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Lamborghini Cars

How Does Exotic Car Financing Work?

Some people assume that everyone who buys an exotic car does so with briefcases full of cash. That is not really the case. We actually do a lot of financing on them. I have always financed the cars that I have purchased and will continue to do so in the future. Some people say that if you can’t afford to pay cash for it you shouldn’t buy it. That doesn’t necessarily have to be the case though. With extended terms and creative financing we can get the payment for an exotic car to a very, very reasonable level.


Let’s examine a few scenarios – Consider a $100,000 car. After doc fees, title fees, and 7% sales tax you would be out the door at $107,700.65 minus whatever you put down. For the sake of this, let’s consider $10,000 down.

There are a variety of ways to go about it. The first option is simple interest bank financing. Most banks will loan money for 72 months on an exotic and they tend to be pretty generous with their book values. This means that you do not have to put much money down in most cases. 5-20% down is usually what they look for. For a car that is less than 4 years old you can probably get 4% financing with good credit. That would make your payment $1,528.54.

The second option is open ended leasing. There are companies such as Putnam Leasing or Premier Financial that set up leases on these types of cars. Now this is not like the lease on your BMW that you get to turn in after 39 months. They set them up as 60 month leases and the residual (35-50%) is due as the 60th payment. These are easier to get approved and they have a greater ability to make more difficult deals work. They do carry slightly higher interest which is usually 7-8%. On these leases, the tax is not charged up front but is charged on each payment. In this scenario with $10k out of pocket, your monthly payment would be around $1,406 + tax. Sometimes these deals will have pre-payment penalties so it is worth consulting a dealer before pursuing them. Despite the few drawbacks, though, it can be an excellent way to own an exotic.

Another option that has gained some popularity over the past few years is long term financing with Woodside Credit. This company offers 84, 100, 120, and 144 month financing. Obviously that makes the payment very low. When you are making such a small payment each month you have to make sure that you are buying a car that will hold its value well rather than depreciating rapidly. Woodside is strict in their requirements that you put at least 25% down, have a 700 credit score, and be able to prove your income. For the sake of this example, if you financed the same amount as the other 2 scenarios your monthly payment would be approximately $1,057 for 144 months at 8%.

For assistance with Woodside Credit Long Term Exotic Car loans contact Antonio Saba.

There are a lot of ways to finance the cars and payments like these can make it very affordable. Shoot me an email if you have any further questions about financing a car or figuring out what you can afford.

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  1. Elijah S.

    September 10, 2011 at 10:11 pm

    Great bit of insight Ed! This lets you know that just because you don’t make a kazillion dollars a year you can still own and enjoy an exotic car.

    It would be nice if you did a write-up about long-term exotic car ownership, such as maintenace, tags/registration and warranties.

  2. Stefan W.

    January 5, 2014 at 11:21 pm

    Great write up. I had actually just started reading up on long-term exotic financing to possibly secure a Audi R8 V10 Spyder in the coming years. I’ve been wanting one for a couple years now and since they marginally increase their value, so long as care is taken and mileage is kept scarce, it seems like the best option at this time. It’s also, fully loaded, still a full $150k cheaper than it’s nearest cousin the Lamborghini Gallardo.

    That being said, I’d definitely take care, but I know the mileage would quickly tick up as I love to drive. 🙂

    Thanks for the write up Ed.

    • Billy

      February 26, 2017 at 9:33 pm

      Stefan, an Audi would not be smart as the electronics are the least reliable in the industry.

  3. roberto boligan

    March 3, 2015 at 5:18 pm

    Im looking to finance a lp640 . unfortunately woodside is extremely strict and i wasnt able to get approved. i dont want a lease option. are their any other banks to finance 120-144 months out? i have a 720 fico score and i have 30k down payment.

    Roberto Boligan

    • Ed Bolian

      March 5, 2015 at 9:29 pm

      Thanks for the message. There are not really any other banks that offer those terms. You would need a lease with a high balloon.

    • Rock

      August 22, 2016 at 10:19 am

      Hey was wondering why Woodside didnt approve you. Im currently looking to finance a exotic aswell.

