Financing Decisions

How financing decisions are made might be a mystery to some shoppers, which is why we want to clear up any misconceptions. We work hard to ensure you get the best rates possible, using a system that is transparent throughout every step. Our goal is to get you financed on the spot.

These are the factors that go into the financing decision:

1. Vehicle. The year, make, model and mileage are very important.
2. Personal info. We need to know your employment history, your income and how long you've been living at your current residence.
3. Credit history and score. We gather this from the credit bureaus.
4. Down payment. How much money you put down at the time of the purchase is important.

Your Monthly Payment

Most people focus on how much a car will cost them each month, which is why our goal is to make that amount as manageable as possible. When you purchase a new or used Porsche, know that these factors come into play:

1. Loan amount. The more expensive the total purchase price, the higher the monthly payment will be. By putting down a good sum of money up front, or by trading in a vehicle with considerable equity, you can shrink the monthly payments.
2. Loan length. The longer the loan, the smaller the monthly payments will be. Also, the shorter the loan, the higher the payments.
3. Loan APR. The annual percentage rate or APR can greatly affect the monthly payment amount.

How Your Payments Are Affected

Credit Score and History

The kind of APR you can qualify for is greatly affected by your credit score and history, as reported by the three major credit bureaus. The same thing can be said of any loan.

A score usually ranges anywhere from 350 to 850. The higher your score, the better and the lower the APR you can qualify for. Essentially, if you have poor credit the lender views you as a higher risk, while having good credit makes you a safer bet.

There are several factors that affect your credit history and credit score:

Payment history.

Making payments on credit accounts on time and consistently is essential.

Debt load.

If you owe too much, your ability to get credit at a good interest rate will be negatively affected.

Credit lines.

Having too many credit lines can be a bad thing, as can having too many that are similar.

Recent credit inquiries.

Each time you apply for credit, you'll get inquiries on your history. Too many of these too close together can hurt your score.

Judgements and liens.

If you have any of these on public record, your credit score will be negatively affected.

Challenging Credit

The finance staff at Porsche Fort Myers can work with challenges on a person's credit. We know that things can happen that will damage your history and score, which is why we aren't here to judge but to help.

Drawing upon some significant resources, our team can help work past problems and get you the kind of financing that will help secure the vehicle you need and want. We can help you navigate the different options and choose the best one for your situation.

Come visit us at Porsche Fort Myers today so we can show you just how serious we are about delivering the best customer service.