When Should I Refinance My Porsche 911? See the Benefits of Porsche Auto Refinancing

Learn about refinancing your Porsche auto loan. Calculate your savings and get Porsche financing offers.

Thinking about getting a high-end sports car? Choosing a Porsche could be a good option to consider. These vehicles are considered to be some of the best high-performance luxury sports cars on the road. If you're looking to buy a luxury car with excellent performance, Porsche offers a wide variety of options that can fit into your lifestyle. There's the iconic 911 sports car, which comes in coupe, convertible and targa styles. Then there are the Cayenne SUVs with their powerful V8 engines and four-wheel drive. The Macan compact SUV has its own distinct style and character that makes it an attractive option for drivers looking for something different and a little smaller. And if you're looking for something more affordable, there is the Boxster or the Cayman sports cars.

Whatever model you choose, Porsche provides reliability to go along with its performance, comfort, and style. In fact, Porsche ranks highest in customer satisfaction among all auto manufacturers worldwide on Indeed's survey of over 500 companies across 18 industries including automotive and car dealerships. Also, keep in mind that when you purchase a Porsche new from a certified Porsche dealer, you'll benefit from things like a full warranty package to cover your new car including powertrain coverage as well as roadside assistance coverage programs and vehicle warranty protection! The benefits of buying a Porsche might just be worth it especially when you consider how much better they perform than other similar luxury performance vehicles.

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Porsche Refinance Table of Contents
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    About Porsche

    Porsche, a shortened variation of Porsche AG, is a German automaker. They specialize in high-performance sedans, SUVs, and sports cars. Porsche is headquartered in Zuffenhausen and is owned by Volkswagen AG since they merged in 2011, which is itself majority-owned by Porsche Automobil Holding SE. The most popular vehicles in Porsche's lineup currently include the 911 Carrera and Targa, 718 Boxster, Cayman, Panamera, Macan, and Cayenne. If you are thinking about which Porsche model is right for you, you can check out our upcoming rundown of the best selling Porsche models.

    The Best Selling Porsche Model

    The 911 Carrera

    The Porsche 911 Carrera is one of the most popular sports car models that has ever been made. So, it's no surprise that this model is also one of the most popular cars to be financed when taking out a car loan. If you're interested in financing or refinancing your Porsche 911, think about how long you plan to keep the vehicle and how much of a car payment you can afford over the next few years. These details matter when it comes to choosing your repayment term. The base 911 Carrera is one of the best-selling versions of the 911. It features a 3.0-liter engine and a seven-speed transmission. Other models also include the 911 Carrera S, Carrera 4, Carrera 4S, Carrera GTS, Turbo, Targa, GT3, and GT3 RS.

    Save Big on Car Loans

    When is the Right Time to Look at Porsche Financing?

    Porsches are luxury performance cars with the top models costing well into the six figures. For example, a 911 Carrera 4 GTS with a 473 hp 3.0-liter flat-six engine enters the market at an MSRP of $149,900. The first question you should ask yourself is whether or not you need to finance the vehicle or if you plan to lease it. If your answer is no, then don't worry about refinancing in the future to choose an acceptable lease option. If your answer is yes, just make sure that you continue to make timely payments on your loan. Even if you can afford to find the new or used Porsche Carrera you'd like to buy and purchase the car outright, financing is often a good option so you can enjoy the car now without outlaying a large amount of money you could otherwise be investing.

    Financing has its benefits as well because you can later refinance your Porsche auto loan to change your loan to lower your interest rate. Let's dive into the refinance topic for a minute. If you are thinking about refinancing but aren't sure when it would be a good time to do so, here are some things to consider. They include: Do you have a high interest rate and lots of outstanding debt? Are your current monthly car payments too high? Can you afford the original terms of the loan? How long do you plan to own your Porsche 911 — is it more than 3 or 4 years? If you answered yes to any of these questions, then it might be a good option to think about refinancing.

    How About Refinancing to Lower Payments?

    The buzz around auto refinancing is sweeping the markets since car owners are starting to realize they are able to change their auto loans much like their home mortgages. Refinancing is a great way to lower your interest costs, improve your monthly cash flow, and potentially save you hundreds of dollars in interest over the term of the loan. However, how and when should you do this? Refinancing can be a great option for those who plan to own their car for more than two or three years. If you’re planning to keep your Porsche 911 for an extended period, refinancing may be able to help you get a loan that allows you to make regular payments on the car without having to worry about higher monthly payments often attached to your original loan.

