When looking for the perfect way to finance your new car in Beverly Hills, there are tons of options available to you. You can secure financing through traditional financial institutions, online, or through your Porsche dealer. Plus, buying your car isn’t the only option.
The Perfect Porsche: Financing Options for Your Dream Car in Beverly Hills
Banks
Large national banks and small local banks are many drivers’ go-to for car loans. While these institutions are easily accessible and there are numerous banks to shop around at, they’re not always the best place to get a loan. Some large banks have higher interest rates than the national average. You also need excellent credit to qualify for most bank loans.
Credit Unions
Credit unions typically have lower interest rates than banks, but you may need to be a long-standing member to apply for a car loan. Even if you can apply as a new member, the member application process can cause a delay in your car-buying process. Like with banks, you typically need a squeaky-clean credit score to secure a loan from a credit union.
Online Lenders
Online lenders are better than traditional financial institutions in some ways, but they’re far from perfect. Often, the customer service isn’t great, and you won’t always get the same customer service agent each time you reach out for assistance.
Online lenders rarely have physical locations, which can make some borrowers uncomfortable. For instance, if they want to give you your loan via check, then they’ll have to send it through the mail, which not everyone is a fan of.
Your Porsche Dealer
Dealer loans are a great option for many buyers. Those with low credit scores can often qualify with dealers even if they can’t at banks and credit unions. Those with high credit scores often qualify for fantastic 0% APR promotions. There’s always a physical location to go to, the customer service is top-notch, and you don’t need a pre-existing relationship with the dealer to apply for a loan.
Other Options: Leasing Versus Buying
The Pros of Buying a Car
When you buy a car, it’s 100% yours once it’s fully paid off. Plus, you can customize it however you like from day one. There are generally no additional fees besides your monthly payments, and then you get to sell your car for a nice chunk of change when you’re looking to get a new one.
The Pros of Leasing a Car
Buying isn’t your only option when getting a new Porsche. When you lease a car from your dealer, you’re essentially renting it. Monthly lease payments tend to be lower than loan payments, making it a better option for people with tighter budgets. Plus, with leasing, you drive cars in their prime and get a new one every few years.
Ready to buy or lease your new Porsche? Visit Beverly Hills Porsche today.
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