    • Shin Han

      July 19, 2017 at 12:23 am

      Woodside will refuse the loan if you don’t have a long perfect credit history for at least 8 years. My case was the Audi R8. 40% down, fico 740. Loan denied and don’t even care to let me know.

      BTW all othe bank in the US approve a car loan with 40% down even you have ssn yesterday.

  4. Jeffrey Carr

    March 29, 2015 at 9:06 pm

    I’m interested in. 2009 lp560 gallardo or newer. I have the cash to buy one outright. But if I can get financed for one or lease one and hold on to my money that would be nice. I’m 30yrs old. Own a business in SF. Ca. Make a little over $120,000 a year. I just got inheritance. I’m ready to buy. My credit is not so good. I would say low 600s. What kind of down payment would I have to put on a $149k gallardo with no proof of income and with low credit score? Biggest car loan on my credit is $50k. I only plan on keepi car for 2 yrs. have a little fun before I settle down with kids.

    • Ed Bolian

      March 30, 2015 at 12:25 pm

      Generally you will need 50% or so down to overcome a credit issue. Feel free to email me with further questions.

      • Jeffrey Carr

        March 30, 2015 at 6:00 pm

        So with 50% down will that be with no Proof of income also?

    • Daniel J Danizik

      July 21, 2016 at 1:12 pm

      If any of your clients or bloggers have credit issues, please call my firm Credit Maintenance and Consulting based out of Red Bank, NJ, however servicing all 50 states. We are the leading credit management firm int he business.


      Dan Danizik
      CEO and fellow car enthusiasts

  5. Sean

    April 16, 2015 at 1:01 am

    I need help Ed.

    I have 60k cash.
    17k debt in credit card 8k, 5k, 4k in 3 different cards
    1 nissan lease about to paid off
    1 benz finance with credit union 27k left
    I make 130k in 2014
    credit score would be 650-690

    Woodside just deny me. Saying too much debt.
    Would you think I should 50% down or use that cash paying off most off CC debt first wait few months and ask wood side again?

    Please advise,
    Very Truly Yours,

    • Ed Bolian

      April 16, 2015 at 9:42 am

      Yes – devoting $17k of the $60k cash to removing the CC debt will both boost your credit score over 700 and improve your debt to income ratio. Woodside will really want your score over 700 to consider it. Once the lease is off that will help too. I would do that and revisit in 30-60 days and you should be in a good position. Email me ed at edbolian dot com and we can certainly discuss it further.

  6. Craig

    May 11, 2015 at 6:29 pm

    Hi Ed,

    Ran across this while doing some research. I’m wanting to purchase a 1990 Nissan GTR, valued around $20k give or take a couple thousand depending on mods. Do you think Woodside would even consider this “low end” car? It’s hard to get financing (my last credit score was over 800 when I bought our Jeep Patriot) because the car is 25+ years old. I wouldn’t mind their 8% interest rate spread out over more than 3 years (the best option I could find was 3 years at 7.5%).


    • Ed Bolian

      May 11, 2015 at 8:03 pm

      Thanks for checking in. They will not do loans of amounts that low unfortunately. A credit union will be your best bet. You will, however, need a title to put the lien on. Most of these 25 year old cars are sold on bill of sale only.

  7. Leo Guiang

    May 23, 2015 at 4:07 pm

    Hi Ed,

    Came across your website, great info and leaning towards the 144month finance program. I’m in the market looking into financing a used Audi R8 (115k) and have 16k cash for down payment. I have ~10k in credit card debt, middle score is 784, and make ~133k annually in 2015. I’m comfortable of paying no more than $1,400.00 a month. Before I start applying, do you think Woodside would even consider less than 25% down?


  8. Danny Rodriguez

    June 22, 2015 at 7:47 pm

    Hi Ed,
    I just started getting paid over $500k a year and want to buy a used Gallardo. 2004-2005. I can only put down 10% right now, and my credit score is about 680. Would I be able to get financing with a letter from my company that shows how much I will be getting paid?

    • Ed Bolian

      June 23, 2015 at 12:15 pm

      It depends a bit on how long you have been at the job. Some banks will accept an employment letter or contract as proof of income (I do it for athletes often). I will send you an email.

