Best places to get an ~80k auto loan

[metafor]

That's certainly an option but again, after sales tax, we're still talking about a ~70k loan. 50k if I put in more cash (~50-60k). But it seems a shame to plow down cash when loans are at such low rates. I was just hoping for suggestions for banks that offer higher loans in my income and credit ratings.

[Dustink]

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@metafor wrote:

That's certainly an option but again, after sales tax, we're still talking about a ~70k loan. 50k if I put in more cash (~50-60k). But it seems a shame to plow down cash when loans are at such low rates. I was just hoping for suggestions for banks that offer higher loans in my income and credit ratings.

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Local credit unions, or you can even go talk with US Bank before going to the dealership. You probably only need to put 20% plus TT&L. Be sure to tell the bank that you are putting a good amount down, that will help your approval chances. Don't put so much down that it hurts your investment strategy, but don't put so little down that you are paying too much in interest.

If you have a military connection, NFCU, USAA.

Your total vehicle expense should be under 20% of your income or $2500 per month. That includes payment, insurance, & elecricity  

[coterotie]

I'm going to really suggest a lease here.  Their USB owner financing plan also includes a guaranteed residual value, something other lenders will not have available.  With new battery technology coming out for the car in a few months I would want a floor under my resale value.

[metafor]

I plan to apply for the lease but I'd like a backup plan in case I don't qualify (I have no idea what their credit requirement is). Does the loan amount approved vary much with different banks and/or credit unions?

[coterotie]

In the past, leases on autos were easier to get than loans for autos.  Since the duration is shorter and there is a floor (the residual value) under the vehicle price, it was a slightly more lenient credit decision.  Factor in the tax benefits and they were very profitable for the finance companies.

If I were still lending money, I wouldn't lend money on a Tesla.  5 years from now after they have been in production and the company has proven some stability to me I would.  But I wouldn't do it now.  You may have run into this problem at your local Credit Union. 

[GatorGuy]

I was just approved for 80k from USAA. Getting the amount wasn't a problem but getting a decent interest rate was. My income and fico is also higher than what you posted. Good luck.

[metafor]

If you don't mind my asking, what is your FICO?

[Creditaddict]

I'd start at the dealership in this case and then look for backup... They have the finaancing lined up the way they do because they need to sell the cars and while you are in a little bit different market, they probably push a lot of trashy credit through... If any of what I hear about some of the wealthier that may not handle all their money or what not end up late and such and don't have the best of credit... The USBank buyback lease thing is the way to go I would say.... 

[GatorGuy]

Fico was 750. I literally just became a member to apply for their loan so I don't have a checking account with them or anything else which would have factored in.