    Refinancing can also offer other benefits beyond simply lowering the amount of the car payments you pay each month. Depending on the details of your loan, refinancing may also lower your interest rate, offer cashback from your equity, extend the term of your loan giving you more time to pay, and even improve your credit score as well as your creditworthiness in general. When refinancing your car, make sure to compare the interest rates available for your model and year with other companies before making a decision. Let's talk about how you can calculate savings and some reasons to refinance and learn when it might make sense for you to refinance your Porsche 911. Later on, we'll cover highlights around what types of benefits you could expect from doing so.

    Use The Porsche Auto Loan Refinance Calculator

    You can use the Porsche Auto Loan Refinance Calculator to see if it makes sense to refinance your Porsche car loan. Simply enter in your current loan information, as well as the new loan terms you're considering. The calculator will then show you how much you could save (or lose) by refinancing.

    Calculation Disclaimer

    Find A Porsche Auto Refinance Lender**

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    2.32%650 & UpApply Now

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    Calculation Tips

    This Porsche car refinance calculator is a flexible tool. That means you can input a lot of numbers and values to see estimated savings. It also means things can get a bit wonky if used improperly. Keep saving estimates realistic by entering refi quote numbers. Your final quote numbers may be different from calculated values.

    About Refinance Goals

    Reasons to Refinance a Porsche 911

    There are a few reasons to refinance your Porsche 911. Here are a few of the most common situations. First, you can lower your monthly interest costs. One reason to refinance your car is to lower your car loan’s interest rate or APR. Typically, depending on your initial rate, a lower interest rate means you can save hundreds or even thousands of dollars by refinancing your car loan. The average person typically pays a fixed-rate monthly payment on their car loans, which includes both principal and interest. It’s also important to note that refinancing often allows you to extend the term of your loan for up to five years, which could help reduce the overall cost of owning the vehicle now.

    Second, you can improve cash flow. Another reason why you might want to refinance your Porsche 911 is because it can help improve your short-term cash flow. When you borrow money through a financing agreement, you have an obligation to make payments on that debt in order to keep it current. If you find yourself struggling with this obligation and cannot make the payments on time, refinancing might be able to provide relief from these financial woes and burdens as well as provide an opportunity for you to pay off this debt more quickly than would otherwise be possible.

    Top 8 Reasons

    Digging into the Details

    We can see some of the benefits of refinanced rates and terms by looking at each of the following reasons in detail as you work towards paying off your Porsche auto loan. Just like the performance of Porsche vehicles rule the road and racetracks, you can similarly optimize your car loan to meet your needs and financial objectives.

    Don't settle for high interest rate loans, painful APRs, and loan terms which do not suit your financial situation. By refinancing, you can adjust all of these details around and customize your new loan with the refinance lender.

    Porsche Carrera Turbo S Driver's Seat

    1. Lower Your Monthly Payments

    If you're looking to lower your monthly payments on your Porsche sports car without leasing it, refinancing can help. Refinancing is an option for those who have a car worth more than $35,000 and plan on keeping it for at least five years. If you're considering refinancing your Porsche 911 and paying off the loan in full before the term is up, consider what your monthly payments would be if you refinance at a lower interest rate like 3%.

    • 9% VS 4% Lower Payment Example

      Your monthly payments could go from around $2,000 per month at a 9% rate to under $1,700 per month if you can qualify for a 4% rate! If you're able to decrease your payments each month, over the course of a 5 year or 60 month loan repayment period, you'll be able to repurpose over $3,600 in interest each year to save on other things.

    Refinance Your Car Loan

    2. Consolidate Debt Into a Lower Interest Rate Loan

    If you're in the market for a new car, you can attempt to consolidate your debt by refinancing. By doing this, you can still get a loan with a low interest rate and be able to afford your next dream car while enjoying your Porsche on the weekends. Refinancing is an option that can help you consolidate multiple debts into one loan at a lower interest rate. Be sure to shop around for the best rates available and make sure you're getting the best deal for yourself and situation. This is especially true if you have debt in more than one place. For example, if you have debt from two different banks, this could actually result in paying more interest on each of those loans rather than being able to get them consolidated into one loan with a lower rate.

    • Ways to Consolidate Example

      For example, if you have debt from two different banks or lenders, this could actually result in paying more interest on each of those loans rather than being able to get them consolidated into one loan with a lower rate. Another example would be a case where you are dealing with high interest debt or personal loans. Consolidating can often help in these situations.

    3. Get Cash Back From Your Refinancing Deal

    Many people are interested in refinancing their Porsche 911 because they’re looking for a way to lower interest costs. But, it’s important to remember that there may be other benefits to refinancing your Porsche 911 as well. One of those perks is the possibility of getting a cashback refinance from your deal and cash out on some of the car's equity. This money can come in handy if you need it for a vacation or something else that doesn’t involve owning a car. If you don’t plan on using this cash, then you can use it to invest elsewhere.

