Exotic car financing is a niche subset of the lending industry, but at same time a huge one as the luxury car market in the US has surpassed $700B in 2023. With that in mind, it shouldn’t come as a surprise that there is a good number of reputable exotic car financing companies out there. And each of them tailor their financing terms specifically for exotic cars which, among other things, results with much longer loan terms than what the average dealership can offer, or even the average bank or financing company. Such long exotic car finance terms are able to bring monthly payments on a $200,000 car very close to the average car payment in the US. But with relatively low monthly payments, getting approved for exotic car financing is much more difficult. That said, Exotic Car Trader is fairly flexible when it comes to financing qualifications, but more on that at the end of this article.
While most financing companies will offer loan terms of up to 84 months, exotic car financing companies will offer anywhere between 96 and 180 months. That said, 180 months is pretty rare and the only popular financing company we have found that offers such high exotic car finance terms is Woodside Credit. Loan terms of up to 96 months are much more common, while 144 month terms are also fairly easy to find. Even our Exotic Car Trader financing partners allow up to 144 month financing terms. On the other hand, a lot of exotic car manufacturers offer their own financing services like Porsche and Lamborghini, both of which match Woodside Credit when and its maximum term of 180 months. However, premium car manufacturers like Mercedes and BMW still limit the term length to 84 months.
Even with such high loan terms available which can sometimes lower the monthly payment on a $200,000 car down to $1,500, the average luxury car financing term is still just 72 months. The main reason is that longer terms result with higher interest rates, translating into a higher vehicle purchasing price. That essentially forces buyers to make the loan term as short as possible to minimize the cost of the vehicle. At the same time, longer exotic car finance terms with lower monthly payments don’t necessarily improve the chances of getting approved for financing. So, let’s see what other qualifications most financing companies require.
While lower monthly payments can increase your chances of getting an exotic car financing deal by lowering your DTI, they are just a small part of the bigger picture. Most exotic car financing companies will also require a minimum 750 credit score with some allowing as low as 660. At the same time, a good number of such companies also require a history of financing exotic cars, and the vehicle’s value cannot be higher than your annual income. Down payments are also fairly common and range between 10% and 30% of the vehicle’s value. That said, some financing companies are a bit more flexible. For example, Exotic Car Trader can consider financing applicants with previous bankruptcies, foreclosures and repossessions with a maximum loan term of 144 months.
Ultimately, exotic car finance terms vary drastically between financing companies and can range anywhere between 84 and 180 months. And while exotic car financing companies also offer a lot of flexibility when it comes to other financing conditions, the qualifications are still fairly strict in most cases.
That’s why we invite you to consider financing your next vehicle through Exotic Car Trader which offers fast approvals, generous loan terms and cooperative qualification requirements. Exotic Car Trader also includes escrow protection, delivery and first inspection on all vehicle purchases with or without financing. The same goes if you are looking to sell a car with Exotic Car Trader, only in that case the customer gets even more benefits.
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