I'm looking for suggestions on the best places to finance a 991.2 GT3, ~190K without extremely longstanding credit. I know that the topic of financing has come up in numerous threads but having some fresh responses never hurts.


Specifically, I'd like to finance ~100k-120k. I'm in my mid-20s, so my credit history is fairly young, and banks are pretty strict on that metric. I've only had one loan (60k, 60 months) which I took to build credit and paid in full after 2 payments for my 991 C2S (which I'm keeping)

I've seen Woodside mentioned, Penfed, BoA has low rates currently...Woodside looks appealing since I'd only want to keep the car for a year or so to track, but a little wary of that.


Some extra tidbits - score is ~800, no debt. I live with family, have zero expenses other than insurance and chipping in for incidentals, and I'm single. I work remotely and my primary income is 300-400k. I also live in a state where sales tax is capped at $500. For all the proponents of cash - I can afford a cash purchase, but I prefer to keep my money in the market (not factored into primary income).


Any thoughts or suggestions are welcome!

 

You should know how this thread is going to end.

It appears that you’re just looking for suggestions on institutions which is pretty straight forward. I would start with penfed for sure and stay far away from woodside.

 

“Live with family”??

With that income, mid 20’s?

And have to finance a $190k car?

 

Good stuff young buck!
With your income and debt ratio, a low % LOC should be easily obtained through your bank.

 

This is a troll post.

 

Bank of America has very competitive rates. Also you might be able to get a really low loan against your portfolio. I know Merrill does this.

 

How about mom and dad?

 

have at least 25% down, and you're good to go.

 

What about a 991.1 GT3? Still a good option and less of an expense for you. Unless you want the manual transmission ?

 

Young, making lots of money, buying second Porsche, but living with parents. Yowza lol

 

Sticking with the idea or theme this is an actual scenario - don't buy the car. Mid 20's - you'd have more fun flying to Vegas each month and thrashing on the rentals down there. No financing, no insurance and no wear on your own car. Put all the money you've saved by living with family into a place for yourself.

 

If you don't have time to shop around for rates......Porsche NA offered me 2.99% for 5 years when I was looking a few months ago which was pretty competitive with other institutions.

 

Penfed and Lighstream both do up to $100k. They may do more if you call.

 

Don't get the "living at home" "mom and dad" hate. Different people, different cultures. Reminds me of high school days. "As soon as I'm 18 I'm moving out".. "You still live at home? OMG you're a loser". In a perfect world I'd own a large ranch/property and would have all my family on the property. Imagine leaving your elderly parents to rot away all alone. Family FIRST.

He doesn't HAVE to finance his car. Maybe he wants to finance and put the rest of the cash to better use. I'm sure everyone here knows a thing or two about stonks/cyrpto currency. We're in a major bull market at least in the crypto side of things. There are plays out there right now which can easily net you 5 GT3's within the next couple of months.

OP: Bank of America is the absolute BEST major bank when it comes to auto loans. However, the most they'll loan you on a GT3 is roughly 115k. BofA doesn't care about fair market value. In their eyes GT3's are worth 100k-120k. RS they might loan you around 140k right now... Side note, but that's what these cars are truly worth. 100k-140k tops. If the bank says that's what they're worth, that's what they're worth regardless of market conditions.

Walk into a dealer with your BofA approval letter, and I 100% guarantee you that PFS "Porsche Financial" will match that offer or even give you slightly higher approval amounts as PFS will finance current "fair market value" conditions.

 

Take out a HELOC 😝