To finance your Porsche, you’ll either seek out a car loan directly from the dealership or you can explore your options with a bank or credit union. Getting a loan from the dealership can often be quick and easy but you’re more likely to get better loan terms from a bank or credit union.

Porsche vehicles are held to high standards. It’s important to maintain these same high expectations when it comes to finding a financing plan that works for you and your lifestyle.

To help you sort through all of your financing options for your Porsche, the car insurance broker and loan expert Jerry is here give you all the information you need to feel confident about your purchase.

How to get a Porsche car loan

Due to the luxurious nature of the Porsche vehicle brand, you’re going to be facing a pretty expensive price tag. Regardless of if you’re buying a Cayenne or a [911] (https://getjerry.com/car-insurance/porsche?model=911), you’re going to want to find the right car loan for this substantial purchase.

Check your credit

Checking your credit score is the first thing you’ll want to do to initiate the car loan process. Any credit score above 660 should qualify you for most car loans. Better credit scores can serve to your benefit when negotiating the terms and interest rates of your loan.

If your credit score is is below 660, you may still be able to strike a deal with the Porsche dealership. Unlike banks, dealerships will often accept other forms of financial qualifications such as personal references, proof of income statements, or a co-signer.

Considering Volkswagen owns Porsche, the dealership may suggest a more economical choice of vehicle, like a VW, in the event that you can’t meet these credit requirements.

Take a look at the table below to see the average APR and monthly payment for different Porsche vehicles based on your credit score:

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
PORSCHE	8.54	$363

MORE: How to get a cosigner for a bad credit car loan

Compare lenders

After understanding what your credit score is, you’ll be able to cultivate a list of potential lenders. You’ll be able to get a car loan from a bank or credit union or straight from the Porsche dealership. Getting at least three quotes before making a decision is recommended. Here are some targets you’ll want to try to hit:

Short loan term: 60 months or less
Low APR: 4.93 percent or lower
Manageable monthly payment: No more than 10 to 15% of your monthly income

While it’s tempting to just take the cheapest option, consider the customer service as well. Remember, you’ll have to be in a relationship with this auto lender for the next few years.

Get preapproved

Getting preapproved can give you some negotiating leverage when discussing the terms and rates of the loan agreement. If the lender already knows your financial background, they can be more flexible for the sake of a quick and easy deal.

To get preapproved, simply fill out a loan application and provide your lender with the following information:

Social Security number
Employment documents
Driver’s license or other photo ID
Income documents (paystubs, etc.)

Key Takeaway You’re well on your way to purchasing a Porsche once you are preapproved for a loan.

Average loan term for a Porsche car loan

Negotiating the terms of your car loan is essential to ensure the repayment timeline matches your lifestyle and financial bandwidth.

The average car loan in the United States is 72 months, but that doesn’t mean it is the optimum timeline.

The quicker you pay off your loan, the less interest you will have to pay over the lifetime of the loan. Considering the principal price of a Porsche, this could be substantial. It’s best to aim for a repayment term of 60 months or less.

The earlier you pay off your loan, the better. But, make sure you are aware of any prepayment penalties. Some lenders charge extra fees for paying ahead of the scheduled term agreement.

For an idea of what your monthly payment and interest rate might look like depending on your loan term, see the table below.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.55	$700
36	8.93	$473
48	8.23	$364
60	8.09	$301
72	8.37	$262

MORE: Should you get a 72-month car loan?

Finding a Porsche car loan in your state

Every state has its unique characteristics that may cause car-related expenses and interest rates to fluctuate.

For your reference, the table below shows what you could pay for a Porsche car loan in your state.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.62	$416
Good	8.54	$362
Very Good	5.13	$341
Excellent	3.89	$333

MORE: Minimum car insurance required in your state: What you need to know

Porsche car loans: new vs. used

You can get a car loan for a new or used Porsche but the offer may look different based on the age and specific model. Many models of Porsche have become iconic and hold their value quite well, sometimes even increasing in value over time. This creates a lot of variability in the correlation between age and price. You’ll want to do some further research on the specific model you intend to purchase.

Want to see how your Porsche’s model and age will affect your loan? Here’s how your monthly payment and APR could break down based on your Porsche’s model year.

State

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.56	$304
2020	7.51	$304
2019	7.97	$307
2018	8.26	$309
2017	8.46	$311
2016	8.61	$312
2015	8.81	$313
2014	8.77	$382
2013	8.86	$383
2012	9.76	$514
2011	9.76	$514
2010	9.76	$514

MORE: 7 things to look for when buying a used car

How to calculate the costs for a Porsche car loan

Even if you didn’t pay attention in accounting class, Jerry’s got you covered with a car loan calculator. Give the tool a try to get all the information you need to know about the cost of your Porsche car loan.

State

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.54	$363

Save money on Porsche insurance with Jerry

Whether your Porsche is just a new addition to your car collection or the sports car of your dreams, you’ll want to make sure your sweet ride is covered with the right car insurance.

If you want to save money on car insurance, the Jerry app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from 50+ name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.

And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.

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