  9. Jon

    June 26, 2015 at 7:48 pm

    I am looking at a used 2005 class 4 truck that was altered from a 4 door to a 6 door by a custom coach company that builds limos. It has everything under the sun including a 50 inch flat screen television. The build sheet adds up to $260k. Unfortunately it is a 2005 chassis, but has less than 15k miles and still smells like new. It is exotic. The asking price is $90k. I have $10k I can put down and would like to be paying no more than $1,000 per month to finance the remainder. Unfortunately, I recently pulled my credit report and found it to believe I do not pay my bills on time and I have too much revolving credit to debt ratio. It gave me a score of 699. The thing is that I do have 3 credit cards that total around $25k in revolving credit. And I did just put a $2,600 purchase on one, that has a $16k limit, because I didn’t have the cash on me at the time. I use another card to make every day purchases to take advantage of the 1 to 3 % rewards. But I pay them off every month. Whew. So my questions are… Is there a finance company that would finance on a 10 year old chassis long enough to get me around $1k per month if they can do some type of appraisal? And should I get an attorney or how do I go about fixing this credit problem?


  10. Mick

    July 20, 2015 at 6:44 am

    Hi Ed,
    Just wanted to thank you for your Web page. It offers great advice!


  11. Steve T

    July 24, 2015 at 4:23 pm

    Hi Ed,
    My name is Steve. My wife and I were thinking about taking the plunge into exotic here soon. Our scenario is: combined, we make $130,000 a year. We have absolutely $0 in credit card debt. Our credit score’s with Equifax is 722 and 698. The 698 has a signature loan that was just paid off within this past month and the credit profiles were pulled in March of this year. We put $5,000 down on that car. They were pulled at a dealership where we bought a 2015 mustang and received 3.5% for 72 months. After contracting, later on that month I looked at the banks website and they were advertising 2.9 for 72 so I’m sure they held the difference for profit. Our house and car payments combined out of pocket each month is $2,000 so DTI wouldn’t be an issue we don’t believe. We would be putting $10,000 down and financing the rest. What’s the minimum amount that can be financed for 100, 120, and 144 months respectively along with probable rates for each term? We know it wouldn’t be exact but at least it’s a baseline to work with. We are considering an exotic or semi exotic with luxury. Examples would be Ferrari, Lamborghini, Bentley, or Audi R8. We realize that more than likely it will be a used car but we will not go older than 5 model years. Thank you for your time.

    • Ed Bolian

      July 26, 2015 at 1:47 pm

      Woodside is the only bank offering 96+ month terms. They will only do 144 months for $100k+ loan amounts. They will generally want 20% down so you might want to save a bit more there. They will want the amount financed to be less than your verifiable annual income. Sounds like the 698 score will bounce back up over 700 so you should be in good shape!

  12. Jeff Carr

    August 25, 2015 at 5:06 pm

    I’m ready to purchase a use Lambo gallardo lp550. Or 560. Iam 30 years old. Live in SF Bay Area. My credit is under 600. Highest car loan on credit is $48k. I have money to buy in cash is wanted too. I would like to finance and use cash for future investing or just to have. I own my own business. I have proof of income with bank statements. But if they ask for the tax I wrote a lot off to not pay so much so not a lot of profit or any at all. I would like to work with you get a pre approval or something before I look and buy car. Would you be able to get me financed? I can put a lot down if needed. Also would you guys finance a previous rental Lambo 2012?

  13. Dan D

    September 26, 2015 at 2:06 am

    Looking at a used 2015 Audi R8 v10 Plus or new McLaren 570S. Both in the $170 to 190K range. Have at least $50K in cash, 815 credit rating, my salary $163k ($320k household), very long term employment (decades). Home (duplex) appraisal $1.3m w/$835k balance. Mortgage of $5100 minus $2300 rental income). Only other household monthly debt at around $300. Also, what are current rates for 144 mo loan?

    • Ed Bolian

      September 27, 2015 at 9:09 pm

      You should be in great shape. Rates should be 4.9-5.9% for 144 mo.