    • Cash-out Refi Example

      Depending on the details of your refinance, you could get up to $8,000 or even more back in cash from the deal. The limit on cash-out offers can often allow you to borrow up to 100% of the car's equity. However, borrowing such a large percentage is not recommended since it does increase your auto debt.

    4. Switch to a Shorter Loan Term

    Some people choose to change their Porsche auto loan term as a way to lower their monthly payment. The length of the loan term can have an impact on your monthly payment by allowing you to pay more for a shorter period of time. In many cases depending on your credit score, it’s possible to decrease your interest rate and drop the payback time of your loan with a shorter loan term. If you decide that shortening your loan term is right for you and meets your needs, be sure to do some research on what kind of benefits come with each option before you make a decision. Follow the path that is best for your Porsche auto loan.

    • Shorter Term Example

      A shorter refinance term often leads to increased payments now but less interest later. A shorter loan term can also have other benefits. You might be able to lower your monthly and annual taxes for example.

    Porsche 911

    The Porsche 911 sports car is one of the most iconic models in automotive history with a 0 to 60 mph in less than 3 seconds.

    Porsche Cayenne

    Porsche Cayenne is a high-performance luxury SUV and one of the automaker’s most popular and best-selling models.

    Porsche Taycan

    The Porsche Taycan is the automaker's first ever all-electric model matching performance to green EV technology.

    Learn About Porsche

    See which Porsche is Right for You Based on Your Driving Habits

    5. Switch to a Longer Loan Term

    If you plan to keep your Porsche 911 for an extended period, refinancing may be able to help you get a loan that allows you to make regular payments on the car without having to worry about high monthly payments. With a longer loan term and excellent credit like 700 or higher, it often makes sense for your lender to offer a lower interest rate as well as other benefits such as a lower prepayment penalty or reduced interest. Additionally, with a long-term refinancing, you might also be able to extend the term of the loan which means you’ll pay less in interest over the life of the loan.

    • Longer Term Example

      Extending the term of your loan to as high as 72 months (6 years) or even 84 months (7 years) with a longer loan term gives you more time to pay back the loan. This leads to lower monthly payments now at the cost of a little more interest paid over the term.

    6. Take Advantage of Lower Interest Rates

    Financing interest rates depend on the market and the Federal Reserve lending rates. Refinancing can help you take advantage of lower rates for your Porsche since it’s not uncommon to see interest rates on car loans as low as 3.2% or even lower. If you want to take advantage of low interest rates, refinancing may be the way to go. Check out lenders headline rates to see the best offered rates and financing deals. These rates will have specific eligibility qualifications related to credit score, loan amount, and term, but they are often very competitive rates.

    • Headline Interest Rate Example

      Auto Approve offered a headline interest rate of 2.25% for the fall of 2022. The interest rate was based on Auto Approve's qualified example of a customer with a credit score of 730 or higher combined with refinancing a 2019 or newer vehicle over a term of 72 months or longer. Actual interest rates may vary.

    Car Loan Savings

    7. Improve Your APR

    APR rates are similar to interest rates but are a more comprehensive number to showcase the total cost of the loan. Refinancing can also improve your APR and reduce your interest rates as a result. The average APRs vary by lender and can range between 2% to as high as 7% to more depending on your vehicle and credit score. A lower APR for your Porsche's loan can save you hundreds of dollars over the course of the loan term. Locking in a low rate ultimately means less money out of pocket every month and with increased savings based on a higher credit score when lending and market conditions are favorable.

    • Headline APR Rate Example

      Caribou offered a headline rate of 2.32% APR for the fall of 2022. The APR was based on Caribou's qualified example of a customer with a credit score higher than 740 refinancing a 2020 or newer vehicle which has fewer than 85,000 miles. Actual APRs may vary and change with lending rates or rate hikes.

    8. Improve Your Credit Score

    Lowering your monthly payments by refinancing your car can also help you to improve your credit score. It may be challenging to get approved for a loan when you have a high-interest rate or large debt, but with the right combination of factors, you could see a significant improvement in your score. This is especially true if you have another source of income that's not on your credit report or if you've been at an elevated household income level for a while. You might find it easier to secure financing when credit bureaus are more likely to trust that your financial stability and income is sustainable for the long term.

    • Credit Score Example

      Lenders often have stringent requirements when it comes to loaning money. As an applicant, you want to do your best to optimize your position as a borrower. Taking advantage of things like debt consolidation, paying down loan balances, and making payments on time all help to improve your credit.

