Hey guys, I am planning on getting a 992 T4S and wanted to know how much my credit score should be to get an approval. I am doing a 42 month lease, 10k dp and the msrp after options is around 175k. I am situated in Ontario and earn around 15-20k a month through self employment and job. Thank you!

 

call a bank

 

if you have to ask....your score is not high enough, no Porsche for you
the bright side is you can repair your credit and rebuild it before any new Porsche ordered today will arrive just be sure to pay all your bills on time.
If you have equity in a home, LOC will be much cheaper if you keep the car beyond lease period.
Is this your first Porsche?
Good luck very cool design on the Targa but not sure why you want 4s? I prefer rear wheel drive. what colour?

 

Score was in the 700s but for some reason it dropped. I asked since I was new to Canada. If I don't get lease approval ill just cash it. Its a guards red with tan interior.

 

Score was in the 700s but for some reason it dropped. I asked since I was new to Canada. If I don't get lease approval ill just cash it. Its a guards red with tan interior. But thanks for the advice anyway

 

Banks aren't going to tell me how much credit score PFS might need. Thought you guys would have more experience with this stuff since its a Porsche dedicated forum but guess I was wrong.

 

Just let your Salesperson know you can put down a sizeable deposit then let them go to work to find you the financing. Theyll let you know fairly quickly if you can get it or not. They contact all the banks to see if anyone will pick it up. In my experience, they try pretty hard to make the deal happen.

If you dont get it, no big deal.

 

Alright, thank you! I think the dealer said I will get approved but don't like getting hopes about too soon lol even though I do have a decent credit score.

 

Nice! Good luck!

 

10k down on 175k isn't much... Just over 5%.. ideally a shaky score would prob be around 30-40k down.

 

Alright, thanks!

 

Ideally mid to high 700s or higher. Not sure how Porsche works but I remember if the "system" refused you it would be manually verified but can take a few days. They will also verify income at that point as well so don't be surprised if you need to provide proof of that. Different lenders have different criteria. Generally it will just require more cash up front to meet it.

If you are new to Canada and don't have a credit footing in Canada it can be annoying. Doesn't mean you are bad it just means the credit history isn't there yet. Look at why your rating tool a big dive. Usually asking for too much credit with hard inquires will drop your score and debt to credit ratio, utilization etc

 

Alright, thank you for the information. I think I will most likely be approved but I just like being as responsible as I can and know what I am getting into while making a financially irresponsible decision aha

 

First, PFS uses an Equifax Auto Adjusted. That’s what i was told last Friday.

I pay cash for everything and have $0 debt, own my primary and am earning good money.

My reserves could buy 10 Pcars cash, but I don’t have any credit lines above $100k in my recent past. I have an AMEX that can swing $75k personal and another that can swing $500k for business.

I have an 800 mid-score, and all I could finance was $45k at 1.94% for 72 months. I hate debt, but I knew my trade-lines and amount previously borrowed was low.

Credit worthiness for me is a trade-off; borrow a large amount of installment debt over time, carry the debt paying interest, or risk not getting approved and paying no interest.

Personally, I should have previously borrowed larger amounts earlier in life, carried for the shortest-term possible, and payoff in full (not to soon). I just never dreamed of a 1.94% from PFS. Cheap money!

Trade-lines matter, but larger trade-lines matter more. I didn’t have them; so the risk of $260k to PFS lenders was just to great. Next time, I could probably borrow $125k and inch up.

The bigger issue that I had, was that they pulled my credit score four separate times, and although some people say that’s OK on the score, that’s the last thing I ever want a dealer to do when I’m willing to pay cash.

Everyone’s credits different it doesn’t matter what forum you go on.

 

Makes sense and thank you for sharing your experience!