  14. Bashar Witwit

    September 29, 2015 at 12:37 am

    Looking to get into a GT3 I have like 80K to put to down and My credit score is over 800 self employed for the past 15 years

    Can you email me my options with a approximate monthly payment

    No CC debt

    Own a house that I owe 490K valued at 1M

    I take home between 100-150K between personal and corp

  15. Philip Manning

    October 15, 2015 at 11:54 am

    Nice write up. If one was looking at, say a 2006 or so Gallardo, would the dealers require a certain minimum income to be proved to get financing? So basically, if you don’t make 6 figures a year, but have good credit and can still easily afford the payments (if you get an ideal term and interest rate) because of the lack of other life expenses, is it still possible to approved? Thank you!

    • Ed Bolian

      October 15, 2015 at 12:05 pm

      Thanks. It may be possible. Generally, the way the debt to income calculation works – you need to make more per year than the amount financed. Obviously a lot of us prioritize exotic car ownership over other expenses but banks tend to lack such imagination. If you want to buy a $100k car making $60k you will be in for a bit of a tough road. You are better off hoping they don’t require proof of income. Good luck with your search.

  16. Nathan J

    November 1, 2015 at 8:54 pm

    Looking to purchase a ~2014 Porsche 911 Turbo S, carrera 4 gts, or gt3. All 3 credit scores above 700. hover around 725 – 750. annual salary is 225k. own two homes, one rented, the other my primary residence. Primary carries ~ 200k- 250k in equity (owe 530k). the rental, about 10k in equity, 190k total value (HELOC attached). credit card debt is @ 13k. Owner and CEO of an architecture office. looking for reasonable payments with the intent of paying the car off in large chunks from guaranteed year end bonuses. Also have -80k in retirement account. Is 20% down a typical requirement? ever higher / lower?


  17. Matt REYES

    November 5, 2015 at 11:51 am

    Hello, I’m looking into an exotic car; preferably used but not older than 3/4 model years, I currently owe $10,000 towards a mustang I bought and the value of my vehicle (Kelly Blue Book) says it’s worth around 29-32k, I also have $15,000 to put as a down payment and I have $2,500 in credit debt. My score is low 600’s what’re my options? Thank you.

  18. Curley Fry

    November 18, 2015 at 2:50 am

    I’m currently 2.5 years into my 2nd Gallardo lease.

    My advice: Go to the dealership. Exotic car dealer are notoriously shady. And that’s good new for you! They operate much differently from conventional dealerships. If you have cash for the down your going to be good. They’ll tell you what to do after that. My credit has always sucked. I could never prove income. I know it sounds crazy but it’s true.

    1st Gallardo 04′ – 10k down and walked with a $1500 payment. Pulled 10k out in equity when I traded it for my next one after 2 years.

    2nd Gallardo 08′ Spider – $30k down (20k + 10k from trade) and got a $2000 payment.

    Good Luck.

    • Charley

      November 24, 2015 at 4:45 am

      Hey buddy, what dealership did you go to?

      • Ed Bolian

        November 24, 2015 at 11:06 am

        Nowhere. Enjoying the holidays off with my family. Will land somewhere eventually but probably not a dealership setting. Who knows…

  19. Jonathan

    November 25, 2015 at 12:13 am

    Came across this site and advice. I’ve been doing my research but one question remained on the prerequisite of financing with possibly woodside. I’m married and our household annual income is 6 figures. Do the financial institutes consider the household income; e.g. my wife co-signs? Or is it strictly in the matter of my annual income only regardless of what our household income is?

    • Ed Bolian

      November 25, 2015 at 9:34 am

      Generally your wife can co-sign.

  20. Sam k

    December 13, 2015 at 7:13 pm

    Hey Ed,

    Great write up. So I’ve been looking at getting a 2011 Audi R8. Private party purchase for 90k, and i have been unsuccessful in getting a loan. I have the cash to purchase the car, but would rather take a loan up to 7% interest rate. My credit score is around 700-730 with the big 3. Standing cc debt is 8k, accounting for 30% of my credit usage. I have submitted applications with 2 credit unions and I have hit a wall with the tax returns. I own my own business and my personal w2 is at 75k, while my take home is much greater. I just starting paying myself past two years. I have had 5 completed car loan, the most recent was a 3 yr term for monthly payment of $1100. Only one car on credit report currently.
    Also, after reading your article I reached out to Putnam but the overall payback for the r8 comes out to about 118k, and that’s a bit too much in my opinion.

