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auto loan with these

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auto loan with these

i 'm wondering if i can get an auto loan for 65-70k with having build my credit off of 2 credit c boa 4000 and cap one 3500 limits pay both acct in full monthly make 80k-90k an year any and all iformation is good 2 scores are in the 700s and one of the bueres 600s got no intention of buying a house atleast not for another 5 years

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Valued Contributor

Re: auto loan with these

Buying a car that is the equivalent cost of your net income is pretty risky.

 

What's your down payment going to be?  If you can put $15,000 down in cash or trade, you'll be approved.

 

If you can't, you may end up with a risky APR.

 

Do you actually need that car or do you just want it?

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Valued Member

Re: auto loan with these

 

A 70k car loan  is comfortable for someone making 200k / year - Why not go for a 20 k car loan ? 

Message 3 of 5
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Re: auto loan with these


nursemanit wrote:

 

A 70k car loan  is comfortable for someone making 200k / year - Why not go for a 20 k car loan ? 


Not nessecerally. If you are single making good money it can be done comfortably. I make $108k and bought my new (at the time) 2013 Corvette for $65k. Financed the whole thing @1.87% for 6 years. $955 a month. I am single and don't own a home (rent) and I have absolutely no problem paying this sum every month. Actually one more year to go! yeaaaaaaa

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Valued Contributor

Re: auto loan with these


ron56 wrote:

nursemanit wrote:

 

A 70k car loan  is comfortable for someone making 200k / year - Why not go for a 20 k car loan ? 


Not nessecerally. If you are single making good money it can be done comfortably. I make $108k and bought my new (at the time) 2013 Corvette for $65k. Financed the whole thing @1.87% for 6 years. $955 a month. I am single and don't own a home (rent) and I have absolutely no problem paying this sum every month. Actually one more year to go! yeaaaaaaa


Able and comfortable are two different things, though.  Congrats on the Corvette, but be aware of the opportunity costs of driving that car versus something more "comfortable".  $955/month for 6 years versus $249/month for 6 years is a gross difference of $700.

 

Investing $700/month into a relatively safe stock market portfolio over 6 years at 8% returns is a gross balance of $65,000.  Of course, your Corvette at 6 years may be worth more than a comfortable Nissan, so subtract the trade-in differences for sure from that, but that's a HUGE down payment assist at the end of the 6 year period.  Or if you didn't use it for a down payment, you could take the investment account and buy a new Corvette for cash with no payment due at all!

 

You could probably make bank on that Corvette renting it on Turo, though, so there are options for making some major profits having a fancy car young, if you take advantage of them!

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