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

New Member

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

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. 

AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
3 REPLIES
Super Contributor

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

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.

01/23/2018: FICO 829 EQ 827 TU 831 EX
Message 2 of 4
New Member

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

Thanks that makes a lot of sense...
AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
Message 3 of 4
Valued Contributor

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

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 

Message 4 of 4