    Any recommendations on where I can go to secure a loan for 50-60k, I am willing to put the rest of it down upfront.

    Thank you

    • Ed Bolian

      December 13, 2015 at 11:32 pm

      5 years of interest, taxes and acquisition fees equalling $28k doesn’t sound bad to me. If you can’t prove your income you will need to overcome that stipulation by putting more money down. At some advantageous loan to value circumstance, you should have some success. Your best bet for interest rate and approval likelihood will be with Audi Financial Services. It is in their best interest to make it easy to buy pre-owned cars to preserve residual values in their portfolio. Give that a shot through an authorized dealer.

  21. Jason Smith

    January 4, 2016 at 11:03 am

    Hi looking to purchase my first exotic..a pre-lp gallardo (2004-2005).. car is 100k looking to put down 20k. all 3 cred scores are 680, 690, 710. I earn ~ 140K per year. what would you suggest my course of action be?

    • Ed Bolian

      January 5, 2016 at 3:25 pm

      Find a dealer with a car that you like and ask them which banks they deal with. Have your proof of income ready with your license, insurance card, and everything that they might need. Let them apply on your behalf via indirect lending relationship with their banks.

  22. Eric Walls

    January 16, 2016 at 12:59 am

    Hi Ed, hope you’ve enjoyed your Holidays.
    31 years old just becoming serious about my first exotic purchase, 2006+ Gallardo 6-speed only (to hell with paddle shift). Credit score in the upper 700’s (778 last I checked). No credit card debt of any kind, no monthly revolving debt. Debt to Income ratio is basically Nil. I pay out about $250 per month Miscellaneous. Currently own 5 cars, paid off low end $20k. each everyday type cars. Also own a rental property valued at $100k. My Problem: I cannot prove my income in anyway…? Hesitant to post this, but I work for a Chinese company who do not have pay roll. I’ve been with the company 11 year’s and pay is respectable but is also untaxed. I have no pay-stub or proof of income nor any taxation document’s. I can provide a 25% down payment, possibly larger if required. Higher interest rates don’t worry me to much.
    Question: Am I simply to high risk for a lending company to work with me? Or do I have a fighting chance of approval. Just beginning my search for car & finance options. Apologies for the long post.

    • Ed Bolian

      January 16, 2016 at 9:33 am

      Thanks for the post. It is always tough when you don’t have verifiable income. The age of the car compounds it a bit as well. You are going to need to overcome the need for POI by improving the loan to value. The more you put down, the more likely it is going to work out. Another option would be a line of credit off of the rental property. Your interest rate would be better there. Feel free to email me with further questions. Good luck!

  23. Tom

    February 24, 2016 at 9:02 pm

    Hi Ed,

    I am interested in buying an exotic car, I have not zeroed in on which one yet. I make a substantial income and can well afford the payment, as well as a larger deposit. My issues are I have a bogus tax lien in my credit report, I do not have various types of credit account history other than credit cards which are paid in full monthly and have not filed my last two years of taxes yet. Do you know where I might get funding now rather than later.

    • Ed Bolian

      February 25, 2016 at 11:46 am

      Your best bet will either be a substantial (>50%) down payment or to go with a cheaper car and use a captive financier (Mercedes Financial, BMW Financial, Audi Financial, or Porsche Financial) where there is more of a vested interest in your approval. Let me know if I can help further.

  24. Henry

    March 27, 2016 at 6:04 am

    Hi Ed, learning alot about exotic car financing from you! In terms of loan being <50% of previous high car limit, would that be a single vehicle or combined? Right now I have two vehicles financed, one is 50k, the other is 30k. Would the <50% be based on 50k or a combined of 80k? Thank you for your help!

    • Ed Bolian

      March 28, 2016 at 6:33 pm

      Yes. If you were to trade both of the cars for a total of $80k, that would count in most cases as your previous high.

