topic Re: So I want to finance a Lamborghini.... in Auto Loans

So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 05:33:19 GMT

Not a joke. Just wanna know if I have any chances of getting a loan and not the door slammed in my face.

I am 20 right now, salary of $30k~

Want to finance for 60-72 months

Price of the Car before tax is $92,000 - 2004 Lamborghini Gallardo

Want to put in a $25,000 down payment

Credit score borderline 700's

Previous Car loan was only $14,000 originally 3 year term, but has been paid off a couple weeks ago.

I don't think it might even be possible for someone in my situation but I wanna hear all of your opinions.

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 05:48:05 GMT

@Anonymous wrote:
Not a joke. Just wanna know if I have any chances of getting a loan and not the door slammed in my face.
I am 20 right now, salary of $30k~
Want to finance for 60-72 months
Price of the Car before tax is $92,000 - 2004 Lamborghini Gallardo
Want to put in a $25,000 down payment
Credit score borderline 700's

Previous Car loan was only $14,000 originally 3 year term, but has been paid off a couple weeks ago.

I don't think it might even be possible for someone in my situation but I wanna hear all of your opinions.

Nope not at 30k salary. Maybe at around 80k. 92k with tax lic and doc fee ur probably at 105k with 25k down u want a loan for 80k let's say u get a loan at 5% that's 4000 a year in interest. Ur payment will be close to 1550 a month. Ur income will not support it

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 05:50:23 GMT

Is there a chance of my parent co signing if they make around 80k?

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 05:54:57 GMT

@Anonymous wrote:
Is there a chance of my parent co signing if they make around 80k?

That will be depending on what's their DTI and credit score. So now if they have about 7k a month gross but they have a house payment for 3000 and another car payment that's 600 and no credit bill probably still wouldn't. Question is why would u want a 100k car when ur only making 2500/month??

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 05:58:35 GMT

Well you see, I'm 20 and I have no sense of logic....

I also want a GTR since those are cheaper or a Corvette those are in the 50's so I might get lucky with one of those.

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:08:30 GMT

@Anonymous wrote:
Well you see, I'm 20 and I have no sense of logic....
I also want a GTR since those are cheaper or a Corvette those are in the 50's so I might get lucky with one of those.

Well GTR premium is at 105k and corvette loaded convertible is about 70k. U will have a better chance on a corvette mainly because of ur down payment. Without that down no one can finance u for any of those vehicle cause ur income doesn't support it

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:09:58 GMT

Sorry, but I don't think it will happen. You'll need to make more $$$. I would try for something a bit cheaper and make at least a yrs worth of payments & wait for your salary to go up.

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:16:48 GMT

No need to apologize

I just wanted a serious answer because in the future is a car that I do want hopefully before I hit 30.

And as for the Corvette it would be a new 2015/16 Stingray, I've seen the cheapest go for $51k before tax.

And if that doesn't work out then I'll get a truck and wait until my income increases.

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:29:58 GMT

Remember a car is always negative equity. Why do u even need a lambo in college?? Being 20

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:32:24 GMT

Been a dream of mine since I was little, of course to show off, but I realllllyyy just want a Lamborghini.

I don't know, everyone suggests buying a home first or something that won't lose value so quickly...

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:42:52 GMT

@Anonymous wrote:
Been a dream of mine since I was little, of course to show off, but I realllllyyy just want a Lamborghini.
I don't know, everyone suggests buying a home first or something that won't lose value so quickly...

House can lose value fast too. Not sure where ur at. House market can crash too. Before u say u wanna buy a lambo go sit in one. It's the most uncomfortable car u can drive

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:45:43 GMT

Yeah I know and driving around the city is horrible. But ughhhh I don't know, maybe I should give up and buy a Camry or something cheap. Downgrade from my bimmer

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:55:42 GMT

@Anonymous wrote:
Yeah I know and driving around the city is horrible. But ughhhh I don't know, maybe I should give up and buy a Camry or something cheap. Downgrade from my bimmer

It's not really a downgrade if ur BMW is old but Camry is old. I'll rather drive a 2016 Toyota than a 2005 bmw

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 06:57:18 GMT

It's a 2009 so close

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 08:00:24 GMT

If you are honestly trying to finance a Lambo as your "daily driver" vehicle, you really need to include the cost of ownership in your calculations. Have you resarched how much it will cost for you to change the tires, replace the brakes, change fluids? If not I really encourage to research that first before you get a loan like this.

Re: So I want to finance a Lamborghini....

RonM21 — Wed, 25 May 2016 10:02:41 GMT

This could be a tough one to come by because of the income. The down payment certainly helps, but the options may be a bit limited without extra help.

Re: So I want to finance a Lamborghini....

StartingOver10 — Wed, 25 May 2016 14:24:34 GMT

@Anonymous wrote:
If you are honestly trying to finance a Lambo as your "daily driver" vehicle, you really need to include the cost of ownership in your calculations. Have you resarched how much it will cost for you to change the tires, replace the brakes, change fluids? If not I really encourage to research that first before you get a loan like this.

+1 and don't forget the cost of insurance on a Lambo for a 20 year old male! Has to be astronomical....probably would eat up the rest of your $30k annual income

Re: So I want to finance a Lamborghini....

The_Gazelle12 — Wed, 25 May 2016 14:54:00 GMT

The insurance would probably be as much as your car payment per month. Doesn't Lambo have its own insurance you have to buy or is that just certain cars of this nature? I swear I read somewhere that either a Lambo or something similar has its own insurance.

Re: So I want to finance a Lamborghini....

Anonymous — Wed, 25 May 2016 15:02:24 GMT

Yes.
They get a bad rap.
They are not as expensive as a lot of people think. Unless you go through Lamborghini themselves to do the maintenance.
Tires new could be from 1200-3000 depending on what type and company. Oil changes aren't super expensive either.
State farm actually does really well with exotics so I've already gotten a quote from them ($370) .

Re: So I want to finance a Lamborghini....

StartingOver10 — Wed, 25 May 2016 15:11:23 GMT

@Anonymous wrote:
Yes.
They get a bad rap.
They are not as expensive as a lot of people think. Unless you go through Lamborghini themselves to do the maintenance.
Tires new could be from 1200-3000 depending on what type and company. Oil changes aren't super expensive either.
State farm actually does really well with exotics so I've already gotten a quote from them ($370) .

So I am going to assume that is $370 per month + the vehicle payment + vehicle maintenance. Replacing the tires could devastate your cash flow for at least a month. Your income is $2500 per month GROSS before taxes. So your insurance alone is 15% of your gross income, not a very good plan at all. Buying an expensive vehicle well over your income doesn't make you VeryCoolAlan. It just means you fell for the marketing hype.

The good thing you possess is the common sense to come here first and bounce off your thoughts before you acted - that is admirable.

Read this thread - it illustrates the issue you face: http://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Nightmare-that-won-t-end/td-p/4608084