How To Finance An Exotic Sports Car
Before you visit a car dealership, it is a good idea to find out how to finance an exotic sports car so you will know how much you can spend on the purchase. Interest rates can vary depending on the amount of your down payment and the strength of your loan application. If you apply and get a pre-approved loan from your bank, you can negotiate with the car dealer to get a better interest rate on an exotic sports car loan. This may allow you to add some upgrades to the car you buy since your monthly payment will be lower.
- Make an appointment with a loan officer at your bank. Give him the information on the exotic sports car you want to buy and apply for a loan. Once you are approved, the loan officer will advise you the amount the bank can finance on the car. You will then know how much you can spend based on the down payment you have saved for the purchase.
- Go to the car dealership and settle on the purchase price. After you are finished negotiating with the salesperson, you will be taken to the dealer’s finance office. The manager will take your credit application and send it to all the sources he uses to finance an exotic sports car. If the manager receives multiple approvals, he will give you the interest rate and length of the loan that each source is offering.
- Negotiate the loan with the finance manager. Just as you had to haggle on the price of the car, you can also negotiate the interest rate. Tell the finance manager the rate your banker offered you and that if he wants you to finance an exotic sports through his source, he will have to beat the rate. The finance manager probably gets an incentive for each loan he produces, so he should be willing to match or beat your bank’s rate.
- Upgrade the car if you are able. Depending on the loan terms you receive, if the payment is less than you had budgeted for you can add some extra features to the car. You may even be able to switch to a more expensive model if the savings are substantial enough.
- Finalize the exotic sports car loan. Decide if you will use the dealer's finance offer or your bank’s loan. Make sure the loan payment and term are what you agreed to and sign the loan paperwork. Write down when your first payment is due and adjust your budget if necessary in order to make the payments on time.