    Concluding Porsche Refi

    If you have a financed Porsche 911, you might want to consider refinancing it. There are many benefits to doing so, such as lower monthly payments, a lower interest rate, and cash back. These are just a few of the reasons why it might be time to refinance your Porsche 911. We are just scratching the surface on this topic, so you should continue to learn and grow in your understanding to make sure it is the best option. Check out our other refinancing resources and calculators for your journey.

    See the Benefits of Porsche Auto Refinancing a Carrera Turbo S

    Porsche Refinance FAQs

    Have questions about refinancing your Porsche 911 or Cayenne? Get answers, and find information.

    Can you finance a Porsche?

    Yes, you can finance a Porsche, but you will need to be prepared to put down a large down payment. The down payment requirement for a Porsche will vary depending on the model and options, but you should expect to put down between 20% and 40% of the vehicle's value (10% is standard for most vehicles). You will also need to pay interest on the financing agreement and make monthly payments. As with financing any other type of vehicle, there are some disadvantages to financing a Porsche. First, you may have difficulty obtaining the best interest rate available. Second, it will probably take longer to pay off the loan than if you financed a vehicle that was more affordable. Finally, if you do decide to finance a Porsche, be sure that you understand all the terms and conditions of the agreement. If there are any hidden costs or fees associated with the financing, you could end up paying more than you would if you simply bought the car outright.

    Are Porsches luxury cars?

    It is difficult to say which are the luxury cars, but it is safe to say that the Porsche models are among these. Yes, they are among top luxury cars. Reason being good and exciting models like the 911 and Cayman, superb and elegant models like the Panamera and Macan, exclusive models like the 918 Spyder and the GT cars are among luxury cars.

    Where are Porsche cars made?

    The cars are made in Germany. The Bratislava factory in Slovakia makes the Cayenne models, while the Panamera is made in Leipzig, Germany. The Zuffenhausen plant produces the 911 and Boxster models. All of the 911s come from Germany to the US because they are premium luxury cars. In addition to the aforementioned plants that make cars, another two in Leipzig and Stuttgart are responsible for final assemblies of some of the vehicles.

    Are Porsche cars reliable?

    The Porsche cars are really good performers. Porsche makes some of the most popular and luxurious cars on the market. They are also some of the most reliable cars, with a reputation for being able to withstand years of wear and tear. Porsche cars are known for their speed and agility, but their reliability is what makes them great to drive. With a Porsche, you can be sure that you're getting a car that will last you for many years to come.

    Are Porsche cars expensive?

    Yes, Porsche cars are expensive. They tend to be more expensive than cars from other brands. Porsche cars are known for having high quality and being very reliable. This means that they will last a long time. This also means that they are not cheap cars to buy. They will cost you a lot of money. One way to save money on a Porsche car is to buy it on the used market. People often sell their old cars and buy new ones, which means you can buy a used one for a fraction of the price of a new one.

    What is the average Porsche 911 car payment?

    The Porsche 911 car payment varies by model. For a new 911 Turbo S, you may pay around $1,800 to $2,400 a month depending on your down payment, interest rate, and term. Most people do not purchase the 911 outright and take out a loan to purchase the sports car. The average car payment will vary depending on the type of loan you get and how much you put down on the car, but it will usually be $1,000s in most cases.

    What is the average Porsche Cayenne car payment?

    The average car payment for a Porsche Cayenne is around $800 to $1,400 per month. This is the amount owners of this vehicle pay toward the cost of owning and operating their vehicle. The amount you are required to pay will depend on several factors, including your credit history and vehicle model. The average car payment can vary significantly based on these factors as well as price, interest rate and term of the financing agreement.

    Does Porsche lease cars?

    Yes, Porsche leases its cars. Leasing a Porsche is a wonderful way to treat yourself as an alternative to financing. Not only will you get great mileage and safety features, but you will also be able to enjoy your car for years and years to come. And best of all, you'll never have to worry about buying another one since you can return the lease!

    What is a good Porsche car loan rate?

    A good Porsche loan rate starts with the fact that loan rates are generally higher for high-end cars than for lower-end ones. Then, you should evaluate your creditworthiness and the terms of the Porsche loan you're interested in to find a good one. In general, you can expect to get a better rate on a Porsche loan if you have a good credit score and can afford to put down more cash as a down payment. You can also get a better deal on a Porsche car loan if you have income that's above the asset threshold. Finally, you may be able to get a more favorable interest rate on a Porsche loan if you have excellent or very good credit above 700 points or higher and can make sizable monthly payments.