2014 Corvette Stingray

Anonymous · ‎06-10-2015

Hi, I was wondering if anybody with any experience in banking/auto-lending could help me out:

Close to eight months ago I was in the market for a used 2014 Corvette Stingray, but being new to the automotive financing world I was humbled to find out there was "no way" I'd get financed for a 60k car as a first time buyer. After learning that, I opted to building auto loan history with a starter car and financed a 2012 2SS Camaro for 27k with a 15% interest rate. Fast-forward 6-7 months and I've gotten the loan down to 24k which is around the bluebook value and was wondering if I could do a trade-in for Corvette now. Do I stand a shot at 6-7 months loan history to be financed for a 50-60k automobile?

1). 718 FICO
2). financed first vehicle 6-7 months ago
3). positive equity on current vehicle
4). 40-45k annually,
5). Texas resident

Anonymous · ‎06-11-2015

I doubt you would get financed for a vehicle that is 1.5X your income, though I could be wrong. But that is WAY to much car for your income in my opinion. If you stretch this for 6+ years, you are still looking at a 1k+ monthly payments. Have you looked into the insurance on that car? I assure you that you probably will regret this down the line, assuming you get it. I know you didnt come here to be lectured, but this seems incredibly unwise. I make more than that, and just the thought of doing this scares the crap out of me.

Legen_dary · ‎06-11-2015

I agree that it seems pretty risky if that's your only income. I'm not certain what lender would approve you..

Anonymous · ‎06-11-2015

I'm already paying $750.00 a month on a SS Camaro with a 15% interest rate at 72mnths

2-300.00 more for the Stingray won't hurt me, I have private investments on the side as well.

The only thing dealerships say would hault me is only having auto loan history of 6-7 months.

Anonymous · ‎06-11-2015

This -

1). 718 FICO
2). financed first vehicle 6-7 months ago
3). positive equity on current vehicle
4). 40-45k annually,
5). Texas resident

Please talk yourself out of it. With your income and another auto obligation not including your other expenses, it will a wild stretch to get financing for it. If you have private investment as well, that will still be a stretch.

Are the car payments going to be your only expenses?

tonyjones · ‎06-11-2015

@Anonymous wrote:
This -

1). 718 FICO
2). financed first vehicle 6-7 months ago
3). positive equity on current vehicle
4). 40-45k annually,
5). Texas resident

Please talk yourself out of it. With your income and another auto obligation not including your other expenses, it will a wild stretch to get financing for it.

x2 I agree with Yes-Its-Me. Unless you live at home with your parents and have $0 debt, I wouldn't recommend it.

Current Fico Scores: (November 2025)

Anonymous · ‎06-11-2015

Actually, I do live at home with my parents with close to zero debt at 25 years old. I work amongst a family owned business.

Finishing off a student loan of 3k but that's nothing. The private investments alone could pay the car note and insurance in two days, not touching salary.

Again, the payments aren't what I'm worried about; my auto loan installment history is.

Anonymous · ‎06-11-2015

@Anonymous wrote:
This -

1). 718 FICO
2). financed first vehicle 6-7 months ago
3). positive equity on current vehicle
4). 40-45k annually,
5). Texas resident

Please talk yourself out of it. With your income and another auto obligation not including your other expenses, it will a wild stretch to get financing for it. If you have private investment as well, that will still be a stretch.

It wouldn't be two car notes, I'd be trading in the one I drive now and using the equity as a down payment.

Anonymous · ‎06-11-2015

@Anonymous wrote:
Actually, I do live at home with my parents with close to zero debt at 25 years old. I work amongst a family owned business.

Finishing off a student loan of 3k but that's nothing. The private investments alone could pay the car note and insurance in two days, not touching salary.

Again, the payments aren't what I'm worried about; my auto loan installment history is.

Ok.. The MSRP for the car according to Edmunds is $70,610 http://www.edmunds.com/chevrolet/corvette-stingray/2014/.

Most CUs won't go that high for a car loan. How much will your trade in come up to? Just trying to do the math here..

tonyjones · ‎06-11-2015

@Anonymous wrote:
@Anonymous wrote:
Actually, I do live at home with my parents with close to zero debt at 25 years old. I work amongst a family owned business.

Finishing off a student loan of 3k but that's nothing. The private investments alone could pay the car note and insurance in two days, not touching salary.

Again, the payments aren't what I'm worried about; my auto loan installment history is.

Ok.. The MSRP for the car according to Edmunds is $70,610 http://www.edmunds.com/chevrolet/corvette-stingray/2014/.

Most CUs won't go that high for a car loan. How much will your trade in come up to? Just trying to do the math here..

I've heard of PenFed/DCU financing Tesla outright, depends on your CR and Income I think. Probably rare either way but I'm interested what they will say if you try to get a loan that high.

Please get back to us if you deicde to apply I'm curious now.

Current Fico Scores: (November 2025)