3rd auto loan

[Anonymous]

I have perused quite a few of the threads on this website and I have not found a situation like the one I am trying to do.I'll explain what I am trying to do. 

I have been looking at Cadillac CTS-V wagons and I have found the perfect one, 2013 CTS-V Wagon 7600 miles mint condition. If anyone knows about these vehicles they are very rare in the sense of what rare can be for an american car. The car is 54k and I am tryin to put down 4-5k. I was not in the market to get one just yet because I wanted to put a larger down payment with at least 10k but I cannot do that until next month. At the rate at which these things just get snatched up I do not think I can afford to wait that long to make that happen. 

I have recently checked my credit scores through experian and they are showing my equifax at 679, experian 676 and transunion at 636. The transunion is supposed to get to around 690s after my credit card payment post but I am not sure if that will happend before I try to go and get financing this car.

I curently have 2 car loans right now equaling $1006 for car payments. One I owe 14k on and the other 21k.  My mortgage is  $1672 202k owed on it and I have 2 credit cards with a minimum payment of $25 each. Credit limit equaling $1500. Credit utilization 4% The biggest thing hurting my credit is just length of history with my credit. I opened my first credit card when I was 24 now and my second at 26, I am 28 now. I just bought my house at the end of last year and replaced my daily driver (21k car) the month after signing the papers for closing. I also refinanced my girlfriends car (14k) at the beginning of this year I have refinanced this car once more before this last refinance. All car payments have been paid on time in full. I have had one car loan completely paid off a 4 years ago for only 12k. I am self employed and make right around 115k a year. With using a DTI calculator I am at 28% I am trying to get a loan for around 850-1000 a month and I believe my DTI would be around 38%-40%. 

Long story short do you guys think I could get into my dream car or is this far fetched. Also I was trying to seek financing that was not in house dealership financing and I do not know of any places that finance over 40k. Sorry for the long post but I just want to put it out there and I know people usually ask these things as follow up questions.

[Medic981]

Welcome to the myFICO forums!

I wish I could answer your question but it is beyond the scope of my knowledge and experience. I am sure another forum member will be able to answer your questions. 

[Anonymous]

Thank you. From reading what I have read on here I know this is a great wealth of knowledge and I appreciate you taking the time to reply.

[Anonymous]

There are a few auto lenders who are willing to lend over $50K, but to my knowledge, most of them are focused on folks with super-prime credit scores. For example, Axos Bank lends up to $90K, but their sweet spot is 720+. According to NerdWallet, Autopay offers loans up to $100K, but I don't know if that's true across the credit spectrum: https://www.nerdwallet.com/blog/loans/auto-loans/autopay-car-loans-review/.

Auto lenders typically look for DTIs under 36%, so you're inching above what most would be comfortable with. Is it possible for you to sell your daily car and drive the Cadillac instead? If you have equity in your current car, selling it and paying off the loan would help your DTI. That might reduce your credit by a few points since your average credit age will go down, although it doesn't sound like it will go down by much since the loan is pretty new.

If you're a member of a credit union, it might be worth checking out if they have any options for you. 

[Anonymous]

I appreciate you replying. I think I might try the autopay and see if I can prequalify and maybe go from there. The daily car is what I use to "abuse" I put close to 75k miles a year for work. I thought about trading in my other Cadillac which is paid off but it has 175k and I think the best offer I could get trade in wise is 1k and that is not worth it to me when it is a good running SUV. The new Cadillac is simply for collecting and I think with the mileage as low as it is I can still have a little bit of fun with it and it will appreciate in value or will at least keep its value. Do you think I should believe the salesman when I explained my situation to them. They think it would not be a problem but of all my car loans I have never looked so risky before as far as DTI and the amount of loans I have. I would hate to go up there to come back empty handed. I was thinking about talking to the finance manager and see if he could give me a better idea. I know financing through whatever lender the dealership can get me just makes you pay even more due to markups. I would like to avoid that if I can but I just not sure if I will be able to to get this car before it sells. It sucks not being in the position of power for this one.

[Anonymous]

Ugh, I'm the last person who would recommend getting dealer-arranged financing (I started a company, Outside Financial, to help people get loans outside the dealership, although I know we don't have any lenders on our platform right now who could help you). My worry is that you will absolutely give the dealer every bit of leverage you have if you explain your situation and let them arrange your loan. I agree with you that you are better off coming back with a loan offer in hand.

Another option to consider is DCU: https://www.dcu.org/loans/auto-loans.html.They offer classic car loans too, which suggests they may have some flexibility on total loan amount. Good luck! 

[Anonymous]

I am going to wait a couple days before I head up that way hoping that my transunion score updates and to see if the car is still available. If it is I will seek outside financing. If I can't get it I will go there with my tail between my legs and see what they can do. That is awesome on the business. That would have came in handy on my first car loan. All else fails I'll put that money to my 14k car loan and just wait a few months till my scores get a little higher.

[Anonymous]

Sounds like a plan - good luck and keep me posted! 

[Anonymous]

Update time: So the car I was interested sold this weekend  

I started looking at other options since I had a 50k pre approval with Capital one and how they setup terms were a little strange to me because I was looking at a 2011 wagon for $44,190 with 54k miles and they wanted me to put down close to 10k. Then looking at a wagon that was a 2014 for $44,995 with 68k miles they accepted me wanting to put down $4500. I called capital one and they just said that is just how we do things. Not satisfied with that answer I applied with AutoPay and they got me approved through a credit union for the original 55k I was looking to get approved for.

I found another one configured almost exactly the same as the one I was originally looked at way out in Oregon mind you I am in the Cincinnati area with 600 more miles and a model year older for 5k less. I am in the process of working out a deal now. I do want to thank you for referring them to me!