  25. Eric

    October 31, 2016 at 7:30 pm


    Great information… I wanted to pick up a used 2007 Gallardo 118k and wanted to see what my options are in financing… my credit score is in the mid 600’s and income is about 311k want to put down 10k do you think it’s possible to get financing… no credit card debt and I have a 60k auto loan and 4K motorcycle loan… mortgage is about 5900… any info would be great thanks…

    • Ed Bolian

      November 1, 2016 at 9:01 am

      Email sent. $10k down probably doesn’t get to the Loan to Value they will want but it is worth a shot.

  26. Logic

    December 21, 2016 at 1:38 am

    Rule Number 1: Never spend more then what you can afford.

    Rule Number 2: Make sound investments with your money, cars are just a liability.

    Rule 3: Disregard everything read above, and do as you wish.

  27. Jordan

    March 4, 2017 at 3:26 am

    I have a CPN it’s a secondary credit profile with a 758 score. I can’t prove my income, I can put down $20-40k
    I am wanting to buy a mclaren MP4-12c or a 650S, the car would be between 150-190k is this possible or am I wasting mine and the salesmans time.

    • Ed Bolian

      March 6, 2017 at 6:29 pm

      Never a waste of anyone’s time but it might be a tough deal. If you are putting $40k down on a $150k car, it has a decent shot. Previous high car credit will help. If you can’t get that done, go get a Porsche loan for 12-24 months for $100-120k and then the McLaren will be easier after that.

  28. Andrew

    April 3, 2017 at 7:48 pm

    Hey Ed, great write up here… wanted to seek your advice as well.

    Potentially looking at a 2012 Audi R8 GT with a cost of ~$125,000. Big 3 @ 722/720/735. Looking at a down payment of ~15k/20k. Verifiable income of $110k (been here 6+ years). CC debt @ ~$6k (11% utility).

    Current “weekend” lease is a loaded ’16 F-type R (msrp $122k) with another year left.

    Thoughts on best course of action? Any idea where a rate would land?


    • Ed Bolian

      April 11, 2017 at 9:34 am

      Audi Financial will probably be a great outlet but will require you to run it through an Audi dealer. SunTrust and any major credit union should also be very competitive.

  29. Jason

    April 13, 2017 at 3:18 pm

    145k 2015 GT3 with 25k down, 730 middle score,

    1.) will it be too low on the down payment for Woodside?
    2.) 84 mos vs 144 mos, which one will have a better rate?
    3.) if proof of income needed, what kind of docs?

    • Ed Bolian

      April 15, 2017 at 12:47 pm

      1 – They will want 20% of the out the door number (price + tax + fees)

      2 – Rate will be the same – 4.9-5.9%. 48/60/72 will generally be less.

      3 – Pretty much all banks will require proof of income.

  30. daniel

    May 11, 2017 at 11:03 pm

    Hi Ed, my name is Daniel, I bought a Maserati 2013 $ 90,000 I financed for 4 years, I made the total payment in 1 year, my credit score and 778 score, I made $ 600 thousand last year, I have $ 40 thousand in cash to give input, I want to buy a 458 Italy. 2012 worth $ 200 thousand. I have very doubt if I buy a leasing or financing, if I do 144 months. What is the best option for me to give 40 thousand dollars of entrance. Which road I miss the least. I have no interest in selling ferrari in less than 5 or 7 years. Help me with this question.

    • Ed Bolian

      May 12, 2017 at 12:48 pm

      Ferrari Financial through an authorized dealer would be a great option. Woodside or Premier should also be able to help. Given that structure and your qualification, you should not have a problem.

  31. Dave Hopper

    May 25, 2017 at 3:03 pm

    Hi Ed, My name is Dave and I am looking into purchasing my first exotic car, a used Ferrari 360. I am looking at around the 70k range. My credit score is currently at 790, and the only debt I have left is my house payment and a couple grand on a credit card. All my cars and my Harley are paid off everything at 100%. I own my own business and make about 110k a year. I am wondering if my DTI on paper would be a large deciding factor or not. I am currently at about 48% DTI with all write offs. Would this qualify me for the car? Thank you for your help.

