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Porsche Financing Deals
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Porsche financing at a glance
Best for: Those who want to buy or lease a Porsche
2.99% APR and up
Up to 84 months
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Looking to get the Porsche of your dreams? Porsche Financial Services (PFS) offers loans and leases on new, used and certified pre-owned models. The lowest APR options require applicants to be extremely well qualified. But Porsche states that often little to no down payment is needed and loan terms go up to 84 months.
How Porsche financing works
To finance with PFS, you first have to find the exact Porsche you want. According to Porsche, no two cars are exactly alike, so the manufacturer’s suggested retail price (MSRP) and value of the vehicle will be different for each one. You could build the model you want online, find the in-stock Porsche that catches your eye on a dealer’s website or go in-person to a dealer.
Once you pick out the one, apply to Porsche Financial Services. You’ll need to know how much you want to borrow and how long you want your loan term to be. You may receive a car loan offer from PFS for your approval, detailing the monthly payment, APR and more. We always recommended that you apply to more than one lender and that you walk into the dealership with a preapproved auto loan so you can have better negotiating power.
Much like the financing process, if you’d like to lease a Porsche, the first step is to choose one. You could lease a new or used Porsche model that is up to five years old. Most people are attracted to leasing as monthly payments in a lease contract are lower than purchase payments and automakers offer attractive loyalty programs. Porsche leases are usually 36 months, which is the industry norm.
Porsche leasing reward programs
- Competitor program. If you’re currently leasing a Porsche competitor vehicle, Porsche could pay up to three months of your old lease payment, up to $1,500 for each payment, $4,500 total, to help you switch to Porsche.
- Loyalty Waiver program. If you’re currently leasing a Porsche, PFS could waive up to $1,000 of any billed fees on your existing lease, such as the disposition fee and any excess wear charges.
- End of Term Lease Loyalty Program. You could end your current Porsche lease early, switch to another Porsche lease or finance contract and have up to 12 of the remaining payments waived, depending on available offers at the time.
At the end of the lease, Porsche customers have the option to retain the car, return the car or potentially re-lease it.
Porsche certified pre-owned
If you don’t want to pay that new-car price sticker and don’t wish to lease, but want more peace of mind and warranty than what comes with a regular used car, consider a certified pre-owned (CPO) model. A CPO is a type of used car that meets typically stringent manufacturer requirements and comes with a longer warranty. Porsche CPOs have an unusually long period of eligibility. Models as old as 13 model years with less than 124,000 miles are eligible for the Porsche Approved Certified Pre-Owned Program. A two-year, unlimited mile warranty starts on Porsche CPOs at the date of sale or after the expiration of the remaining limited warranty, if there is any left.
- 4-year, 50,000-mile warranty for all new vehicles
- 24-hour roadside assistance program for the duration of the limited warranty coverage
- 2-year-warranty to any genuine Porsche parts, exchange parts and accessories
- 12-year-warranty against rust perforation in the body shell
Pros and cons of Porsche financing
|Small down payment. Porsche says that little to no down payment is needed in most cases.||No preapprovals. You have to know the exact car model you want when you apply before you can receive any type of approval.|
|Range of terms. In select cases, Porsche offers auto loans up to 84 months — 7 years — to help lower payments.||Porsche dealerships only. A Porsche financing offer is only good for a model purchased from a Porsche dealer.|
|Convenience. Obtaining a PFS loan while you’re at a Porsche dealer could make car shopping a one-stop shop.||Few financing deals. Most Porsche automaker deals are for lease contracts. As a high luxury brand, Porsche doesn’t feature huge rebates.|
How to qualify for Porsche financing
To qualify for Porsche financing, you’ll need to show that you have appropriate income to make the loan payments. The best deals are reserved for those with high FICO credit scores. You could check your credit score here.
When applying for a Porsche loan, you’ll need
- Personal information: Name, contact details, date of birth, Social Security number
- Residence information: Address, length of residency, whether you rent or own, what the rent or mortgage payment is
- Income information: Gross annual income, employer name and contact details
Alternatives to Porsche financing
|Lender||Porsche||Bank of America||LightStream|
|APR||2.99%||4.99%||5.99% (with AutoPay)|
|Terms (months)||up to 84||48–72||24–84*|
Bank of America
Bank of America is a well-known national brand that offers all types of secured car loans, including new, used, private purchase, lease buyout and refinance. Many people prefer banks as they have no membership requirements, unlike credit unions, and offer convenience in that customers are able to do banking, investing and lending in one place.
The online division of Truist, LightStream offers all types of unsecured car loans, meaning it holds no restrictions on the make, model, age or mileage of the car. You may shy away from the idea of an unsecured loan, thinking APRs will be higher, however, LightStream offers very competitive rates. If you have good credit or better, a LightStream offer might be one worth taking with you to the dealership when you go shopping. (*Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.)