up to 84 months. You also have to join DCU’s credit union and it’s fairly strict when it comes to qualifications.
LightStream isn’t that well suited for financing brand new exotic cars or even those that still hold value on the used market. That’s down to short loan terms ranging between 24 and 84 months, but also because the maximum loan amount is just $100,000. Moreover, LightStream is fairly strict when it comes to credit history and a 660 credit score is a minimum. That said, for older and cheaper exotics it’s a pretty good fit. The APR starts at 7.25% and no down payment is required. Furthermore, same day funding is available plus autopay unlocks interest rate discounts.
While LightStream is a good fit for cheaper exotics, Woodside is one of the best financing companies for exotics on the higher end of the market. With loan terms of up to 180 months, Woodside can accommodate even the most expensive vehicles, especially since the maximum loan amount is $1M with available pre-approval. That makes Woodside Credit the best exotic car financing company all around. However, the APR is undisclosed although information available online indicates that the average is around 10%. Woodside also requires a down payment of between 10% and 20%. The customer also has to have a history of financing similarly priced vehicles as well as excellent general credit history.
Of all the financing companies on this list, J.J. Best Banc & Co. has by far the highest maximum loan amount which tops out at $2M. At the same time, J.J. Best Banc & Co. offers car financing from as low as $6,000 and with such a range, it can accommodate virtually everyone. However, the maximum loan term is just 84 months which is far from ideal for most customers. Moreover, a down payment is required and can range from 10% to 30%. And although the starting APR is 7%, J.J. Best Banc & Co. is still largely reserved for those who already have an excellent credit history as well as a high income relative to the loan amount. That makes it the best
In contrast to the previous financing company, Autopay can accommodate virtually anyone who is looking to finance an exotic car, as long as it’s not more than $100,000 which is the maximum loan amount. Autopay has the lowest starting APR which is 5.7%. Loan terms are also acceptable for most people at 24 to 96 months. Moreover, Autopay is very flexible when it comes to loan qualifications and even those with a credit score as low as 550 have a great chance of getting a financing deal. Autopay can also check rates without lowering your credit score. The only downside are potential unknown fees, but even so, Autopay is one of the best exotic car financing companies for cheaper vehicles.
In the end, your personal credit history and income have as much impact on the financing conditions as different financing companies. That’s why it’s best to contact each financing company to get the most accurate information, and it’s important to get a financing deal from a reputable company because there are a lot of shady ones out there as well. Lastly, Exotic Car Trader offers financing as well with terms of up to 144 months, fast approvals and with the ability to consider customers with previous bankruptcies, foreclosures, and repossessions. And even without financing, Exotic Car Trader offers escrow protection, delivery and first inspection for all purchases. The same goes if you are looking to sell a car with Exotic Car Trader, only in that case you also get a professional photographer at your door.
Exotic Car Trader is the fastest growing marketplace built specifically for automotive enthusiasts. Click below to learn how you can sell your car with us.
LEARN MORE
