Reply
Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
0

High end cars......100K range...

When shopping for high end cars 100K+, are people having an easier time getting approved for financing or leasing?......(assuming 800 credit score, money down, and sufficient DTI).

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Valued Contributor
Posts: 5,381
Registered: ‎04-30-2013
0

Re: High end cars......100K range...


jarroldharrell1 wrote:

When shopping for high end cars 100K+, are people having an easier time getting approved for financing or leasing?......(assuming 800 credit score, money down, and sufficient DTI).


I'm not sure on the chances, but here is an active thread talking about how NFCU has a max auto loan of $500K. The guy wants a new Viper.

 

http://ficoforums.myfico.com/t5/Auto-Loans/Think-I-can-get-approved-for-the-2013-Viper-through-NAVY-...




NFCU Flagship $25,000 I AMEX SPG $23,000 I Chase Sapphire Preferred $17,500 I Discover IT $12,000 I
Member
Posts: 10
Registered: ‎07-09-2013
0

Re: High end cars......100K range...

[ Edited ]

I had no problems securing financing at 1.9% with for both a Q7 and Porsche Cayenne simultaneously.  Put 50% down on both vehicles and got 50% financing at the 1.9% for 4 years through B of A and AFS.  Score mid 700's, util 20%ish.

Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
0

Re: High end cars......100K range...

At 50% down, they better give you 1.9%! Smiley Very Happy

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
New Contributor
Posts: 50
Registered: ‎04-05-2007
0

Re: High end cars......100K range...

My usual response to these types of questions or if a friend of mine is day dreaming about a car is, with a high enough downpayment, you can afford any car you want (aside from maintenance of course....ouch)

 

$2750 CO Quicksilver One, $400 CO Secured Plat, $850 Walmart, $800 Target. $2000 Kay Jewlers, $700 Amazon Prime Store Card

624 Eq Fico 7/20/15 627 Ex Fico 7/23/15 637 TU Fico 7/24/15
Highlighted
Regular Contributor
Posts: 210
Registered: ‎04-30-2011
0

Re: High end cars......100K range...

All the people I know with cars in that range (R8, Maseratti, Porsche Carrera, Lambo, Fer, Bentley (x3) and another R8) paid cash.  

 

That said, $100k is not that big of a deal anymore so I would think the down payment + income would get you one.

New Contributor
Posts: 64
Registered: ‎07-16-2013
0

Re: High end cars......100K range...

I was looking at the Lexus GS450 hybrid -- about 70k with all the options and I can put 10k down.

I nearly keeled over when I saw it would come out to on the monthly payments!

 

 

Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
0

Re: High end cars......100K range...

Well if you have to ask - you can't afford it as the old saying goes.Smiley Very Happy Not saying that applies to anyone here directly, but I shudder when I think that there are still parts of this country where that amount of money will buy you a HOME!!!

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

New Member
Posts: 9
Registered: ‎08-27-2013
0

Re: High end cars......100K range...

I was a finance manager at a Cadillac Dealership a year ago and now I refinance people auto loans and it really depends on what 100k dollar vehicle it is.

 

If it is a Lexus, Audi, BMW, or Acura they will all have great value as used vehicles in the market. Vehicles like Cadillac, Lincoln, or Range Rovers have horrible residuial values so you pay more during your lease.

 

Leasing can be great though because you are always under warranty and you have great options at lease end (buy, trade, sell, or turn in). The negatives on leasing is if it is something you want to finance your car at the end of the lease you add 4 to 6 more years of payments on top of the 2-4 year lease you just paid.

 

Owning a 100K vehicle like rare sports cars usually will hold there value well if purchased used. Purchasing a 100k new Escalade though isnt the smartest thing when in 2 years it will be worth 55k if your lucky.

 

In your response to whats easier, you can qualify for a better rate if you qualify for a lease, but if your 800 Credit, you wont have a problem doing either if the debt to income is inline with the banks guidelines

 

Hope this helps.

 

 

Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
0

Re: High end cars......100K range...

[ Edited ]

Excellent info RefiGuy. That's what I was looking for. I have an 800 score with 150K income and 15%DTI. Gonna put down a 20K (if financing). But I was just trying to see what was easier to get approved for. I don't mind leasing or buying. I'll accept the best deal on either.

 

Which brings me to another thought.......can you ask the dealer to have the finance company give you offers on both leasing and buying? Or is it not smart to appear so "open ended"? Maybe the bank will drive you where "they" want you to go vs giving you the best offers on both ends......... just thinking out loud......

 

Looking at 2014 Mercedes S550 fully loaded 120K......

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.