topic Re: Auto Loan Corvette in Auto Loans

Auto Loan Corvette

girouard68 — Mon, 01 Apr 2024 21:57:48 GMT

I am interested in purchasing a 2024 r 2025 corvette maybe next spring. What is chance I could be approved for a 110,000 dollar loan.

My wife and i have an total income 170,000. My FICO 9 is currently 731 not completely where i want it to but hopefully it will be over 750 and my wife average score is 825. Our debt is 2800 dollars a month. What is the chance that we could be approved for an auto loan at the amount. I currently bank with Penfed Credit Union. Just curious Thanks

Re: Auto Loan Corvette

GZG — Mon, 01 Apr 2024 22:39:43 GMT

@girouard68 wrote:
I am interested in purchasing a 2024 r 2025 corvette maybe next spring. What is chance I could be approved for a 110,000 dollar loan.
My wife and i have an total income 170,000. My FICO 9 is currently 731 not completely where i want it to but hopefully it will be over 750 and my wife average score is 825. Our debt is 2800 dollars a month. What is the chance that we could be approved for an auto loan at the amount. I currently bank with Penfed Credit Union. Just curious Thanks

prevous loan/auto loan history on your reports?

Re: Auto Loan Corvette

girouard68 — Mon, 01 Apr 2024 22:41:56 GMT

I highest loan 65000 bmw and last loan 58000 cadillac. Several mid 30000 dollar loans. All paid on time and paid off.

Re: Auto Loan Corvette

CreditCuriosity — Mon, 01 Apr 2024 23:03:12 GMT

Likely would get approved but is it the best idea? Does that includes taxes and all other fees or is that just the base price? Also do you plan on paying a downpayment down of say 10-15k so you have some skin in the game? Just bought a 2024 Porsche Cayman S which was a bit over 105k all in meaning included although included tax, tags, title, etc.. put 10k down so loan is around 95k now. Also had an mercedes AMG on my reports. Mercedes loan was 75kish owed 45kish. Many instant approvals as ran me through BofA and another bank and both instant at 6.99.. With that said I had to use the lender they wanted as part of deal, but will refinance with NFCU for 5.2% within next few days to drop my payment approx 100 a month. I make a bit more than you and have scores in the 800's. Just keep in mind will you have enough "play" money left after cable, cell phones, lawn service, water, food etc left over to still enjoy the same quality of life? Those are things you need to think hard about as your payment will certainly go up with rates these days and the increase on the loan amount.

Re: Auto Loan Corvette

girouard68 — Mon, 01 Apr 2024 22:58:15 GMT

20 to 30k down-payment n no not total amount this my retirement car. 40 years of working kids grown n now time to get something for me

Re: Auto Loan Corvette

girouard68 — Mon, 01 Apr 2024 23:05:14 GMT

@CreditCuriosity @GZG tks for responding.

Re: Auto Loan Corvette

CreditCuriosity — Tue, 02 Apr 2024 17:00:30 GMT

@girouard68 wrote:
20 to 30k down-payment n no not total amount this my retirement car. 40 years of working kids grown n now time to get something for me

so likely financing 100k or a bit more due to taxes if 20k down. Yes you likely would be approved. Just make sure you can have basically the same quality of life and extra income to still enjoy trips etc. Spread sheet it all out and make sure you have several k a month left over after other bills including what i mentioned above left over figuring an interest rate of 7.5% over 72 months. Your payment likely would be around 1750-1850 month, plus whatever insurance, etc...