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Chances of Auto Loan Approval on New Audi R8!

Auto Loans for ANY Credit Situation. Immediate Response.
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Valued Contributor

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

As a car guy (previously owned Porsche 911.2, BMW X5, Audi A6, LR Range Rover & Mercedes). And just leased a Aston Martin DB11.


The decision factor will have to do with your previous auto loan history, I hate to say this but unless you’ve previously leased, financed a car with a similar payment (30% jump) to the R8 you won’t get approved.
Even on a one pay (prepaid lease) as I tried doing when I was younger and did not have sufficient installment loan history with auto loans equivalent to cars I wanted I was denied with 730+ scores, and high income.

Even tried putting 20% down previously!.
Message 21 of 24
Regular Contributor

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

700s, good previous auto history, good income, good job time, 50% LTV? Yeah, VW Credit will pick you right up.
Starting Score: (5/01/2017) -- EXP: 495; TU: 445; EQ: 460
Current Score (011/01/2019): EXP: 692; TU: 704; EQ: 674

Target Red - $800
Discover It Cash Back - $2000
Discover It Cash Back - $4000
Capital One Quicksilver - $700
US Bank Cash+ Visa Signature - $2000
Nordstrom Credit Card - $2500


Available Credit: $12,000
Message 22 of 24
Established Contributor

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

I would think the rate would be about 5.9% x 60 (Try Chase bank) 6-7% on 72 mos, the VW/Audi route should be okay as well especially with your DP- maybe 5% at VW for 60-72

" EX 698 EQ 701 TU 707 MMS 705"
Message 23 of 24
Established Member

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

Hmm, well now I'm wondering if it makes sense to just stick with VW and avoid the double-inquiry of Penfed before I even show up at the door... 

 

My scores just took a fairly big jump today (now eq718/tu739/exp724) so I'm pretty confident this will work out. Hoping to see eq725/tu745/exp735-ish by the time the car shows up, which I've been told will be tier 1 VW. 

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 24 of 24
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