So let’s say you are on the verge of buying a really nice car, and you’ve been dreaming about buying that BMW or Mercedes or even a Rolls Royce for pretty much your entire life and you’ve busted your ass off and you are finally going to be getting your dream car. That’s definitely an amazing feeling, but you shouldn’t just go into with your wallet wide open because if you are smart you can actually get away with financing your new luxury vehicle in a responsible way that could potentially even save you a bunch of money while still allowing you to own and drive your dream car. So what we are going to be talking about throughout this entire article is just quite a few little pointers or tips to help you out when it comes to financing a luxury car, and of course we are assuming that if you are in the type of situation in which you are financing a luxury car then you definitely have a good amount of money and you are willing to spend it pretty frivolously on a luxury car but that is super cool to us and we are just here to help you get the best deal on your luxury car, so let’s continue talking more about some of the tips for financing a luxury car.
So one of the first things that you are going to want to be looking for when you are shopping for a luxury car is to look out for certain cars that are being offered with financing incentives, and sometimes you can be really surprised that even some intensely luxurious cars like Mercedes and Jaguar and other luxury brands will have some great incentives in terms of financing like no interest rates or even rebates. One thing we want you to know about these types of incentives is that by getting a luxury car that has a 0% interest rate you will end up saving a ton of money over the lifetime of the car, and it is definitely worth it to look out for these types of deals because you never know what type of car you’ll be able to all of a sudden afford because of the great financing incentives that are set up from one of the dealers. And this brings us to the point that driving a luxury vehicle doesn’t necessarily have to only be for the super rich people in society, and with great incentives like what you can find a lot of the time you can end up getting a really nice luxury car for a pretty affordable price, and that is something to be on the hunt for if you ask us.
Another really awesome tip that can help you get a lower interest rate from a bank when you are purchasing a luxury vehicle is kind of only for the super rich, but it is to just put down a lot of cash up front. What this will do is pretty much show that you are pretty well off and that the banks can trust you and even possibly give you a really low interest rate, and this can definitely help lower any type of risks in terms of defaulting on a loan or anything like that, but of course we are assuming that you aren’t planning on defaulting on your auto loan, but it could happen so be careful and think about just putting a lot of money down up front so that you can have some more bargaining power for a lower interest rate.
Another thing to consider when you are looking into financing for a luxury car is to not just go along with the finance companies at the car dealership, but to actually go to a bank and set up a relationship or some sorts with a banker and pretty much set up your own financing before you even go to a luxury car dealership. Now it may vary on the rules with each brand, but you should be able to do this for pretty much any car, and that means that you can set up your own interest rates with someone who isn’t necessarily trying to make money off of auto loans all of the time like the dealer finance companies are, and that can help you get a much better loan.
Another really useful tip that goes off of this last tip in terms of getting good financing for luxury cars is that when you set up your own financing at a bank before you even start your shopping or anything like that you can then use that leverage of having the relationship with the bank and having good financial standing to make the dealer compete and lower their rates so that you want to get the loan from them. You should be careful, but a lot of the times dealers will end up giving you a much better deal than the bank would give you so that you work with them, and you can end up saving money this way, but you need to have that leverage over them going into it so that you can get the best deal out of them, which they will succumb to a lot of the time.
Also, because this is an article about financing a luxury car we should talk about some tips that can help you when you have a bunch of money and can afford to pay a lot more in terms of your monthly loan payments, and this is of course something that we should all consider for the most part because by getting a shorter loan life and paying more per month you can end up getting a lot better rates that can actually have you saving money in the long run, or short run, if it even matters that much to you.
So we really hope that this list of tips about financing a luxury car is going to help inspire you to go out and get that dream car you’ve always wanted. Good luck!
Article written by Beverly Hills Car Service.