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Chances of Auto Loan Approval on New Audi R8!

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Frequent Contributor

Re: Chances of Auto Loan Approval on New Audi R8!

It was a legit question asking about a CPO.  Sometimes they are great but you clearly know this car and CPO is not what you are looking for.

 

You have my blessing (LOL) not that you need it.

 

In all seriousness it seems like you did give a lot of thought and have made an educated decision.

 

Good luck with it too bad it doesn't have a stick shift.  I know dual clutch is faster... still not the same to this car guy.  I hate that it's tough to find a sports car with a stick and that electric is faster.  Something seriously wrong with a Tesla being the fastest car on the road save a few.   Gas and gears is how I like to roll but had to give up on manual when I got my last car.

Message 11 of 24
Established Member

Re: Chances of Auto Loan Approval on New Audi R8!

For sure. CPO is a great option for most folks looking for a new(ish) car - I'll probably pick up a CPO Q3 at some point down the road to replace my aging Lexus RX. But for the R8, I'm not willing to make any compromises on it. It needs to be brand new, perfect color, perfectly optioned, etc. if I'm spending that much $ on it. I figured I'd like to have the bespoke supercar experience at some point in my life. 

 

r/e transmission: My current Shelby is a stick and it's just not for me. I love the engagedness of it but in today's world of distracted drivers and traffic jams, the dual-clutch is winning for a reason. 

 

 

9/30/18: 621 EQ, 689 TU, 665 EXP
10/10/18: 656 EQ, 690 TU, 669 EXP
6/23/19: 658 EQ, 703 TU, 687 EXP
10/17/19: 718 EQ, 739 TU, 724 EXP
Message 12 of 24
Member

Re: Chances of Auto Loan Approval on New Audi R8!

Lambo or no V10 Smiley Surprised

 

Im not as rich as you so Im looking for an older gallardo in the coming year but I would never compromise on a R8 v10

790s credit score. 10+ cards. 100k + CLs. 1% Utilization. On chase's hit list. I was captain5-8 and now 9, because I cant reset the password on this site easily. Horrible UI please update, its been 4 years since Ive been on this site.
Message 13 of 24
Established Member

Re: Chances of Auto Loan Approval on New Audi R8!

Haha in my case, the R8 is a far superior car to the Huracan. It rides a lot better, has a much nicer/newer/tech-savvy interior, looks better IMO, and has the daily comfort I need after getting out of my track-oriented Shelby. I find more compromises in the Huracan for my interests in a supercar. Not to mention the price difference and lack of financing options for Lamborghinis. 

9/30/18: 621 EQ, 689 TU, 665 EXP
10/10/18: 656 EQ, 690 TU, 669 EXP
6/23/19: 658 EQ, 703 TU, 687 EXP
10/17/19: 718 EQ, 739 TU, 724 EXP
Message 14 of 24
Valued Contributor

Re: Chances of Auto Loan Approval on New Audi R8!

Chances are slim with PenFed since they exclusively pull EQ which is your low score. 

I would try a bank you have a relationship with and a couple credit unions that pull EX or TU. For TU, I recommend Alliant which you should be able to join. 

Which part of California are you from? If in LA or OC you can join USC CU which pulls Experian. There should be a credit union thread around here that tells you which bureaus a CU uses. I highly suggest finding some local ones before the dealership. If you go to the dealership, they will probably run your credit through a large amount of financial institutions which will generate a number of credit pulls at your current scores. 

Message 15 of 24
Established Member

Re: Chances of Auto Loan Approval on New Audi R8!

Ah, I should've updated my original post! New FICO scores after a few months of careful gardening are, as of the 7th: 

EQ 703

TU 733

EXP 716

 

EQ is still a bit low but I'm expecting maybe another 10-12 points before the R8 shows up at the end of the year. 

 

I currently bank with BofA but I don't think they'll be a favorable choice for such a high-value (even with low LTV) loan. My plan is currently to try the captive lender to see if I can get approved, and I don't really mind if they shotgun an application around because I don't need my credit score for anything else and don't mind a few other inquiries. If the captive lender won't approve me and the shotgunning fails, I'll spend some time looking into CUs or just hold off on the purchase until I can pay cash, I suppose. 

 

Is it possible to join Penfed as a non-military member??

9/30/18: 621 EQ, 689 TU, 665 EXP
10/10/18: 656 EQ, 690 TU, 669 EXP
6/23/19: 658 EQ, 703 TU, 687 EXP
10/17/19: 718 EQ, 739 TU, 724 EXP
Message 16 of 24
Valued Contributor

Re: Chances of Auto Loan Approval on New Audi R8!

When you go through the process you can join PenFed by donating to an association. DCU is another popular CU for auto loans. 

Message 17 of 24
Member

Re: Chances of Auto Loan Approval on New Audi R8!


@complete_your_profile wrote:

Haha in my case, the R8 is a far superior car to the Huracan. It rides a lot better, has a much nicer/newer/tech-savvy interior, looks better IMO, and has the daily comfort I need after getting out of my track-oriented Shelby. I find more compromises in the Huracan for my interests in a supercar. Not to mention the price difference and lack of financing options for Lamborghinis. 


I cant blame you my guy, afterall you are paying the MSRP, I aint. I would not ride the lambo regularly as I have a beater. But Penfed has been my choice of auto loans for my past 2, no complains whatsoever and the rates are ususally the cheapest. And a $5 donation is all you need.  

790s credit score. 10+ cards. 100k + CLs. 1% Utilization. On chase's hit list. I was captain5-8 and now 9, because I cant reset the password on this site easily. Horrible UI please update, its been 4 years since Ive been on this site.
Message 18 of 24
Established Member

Re: Chances of Auto Loan Approval on New Audi R8!

For sure. I guess for me, the Shelby was an indicator that I value interior quality and comfort more than I'd thought when buying a sports car in the first place, even though I do have a comfy Lexus RX beater. 

 

I'm just about convinced at this point that I should give penfed a shot... I'll have to figure out how to make that donation but I'm assuming there are other threads around that detail the process. Only issue is that penfed's loans seem to cap out at 100k, and I might need a *little* more than that to make this purchase happen. 

9/30/18: 621 EQ, 689 TU, 665 EXP
10/10/18: 656 EQ, 690 TU, 669 EXP
6/23/19: 658 EQ, 703 TU, 687 EXP
10/17/19: 718 EQ, 739 TU, 724 EXP
Message 19 of 24
Valued Contributor

Re: Chances of Auto Loan Approval on New Audi R8!

The application process will walk you through and handhold you to donate and join. No need to read up on that part. To join is one HP, for an auto loan is another one.
Message 20 of 24
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