The career, the house, the car.

Three vital components for fulfilling the dream life.

All you’re missing the that Porsche 911 Turbo sitting in your driveway.

And why not?

You’ve worked hard, and you’ve set and stuck to a budget.

You’ve done all you’ve set to do to build the life you’ve planned to live.

It’s time to get to work on getting that empty spot filled or trade in your current car for the car you’ve always wanted.

But how do you get it done?

We’re going to talk about how financing an exotic car works and what options are available to you so that you can make the best decision you can to continue building the life you’ve always wanted.

How Does Financing for Exotic Cars Work?

Financing an exotic car works similar to the way that financing any other car.

One thing you do need is good credit.

One big difference is that loan terms for exotic car loans.

Because the banks or financing companies are taking a risk on you over the long-term, a good credit scores asks as proof that you can make the payments.

Obtaining a good rate of around 7%-8% requires that you have a good score and a sizable down payment of around $10, 000.

The key to obtaining an exotic car without loads of cash or a six-figure income is to get car loans with terms of 72 months. There are even some financing companies that will finance an exotic car for terms as long as 144 months!

Banks like TD Band and Chase will often offer terms of an average of 84 months.

Members of credit unions can sometimes get better rates.

This might seem like a long term, but it is the car of your dreams.                           

Your payments for an exotic car of around $100,000 can be as low as $1,500 a month with the right financing and the appropriate credit score.

What are the Benefits Besides a Shiny New Exotic Car I Can Show Off?

One of the major benefits of owning an exotic car is that unlike a conventional car, the value of an exotic car increases rather then depreciates the older the car is.

This translates to an investment that can potentially have an ROI when the initial car loan is paid off.

Working with a company that specializes in exotic car loans can have the added benefit of having a team of knowledgeable staff that can help through the process of obtaining your first exotic car.

Not to mention you can finally have your dream car and finally enjoy the fruits of your labor.

What are the Options Available for Financing an Exotic Car?

The best option is to go with an experienced company that specializes in exotic car loans, but rates are very similar across any bank, though credit unions can sometimes offer lower rates for its members.

LightStream, an online division of Sun Trust Bank, allows you to buy collectible cars without restrictions of the car, make, or model you purchase. They are also very efficient, allowing you to get quotes and rates online after you apply, and depositing the money in your account in as little as 24 hours.

Woodside Credit is works specifically with exotic car loans. To apply for a loan through Woodside Credit you will need a very high credit score and they finance antiques, collectible cars, as well as exotic cars in general. You can get rates online.

J. Best Bank & Co. finance hot rods, muscle cars, sports cars, exotic cars, and even aircrafts and boats. In business since 1993, they have a lot of experience with exotic car loans and offer pre-qualification tools that you can use to prevent the possibility of getting denied.

With some research and dedicated attention to building up your credit score ,you can finally get your dream car. Make sure to get rates from various institutions and choose a car that you will be proud to drive for at least 5 years.

There are many options and with some due diligence you can have a beautiful, classic car purring down an empty road and enjoy the open road.