You finally did it. You’ve been dreaming of owning a Honda NSX, and after years of hard work and dedication, you are finally in a position to purchase the supercar of your dreams. But before you start shopping for that Honda, Ferrari, Lamborghini, or McLaren, there’s one more thing you need to do: find out how to finance a supercar.
The McLaren Senna, like all supercars is notoriously expensive, and most people don’t have the cash on hand to buy one outright. And even those who do know that tying up that much cash into a depreciating asset isn’t the best financial decision.
And that’s where financing comes in. In this guide, we’ll cover everything you need to know about investing in the right luxury supercar and financing a supercar, from choosing the right lender to getting the best interest rate.
McLaren Artura; Image: McLaren
Popular supercars on the market
Supercars are the ultimate status symbol. They’re sleek, they’re fast, and they turn heads wherever they go. If you’re in the market for a new supercar, you’ve come to the right place. Here are five of the best supercars you can own.
The all-new Honda NSX is a tour de force of engineering and design. A turbocharged V6 engine paired with three electric motors produces an aggressive 573 horsepower and propels the car from 0 to 60 miles per hour in just 3.0 seconds.
The exterior is sleek and aerodynamic, while the interior is both luxurious and functional. With a starting price of $157,800, the NSX is one of the most affordable supercars on the market today. With Honda financing, you can find loan terms that work with your budget and car loan history.
Honda NSX; Image: Honda
This car was built with one purpose in mind: to be the ultimate track car. It features a twin-turbocharged V8 engine that produces 789 horsepower, and it can go from 0 to 60 mph in just 2.8 seconds. The Senna also has a sleek and aerodynamic design that helps it achieve high speeds on the track.
McLaren Senna; Image: McLaren
Lamborghini Aventador S Roadster
This car is a convertible version of the Aventador S, and it features the same V12 engine that produces 730 horsepower. The Roadster can go from 0 to 60 mph in just 3 seconds, and it has a top speed of 217 mph. The Aventador S Roadster is also equipped with an all-wheel drive system that helps it handle turns and corners with ease.
Lamborghini Aventador; Image: Lamborghini
Ferrari 812 Superfast
This car is powered by a V12 engine that produces 789 horsepower, and it can go from 0 to 62 mph in just 2.9 seconds. The 812 Superfast also has a top speed of 211 mph, making it one of the fastest cars on the market today. If you’re looking for an incredible driving experience, the Ferrari 812 Superfast is definitely worth considering.
Ferrari 812; Image: Ferrari
Lamborghini Huracán Performante
The Lamborghini Huracán Performante is an all-wheel drive supercar with a mid-engine layout. It’s powered by an upgraded version of Lamborghini’s naturally aspirated V10 engine that produces 640 horsepower. That’s enough power to propel the car from 0 – 62 miles per hour in just 2.9 seconds.
Lamborghini Huracan; Image: Lamborghini
Choose the right lender for your supercar
The first step in financing your dream car, whether a Ferrari 812 Superfast or Lamborghini Huracán Performante, is choosing the right lender. When it comes to borrowing big money for a high-end purchase like a supercar, you’ll want to go with a lender that specializes in luxury car loans.
These lenders typically have experience working with borrowers in your position and can offer competitive rates and terms. Oftentimes, you can use dealer financing, but there are also options for using online lenders or borrowing from traditional bank institutions.
Some things to look for when choosing a lender include:
- Experience financing supercars
- Flexible loan terms
- Competitive interest rates
- No prepayment penalties
Keep in mind that not all lenders will be willing to finance your purchase, so it’s important to shop around until you find one that’s a good fit. Once you’ve found a few potential lenders, it’s time to compare rates and terms to make sure you’re getting the best deal possible.
Get the best interest rate
One of the most important factors in any loan is the interest rate. The lower the interest rate, the less you’ll end up paying over the life of the loan. When shopping for an interest rate on your supercar loan, there are a few things you can do to increase your chances of getting a low rate.
Ferrari SF90 Spider; Image: Ferrari
Compare multiple lenders
As we mentioned earlier, not all lenders will be willing to finance your purchase. But of those that are, some will be able to offer better rates than others. That’s why it’s so important to compare multiple lenders before settling on one.
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Have excellent credit
Another factor that will affect your interest rate is your credit score. The higher your credit score, the lower your interest rate will be. Lenders typically require a credit score of 740 or higher for those looking to finance a supercar.
Make a large down payment
The size of your down payment will also affect your interest rate. A larger down payment means less risk for the lender, which usually translates into a lower interest rate for you. Lenders typically like to see a loan-to-value ratio of 80%. This means that you should be prepared to take 20% cash to closing as a downpayment.
Lamborghini Countach; Image: Lamborghini
Other supercar finance requirements
If you’re looking to finance a supercar, be prepared to meet some unique requirements. In addition to having a high income and excellent credit, lenders will also want to see that you have experience paying a large car loan. As a result, your debt-to-income ratio (DTI) will need to be 50% or less.
History of high car payment
And while most people think of car loan history in terms of past payments, lenders will also be looking at the size of your previous car loans. So, even if you have always made your payments on time, you may still need to demonstrate that you can handle a large car payment. So, if you’re dreaming of driving a $300,000 Ferrari, you’ll need to demonstrate that you’ve handled at least a $200,000 car loan in the past.
Reasonable loan term
One final tip for getting the best deal on your supercar loan is keeping your loan term short. A shorter loan term means higher monthly payments but less interest paid over time—and that’s always going to be better for your bank account in the long run. Lenders like to see a reasonable term of 48-84 months, though it’s not uncommon to finance for a term of 144 months on supercars.
If possible, try to keep your loan term under five years. This may mean making some sacrifices in other areas (like opting for a slightly less expensive car), but it will save you money over time—and that’s what matters most
Financing a supercar is no small feat—but with the right information and preparation, it can be done! By following these tips, you’ll be well on your way to finding the perfect lender and securing an amazing interest rate on your loan.
Just remember: shop around until you find a lender you’re comfortable with; aim for a high credit score; make as large of a down payment as possible; and keep your loan term short! With these guidelines in mind, financing a supercar will be easier than ever before—so what are you waiting for? Start shopping for that dream car today! We know you will enjoy driving your Honda NSX.
Top photo by Lance Asper/Unsplash