topic Re: Chances of $100k auto loan w/ $0 down. in Auto Loans

Chances of $100k auto loan w/ $0 down.

Anonymous — Fri, 11 Mar 2022 18:18:01 GMT

By December I want a 2022 BMW X6 or 2022 Range Rover Sport. Both around $80k +

I had car loan from 2018-2020, car was totaled and paid off. Loan was for $24k. I never missed a payment.

I bought a 2018 Jeep Wrangler last month for $35k financed through Cap 1.. I put $5000 down.

I also bought a 2019 Ford Transit Sprinter van last month for $47,999 and I put $7,500 down through Carvana (BridgeCrest Finanancial)

Both reports to all 3 credit bureaus.

I have 9 credit cards (Toy limits) All paid off. No missed payments. No balances as of today.

I have previous paid personal loans $1,000 to $4,000. All in good standing.

I own a duplex in Toledo, I rent one unit out and live in the other.

My income:

I have a transporting business that I been holding down with my used mini van. However, I am now graduating to the Sprinter van business to make much more money. I am currently making $10,000 a month with my sprinter van, after overhead and taxes. I walk with about $6,300 a month.

Rental Property: $700 monthly (net)

$34,000 in savings, in the next 8 months I should have about another $30,000 in savings.

In December, I want to trade my Jeep in for a Range or BMW. In total I have $85k in auto loan (open ) and $24k in closed auto loan history!

Re: Chances of $100k auto loan w/ $0 down.

increasingmyfico — Sat, 12 Mar 2022 02:59:12 GMT

That's a huge jump in credit amount. Cash down would definitely help the situation. Hard to say what the banks appetite for risk will be at that time. Lots of uncertainty right now.

Re: Chances of $100k auto loan w/ $0 down.

bigpoppa09 — Sat, 12 Mar 2022 06:27:01 GMT

Thats a big jump in highest amount car loan dont be surprised if bank ask for a decent down payment before approving this.

Re: Chances of $100k auto loan w/ $0 down.

NaimeseOGK — Sat, 12 Mar 2022 10:17:10 GMT

Theres a real good chance theyre going to want a downpayment for that amount. I would recommend you atleast put somethin down

Re: Chances of $100k auto loan w/ $0 down.

Creditplz — Sat, 12 Mar 2022 22:01:49 GMT

Think 20k+ for a down payment... also DTI would be high just for a car...

That's a huge jump in auto credit so automatically it'll probably get declined... but a good F&I manager can get it approved with $$ down.

no way this loan is happening with $0 down... you can forget about that... BMWFS wants $$ down for me and I've financed & leased cars in the 170k area, 2M mortgage, and a 830 Fico...

Re: Chances of $100k auto loan w/ $0 down.

micvite — Tue, 15 Mar 2022 04:56:58 GMT

@Anonymous wrote:
By December I want a 2022 BMW X6 or 2022 Range Rover Sport. Both around $80k +

I had car loan from 2018-2020, car was totaled and paid off. Loan was for $24k. I never missed a payment.

I bought a 2018 Jeep Wrangler last month for $35k financed through Cap 1.. I put $5000 down.

I also bought a 2019 Ford Transit Sprinter van last month for $47,999 and I put $7,500 down through Carvana (BridgeCrest Finanancial)

Both reports to all 3 credit bureaus.

I have 9 credit cards (Toy limits) All paid off. No missed payments. No balances as of today.

I have previous paid personal loans $1,000 to $4,000. All in good standing.

I own a duplex in Toledo, I rent one unit out and live in the other.

My income:
I have a transporting business that I been holding down with my used mini van. However, I am now graduating to the Sprinter van business to make much more money. I am currently making $10,000 a month with my sprinter van, after overhead and taxes. I walk with about $6,300 a month.

Rental Property: $700 monthly (net)

$34,000 in savings, in the next 8 months I should have about another $30,000 in savings.

In December, I want to trade my Jeep in for a Range or BMW. In total I have $85k in auto loan (open ) and $24k in closed auto loan history!

if you go with a CU MAYBE you can get 0$ down, BMW will NOT give you that... to give you a data point I'm getting a 22 m5 with a sticker of around 160k, I have had 3 auto loans closed all around 30k (paid off in a year or less all of them). My income is around 400k net a year. Scores were 733 when I applied, they wanted to finance only 85% of the LTV aka I'd need 35k down which i declined. added my wife with slightly higher scores, no auto loans and 140k net, was able to get 90% LTV aka only needed 25k down which i reluctantly agreed to since I didn't have any other choice. I asked for reason they said just because I didn't have any comparable auto loans in the past and they scrutinized my income very thoroughly, wanted w2, paystubs, 1040, 1099 and bank statements before finally getting approved weeks later.

so be prepared to put down at least 10-15k with bmwfs on a 100k car...

Re: Chances of $100k auto loan w/ $0 down.

700orbust — Thu, 07 Apr 2022 23:31:56 GMT

Go NFCU. I did 135k with 0 down, if they can see your deposits then they have what they need