Had a questions in regards to financing a $180K slightly used car.

[Anonymous]

I have been wanting to buy a slightly used $180k car. I have cars that I have been looking at. My question is do the banks look at anything different when financing something that cost that much. I have financed a Range Rover that was a little over 100k, a 70k BMW, a 100k Porsche. I want to be prepared to walk into the dealership with what they need and not waste anybody's time. I don't want to spend a whole lot on the down payment most likely around 10%. I have considered the value of the car from NADA and compared it to the asking price. I feel if the asking price is $10k less than the NADA value then I should be good at securing the car with a downpayment of 10%.  I make close to 400k and my credit scores are all above 700 I am hoping that my credit scores are all above 760 by the time I am ready to buy in a few months. If anybody has insights on this that would be helpful. Also if anybody knows some good lenders.  Thanks. 

[marty56]

My CU wouldn't finance that much regardless of what your credit score was.  In any case I would check a local CU and see if they finance that much and they may also pre-approve you as well then.  IMHO your income, DTI has more to do with the amount they will finance then your credit score.  Credit score affects interest rates.

[Anonymous]

Thanks that makes a lot of sense...

[Anonymous]

With that income you should be in private banking. With private banking and scores over 700 you usually can get by with murder.  When I was with private banking I  have walked in with no docs and walked out with a $50K loan in 15 minutes unsecured 

[impactplayer]

Hey 7609IJGR, I wanted to check in with you and see if you had any success on the loan. I'm looking at purchasing a used car in the same price range in the next year. I've read online that DCU goes that high and will loan above 100% of the value of the car, but I don't have any personal experience with them. I believe Alliant Credit Union will also go that high and I'm using them currently for a $112,000 Tesla loan. 

[Anonymous]

I am currently going through the process with DCU. They asked me to email them paycheck stubs so I emailed them a PDF format of my pay stubs and the customer service rep stated that she could not accept the file because she stated that I could have altered my pay stubs. Which was kind of odd because they have my credit report and can see that I have owned a million dollar house for 10 years and financed over 200k in cars, etc... So I am not sure how I could pay for everything on fake pay stubs. Lol So I had to print them out and fax it to them. So we will see if I get the loan.

[impactplayer]

That's so weird. It's not like you couldn't still edit, print out and then send to them. Lol. I always thought those banks didn't/couldn't verify income anyway. 

Good luck on getting the loan! Definitely keep us posted on the outcome. By the way, what are you buying? 

[Anonymous]

Orginally I was going to buy a Mclaren 570s or a Gallardo performante, but I found a really great 1 owner 4100 2014 gallardo with minimal clutch wear for around 150K asking. So that is was I am acutally going for which is a lot less than I originally thought I was going to borrow. 

[FirstAscent]

I don't have any advice but just wanted to say good for you for whatever you do for a living and good to see you are enjoying it. I'm a huge McLaren fan, I say get a P1 haha  

Good luck in your search and Please post pics when you find your next car 

[impactplayer]

Awesome, the Gallardo is a badass car. Post some pictures when you get it!

I was thinking about the 570S myself. I've got a (current) short list of the Audi R8 V10 Plus, McLaren 570S and Porsche 911 Turbo S.