Is it difficult to get a car loan for a Porsche?

I was thinking about getting a car loan for a Porsche. I make $200,000 a year, but my credit still isn't great (about 670). Will it be difficult for me to obtain a loan?

Getting a car loan for a Porsche is about the same as getting a car loan for any other vehicle. Lenders will approve you based on your credit, income, and debt-to-income ratio.
A credit score of 670 puts you in the prime range, meaning that you’ll get a decent car loan rate, but not the best rate possible. A yearly income of $200,000 looks good at first glance, but the lender will pay more attention to how your income relates to your expenses than your gross earnings.
Your debt-to-income ratio is calculated as the percentage of monthly debt (e.g., minimum payments on credit cards) divided by your monthly income. If the ratio is higher than 43%, you probably won’t get approved for the loan unless you make a sizeable down payment.
Don’t forget that your Porsche will cost you extra for car insurance compared to an economy car. Use the Jerry app to compare rates from top insurers so you can make sure you aren’t overpaying to protect your luxury vehicle.
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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