    • Ed Bolian

      May 26, 2017 at 10:11 am

      Yes. As long as you have $10-15k down you should be fine.

  32. Kyle I

    June 7, 2017 at 1:15 pm

    Hi Ed,

    I am 25 and in the entertainment industry. I am looking to buy a used LP-560 Gallardo for ~150k. My paychecks are not one set rate (although they come from same company each month) but on average I make ~60K a month. I don’t own a house (I live with family), my credit score is 724+ and this would be my first car purchase. What are your thoughts on my situation?

    • Ed Bolian

      June 13, 2017 at 2:14 pm

      Generally banks will want 2 years of tax returns on highly variable income. If you put $50-75k down you might have a good shot at getting something done sooner.

    • Youtube

      December 10, 2017 at 9:46 am

      Youtubers get financial priority!

  33. Arthur

    July 6, 2017 at 1:42 am

    Looking for a ferrari 458 spider. Car is cost around $250k. I can put down $50k. Credit score is around 780. Credit card or debt ratio is less than 15%. I just have a lease $300 a month. Annual income $120k

    What are the chances getting approved? (Woodside or other credit unions if there are any)

    I can get a co-signer. Income is around $90k annaul 20% debt ratio low 700 credit score.

    Please advice.

    • Ed Bolian

      July 6, 2017 at 7:39 am

      That one is going to be hard. Trying to get a loan for nearly 2x your income or even with the co-signer is a big stretch. You definitely wouldn’t be eligible somewhere like Woodside but it is worth sending in some applications. Your best bet will be to get a loan through Porsche Financial, Mercedes Financial, or Audi Financial for $100-150k first and then come back and get the 458 in a year.

  34. William Pond

    July 11, 2017 at 9:41 am

    Hello Ed,
    Really enjoy reading your articles!
    I am currently looking to purchase my first exotic-either a 360 or gallardo spyder. My yearly income is @150K, no cc debt, and I just bought a new house-3K monthly payment. I had some credit issues @5 years ago but my credit is now above 700 (and I had no problem getting the mortgage). Looking to put down 20K and hopefully keep my payment under 1K. Couple of questions for you:
    Would I have a good chance of getting approved by Woodside?
    How difficult is it to sell these cars without the title (with a loan)?
    Any advice for how to choose the right car for the right price, etc?
    Thank you in advance!

    • Ed Bolian

      July 12, 2017 at 6:50 am

      It is worth a shot. If you don’t have another relatively large car loan on your credit sometimes Woodside doesn’t like being the first to loan you but I would definitely recommend applying. Selling a car with a lien is no big deal.

  35. Lance

    September 24, 2017 at 7:50 am

    Hi Ed,
    I’m a luxury and exotic auto broker in Montreal Canada and I’m interested in personally buying some exotics now in the fall when their prices are lowest here and potentially reselling them in spring for a profit (hopefully). I have an idea of what I’ll be purchasing but I would like to know what would you recommend in terms of a good first time buy? I’m looking at either a Black 2004 Ferrari 360 Challenge Stradale that’s being sold at 92k CDN which seems inexpensive compared to others like it and it’s 1 of only 20 or so black ones they brought to North America or a white Base 2006 Lamborghini Gallardo at 96k CDN which is also under retail market value … if you have other suggestions or potentially better options please feel free express them.
    Thanks for you time!

    • Ed Bolian

      September 27, 2017 at 2:02 pm

      The CS is a crazy deal. Seems almost too good to be true.

  36. Arsene

    September 29, 2017 at 8:05 pm

    Im looking to finance a 2014 Porsche Turbo or GT3. Would either of these classify as exotics and/or qualify for 144 month financing terms?

    • Ed Bolian

      October 3, 2017 at 3:16 pm

      It should. Call Woodside Credit and ask for Antonio.

  37. Pingback: Should I Buy A Car Just Before Filing For Bankruptcy? | Georgia Bankruptcy Law Network

  38. Randy

    November 10, 2017 at 3:25 am

    I have a 2011 Masersti Granturismo that I am upside down on. The original loan was for $83k. I currently owe $62k on it. Looking to bury the upside debt in another exotic 2009 Gallardo Lp560 , or even a BMW i8. Credit score mid to high 600’s and I’ve always been able to get financing with zero down (if much rather keep cash around in case of emergency). Question is how much will a bank be willing to loan , and can you tell me a few banks that do not require income verification. Also my current monthly payments are $1365. Trying to stay below $1750. I have auto loans for 30k and 55k that we’re paid off in the last.

