- We Want to Buy Your Vehicle
- Learn More
You’ve always wanted a Porsche, and now you’re in a position to make that purchase. But before you drive your dream car home, there’s one important piece of business to take care of, and that’s car financing. Fortunately, your local Porsche dealer can help with that.
Eliminate Any Credit Surprises
Your credit score plays a key role in determining what type of interest rate you’ll be offered on your vehicle financing. And having a general idea about what type of interest rate you’ll pay is helpful as you develop a budget for your new vehicle.
That’s why it’s always smart to check your credit first. That gives you time to have any errors on your credit report corrected, and if your credit score turns out to be a little lower than you expected, you’ve got time to work on improving it. You might even consider postponing your purchase while you work on shoring up your credit score.
Make a Down Payment
There are a lot of theories about how much car buyers should put down on vehicles. But the best strategy is to put as much as you can toward the vehicle upfront. The bigger your down payment is, the less money you end up borrowing. Buyers who finance less also pay out less in interest on the loan.
Consider Various Financing Offers
Make sure you evaluate several different financing offers before accepting one. It’s important to check out the various interest rates and other terms you’re offered and select the one that best suits your budget and lifestyle. Your dealer can help by shopping your loan application around and bringing back various offers for you to consider.
Keep the Length of Your Loan Short
As you start evaluating various financing options, you’ll notice that some give you more time to pay back the loan than others. You’ll also notice that the loans that have the longest repayment periods usually carry the lowest minimum monthly payments.
Try to find a financing package that has a shorter repayment period, also known as a shorter term, that still has a monthly payment you can comfortably afford. The longer it takes you to pay off the loan, the more you’ll pay in interest.
Watch the APR
The APR, or annual percentage rate, is a key figure you should always pay attention to. This is the interest rate you’ll pay on the funds you’ve borrowed. A lower APR means you’ll pay less to finance your vehicle
Pay Extra Fees in Cash
In addition to the vehicle purchase price you negotiated, you’ll also need to pay fees and sales tax. It’s often easiest to roll those extra fees into your financing package, but you’ll save money if you pay cash for them instead. When you finance those fees, you end up paying interest on them.
Now that you know how to arrange favorable financing, you can finalize plans for your Porsche. Go to Porsche West Broward and pick out your new vehicle today!
Connect with us
Recent Blog Entries
Categories
