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Like the jungle cat they’re named after, Jaguar cars are rather rare. The luxury brand doesn’t offer many rebates or incentives either, so if you want the prestige of a Jaguar, you’ve got to pay for it. This article will tell you all about Jaguar financing: what to look for, what to ask and alternative ways you could pay for it.
Jaguar Financial Services (JFS) is run by JP Morgan Chase, so if you decide to finance through Jaguar, Chase will be your lender. With Chase, auto loan offers are based on credit tiers — the better the tier, the better the loan offer. And Chase likes to stick with prime-qualify loans, meaning most consumers they finance have credit scores above 660. If you don’t know your credit score, you can check it on LendingTree.
Get preapproved. Whether your credit score is above 660 or not, JFS recommends you seek financing from several lenders so you can compare offers. It’s best to apply for an auto loan from other lenders, such as your bank or credit union, before going to a dealership: dealers are often able to make money by raising your APR above what the lender charges, and if you don’t already know the APR you deserve, you could unknowingly be pressured into paying more for your loan than you have to. For more on this, you can read about auto loan preapprovals here.
Ask for a tier bump. Your credit tier is based on more than just your credit score — it’s also based on your credit history, income, assets and debt, all of which help the lender decide how much of a risk it is to loan you money. Another aspect that goes into the tier calculation is what’s called the “deal’s structure.” The main part of the deal structure is how much you want to borrow compared to how much you want give as a down payment.
If you don’t get the best loan offer from JFS, you could ask for a tier bump. Some of the reasons you might deserve a tier bump include high income, a lot of assets, low debt and low monthly payments on your mortgage or rent. You could also point out specific aspects of your credit history — paying on-time and in-full for the duration of other auto loans or installment contracts is one example of a strong point. You could also ask if a higher down payment would bump you up a tier.
Before you ask for a tier bump, ask your salesperson or finance manager if one would help. Most times, the lender groups tiers together, giving the same offer to each group. Tiers one through three might qualify for the top offers, while tiers four through six might qualify for the next-best. It may be that one tier bump might make the difference in you qualifying for a $1,000 rebate and a low APR offer or it might not make a difference at all.
Jaguar Financial Services does not feature as many rebates and discounts as other brands, such as mass market brands like Chevy or even other luxury brands like Lexus. Here are the few programs it does offer and the respective requirements.
Depending on the time of year, the model of vehicle and the vehicle location, there may be different offers available, and all offers can change over time. Visit the Jaguar website or a Jaguar dealership for more information, as this may not be a complete list of all Jaguar’s rebates and incentive programs, nor their requirements.
Certified pre-owned. Vehicles that are certified pre-owned (CPO) are different from regular used vehicles in that the original manufacturer inspects, approves and warrants CPO cars. CPO financing programs are generally able to offer better APRs than those for used cars, because CPO vehicles are considered less risky.
The Jaguar CPO warranty is for 7 years from the day it was bought by the first owner or 100,000 miles total on the odometer, whichever comes first — that’s two years and 40,000 miles more than the original warranty on a new Jaguar. The warranty guarantees repairs will be done by Jaguar technicians with Jaguar parts and no deductible. For the duration of the warranty, the customer also receives 24/7 roadside assistance. For more information on the types of warranties and extended warranties you can read this guide.
To apply online, you can go to the Jaguar USA website, choose the vehicle you’d like and follow the link on the page to apply for financing for that vehicle. The link will take you to Jaguar Financial Services page run by Chase. To apply in person, go to a Jaguar dealership and talk to a salesperson who can guide you through the process.
Whether you apply online, go to a dealership in person or both, expect to give the same type of information: personal details (including address and Social Security number), employment, income, debts, monthly rent/mortgage and how much of a down payment you want to give. If you apply in person, the salesperson will probably first ask you how you want to pay for the car (financing, cash, etc.) and what you’d like your monthly payment to be.
Leasing is optimal if you like to have a new vehicle often. It usually proves less expensive to lease, turn in the vehicle and lease again rather than buy, trade in and buy again. Leasing payments are usually less expensive on a monthly payment basis than purchase payments as well, so it could make getting into a newer, nicer vehicle more affordable.
However, many 36 month leases have a residual around 50%, which means you could pay for 50% of the vehicle and walk away with nothing. Leasing is more recommended when the residual is higher. A higher residual means the vehicle will be worth more at the end of the lease, which means you’ll pay less of the vehicle’s total value during the lease, making it cheaper with your lease payments relatively low compared to the overall sticker price of the car. A higher residual also has the connotation that the vehicle is more reliable, retaining greater value over a longer period of time.
You can find out what it is by asking a salesperson or looking it up online, and a dealership has to disclose it in the final lease contract. You should also find out how much you can be charged for going over your mileage limit and the fee for excess wear and tear.
At the end of the lease you have the choice to extend the lease, buy the car at the predetermined price, turn it in and walk away, or turn it in and make another purchase: either lease or buy a new or used vehicle. If you’re interested in buying your leased car, you can read this article on what to do for a lease buyout. If you’re interested in the last option, pay attention to the rebates and offers going on at the time, as there are usually fee waivers and special deals for customers turning in a lease that, if not offered by Jaguar, are offered by competitive brands.
One-Pay Lease Program. If you want to lease a car and don’t want to bother with monthly payments, you could save some money in this program. In a one-pay lease, the customer pays the entire amount the lease costs upfront, in one payment. In any lease you aren’t renting a car, so much as you’re buying a set amount of years to use the car. If you don’t pay for that amount of years up front, you usually have a loan and pay interest on that loan. Ergo, it is usually less expensive to pay cash than to carry out a traditional lease.
Alternative financial institutions to Jaguar Financial Services include your bank, credit union or online lender. Remember to apply to other lenders before you go to the dealership — it doesn’t hurt your credit to apply to multiple financial institutions for the same type of loan within a 14-day window any more than it does to apply to one lender. Credit scoring models allow this window specifically so consumers could shop around for the best loan and not be penalized for it.
An easy way to shop around is to go to an online marketplace such as LendingTree where you can fill out one online form and get up to five potential loan offers from up to five different lenders.
Jaguar was founded by English automaker William Lyons, who in 1935 made the first Jaguar car as a vehicle model for his company that was originally named after a bird: Swallow Sidecar Co. The stylish and advanced Jaguar took the spotlight, however, and a bit more than 10 years later, in 1948, the Jaguar XK120 was the fastest production car with top speeds of 133 miles an hour.
Today Jaguar is owned by the Indian auto company Tata Motors Group, a $45 billion organization. Tata also owns Land Rover and the two brands, Jaguar-Land Rover, are often paired together, sharing a website for corporate media and selling both brands at dealerships.
Ford Motor Co. previously owned Jaguar and Land Rover and sold them to Tata in 2008 for $2.3 billion. The companies appear to be thriving under Tata’s ownership: sales reports claim a 17% increase in U.S. sales between May 2017 and 2018, while a new North American headquarters for the brands opened in New Jersey in March 2018.
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