@Horseshoez wrote:
@Mdowning30 wrote:Im seeing a few who have loan amounts nearly matching their annual income, making 40K and getting a 40K car is not wise and not recommended, to each their own but just saying.
As a general rule, you are most likely correct, however, there are exceptions; say, one lives with Mom and Dad, is about to graduate college with a degree which is in demand, but are still working in a pizza parlor or bicycle repair shop near their college campus. Granted this is an extreme edge case, but there are scenarios out there where financing a car equal to or even above one's annual income isn't necessarily a bad idea.
To be fair, I lived with my parents when I got my first car, but I was working at a part-time job where the minimum payment were my whole paycheck lol. My credit was very moderate and my interest rate for the used car was high. It was between 18-20 percent. Unfortunately my boss cut my hours and parents helped me to the point where they couldn't help me anymore. So my car got repoed and my score dropped to the 400s because of that. It was bad 
It was definitely a bad mistake on my part.
APPROVING BANK: CentralOneFCU
BUREAU PULLED: equifax
CREDIT SCORE:845
SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: Ma
NEW/USED: New
YEAR OF VEHICLE: 2024
MAKE: Tesla
MODEL: Y
MILEAGE: 15
FINANCE/LEASE: Finance
PURCHASE PRICE: MSRP 51500
AMOUNT OF LOAN:30000
TERM CONTRACTED:60
APR/LEASE RATE:5.61
MONTHLY PAYMENT: 580
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:
APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE:800+
SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2024
MAKE: Porsche
MODEL: Cayman S
MILEAGE: 10
FINANCE/LEASE: Finance
PURCHASE PRICE: MSRP 105k(all in including taxes etc.. .dealer ate those as part of or would of been around 112.5k)
AMOUNT OF LOAN:97k
TERM CONTRACTED:72
APR/LEASE RATE:5.29
DEBT TO INCOME RATIO: Below 30%
MISCELLANEOUS COMMENTARY: Was initially with BofA due to dealer crud having to use their lender to get it out of door for 7.5k less as was special ordered for someone else and something feel through. BofA approved me at best rate of 6.99 but after had car for week refinanced with NFCU which was consider new at 5.29 their best rate for term. Also NFCU allow if rates get better after year to ask for lowest APR. So win/win. F&I can eat it as no prepayment penalty. Another win for NFCU GAP was ony 399 and also $200 free promo for refinancing with them currently