  39. Elton

    December 4, 2017 at 11:12 pm

    Aloha Ed!!

    I wanted to ask you for some advice. I just retired from the Marine Corps and currently receiving my monthly retirement and medical benefits of $5650 (net). My current salary as Chief of Operations is $148,500 annually without bonuses. My credit score is 709, 712, 721 with all 3 Credit Companies. My question is that do you think I would get approved for a 2018 Mercedes Benz GLS 63 AMG priced around $139,000. I have $5600 in credit card debit and a owner of a Maserati still owning $48,000 that I intend to trade in during the purchase. Should I apply with my bank at USAA or go with Wood?? Please help and recommend.

    Very respectfully,


    • Ed Bolian

      December 5, 2017 at 11:09 am

      Woodside wont like a new Mercedes. Go with USAA or MB Financial. You should be good to go as long as you put $20-30k down.

  40. Jordan rich

    December 8, 2017 at 5:47 am

    Really curious I have a CPN with 2 tradelines totaling in $22k in available credit all in zero balance. Obviously not a lot of credit history only go’s back 4-1/2 years and like I mentioned only to accounts reported. The scores is 720-738 all three. However I am interested in buying a mclaren mp4-12c cost is about $137k OTD I make $156k a year with proof of income. I want to do 10% down is there a chance in hell I can get approved? Or would I just have to buy one out right? Although I would much rather hang on to my money a few years longer lol

    • Jordan rich

      December 8, 2017 at 5:48 am

      Oh yah and I’ve been at my job since 7 years. I’m currently 27years old

    • Ed Bolian

      December 28, 2017 at 10:10 pm

      You should be good to go.

  41. Phil

    March 3, 2018 at 5:28 am

    Hey Ed,

    Looking to either get a future released Porsche GT4 (around 100k otd) or 2015 GT3 (130k), can put about 10-15k down, credit around 720, gross income 146k-200k with overtime. Possible? If so which finance company would you recommend and estimated apr for a 120month loan?


    • Ed Bolian

      March 3, 2018 at 9:42 am

      Woodside is the only one that offers 120 months but Premier Financial Services also offers similar payments. Talk to both.

  42. Chris

    March 20, 2018 at 12:11 am

    Ed. I’m interested in a 08 Gallardo for roughly 100-115k. I’m 41, mortgage a house, no credit card bills, have a personal loan roughly 20 grand. Credit score as of today hovering around 800. Some months 795, others 800+. I was looking into a 10-12 year loan. I’m told or read these exotics have quite a large wiggle room for negotiating. I would prefer to put a smaller down payment with a jumbo loan to keep the payments down and in a few years get rid of the car. Assuming I can get a good deal on one of these Gallardos. Without getting into to many details I would have a difficult time proving income. No I don’t work as a street pharmacist. I was thinking about using wife’s income but she only makes 85k annually. What do u think? I would assume these lenders are pretty strict.

    • Ed Bolian

      March 27, 2018 at 2:11 pm

      Yes, the lenders are fairly strict. If she can prove $85k, they will only want to loan $60-75k. Your score is sufficient so I would suggest doing a joint application and listing something reasonable and provable for your income. They will want 20% down on a 10+ year loan.

  43. Aaron

    June 4, 2018 at 10:01 pm

    I’ve been reading the comments in this section for years, and it’s been very helpful. I have a little bit of a different question that I haven’t seen posted here though. I’m in the process of saving up to buy my 1st exotic. I’ve researched my options, and I’d like to know if Woodside does any balloon loans? I’m looking to buy a McLaren 570GT or 570S Spider for around $165,000.00, put down 20%, get a 25% balloon, and finance the rest over 72-84 months. My credit is fine 740-750, over 100K/year, work 3 jobs each more than 5 years, no CC debt just student loans & mortgage.

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