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Is it difficult to get a car loan for a Porsche?
I’ve got my eye on the 2024 Porsche Cayenne and want to buy it ASAP. I make about $200,000 per year, but my credit score is about 670. Is it hard to get a car loan for a Porsche?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although the name evokes some cachet,
getting a car loan for a Porsche
is no different than financing any other vehicle. To impress potential lenders (including Porsche Financial Services, third-party banks, and dealerships), you’ll need a good credit score, income, and debt-to-income ratio.A credit score of 670 isn't the highest, but it's still good enough to qualify for a decent auto loan rate. And while a higher income looks good on paper, lenders are more interested in how your income compares to your expenses, a relationship known as DTI.
You can calculate your DTI by dividing your monthly income by your total monthly expenses, including credit card payments, rent, and utilities. If the result exceeds 43%, you probably won’t qualify for a loan unless you can offer a sizeable down payment.
To improve your chances of pre-approval, try improving your credit score with a short-term loan or improving your DTI with
cheap car insurance
. Good luck!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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