Chances of getting approved for $100k car loan

DimpseyCage11 · ‎08-28-2022

I'm looking to put $0 down!

Data:

credit score 710

4 paid off car loans!

1. $25,000 - 2019- 2021 - PAID OFF

2. $31,000 - Jan 2020 to July 2020 - PAID OFF and closed in just 6 months

3. $32,000 - Jan 2020 to July 2020

PAID OFF and closed in 7 months.

4. $31,000 January 2020 to July 2020. PAID OFF AND CLOSED IN 7 months.

I have some lates on my report with my credit cards and personal loans from 7 months ago!

I was sick in the hospital with COVID... I had none of my credit cards on auto pay as I did my car payments. So they got neglected for 2 months.

I'm back current and everything is back on Auto Pay. I have tried for 7 months to get goodwill and they are not working. I will just let them age off.

my question is... would the bank give me $100k for a 2021 Escalade ?

AutisticPretzel · ‎08-28-2022

With your recent 60 day lates, the amount of money you're asking for and no money down, that's going to be a tough proposition. From all of the data I've gathered, institutions may be willing to double the amount of money you have borrowed previously on auto loans but looking for a 66% increase is a big ask, especially crossing the 6 digit threshold. You'd be looking at payments anywhere between $1,500 - $2,300 depending on the interest rate. I think alot of it is going to depend on the LTV of the vehicle as well. I don't know about much about Escalades, but I do know they don't always hold their value very well, so a lender is going to be pretty hesitant to lend 100% on such a vehicle. All this isn't to say there isn't a lender who would loan to you, but I don't think it would be under favorable conditions even if you could drum up an approval.

Your best bet is to either wait and save up $10,000+ as a down payment to help with the LTV, go for an older model or simply wait for the 2021 model years to depreciate to a price point that's much more suitable to your situation. I don't know what your finances look like and understand you're not necessarily asking for advice if you SHOULD, but I'd be remissed if I didn't tell you how bad of an idea this is. Even if you are approved, you'll leave yourself with little to no room to refinance at a lower rate in the future because you'll be upside down for the life of the loan.

Creditplz · ‎08-28-2022

So your auto loan history for the majority is veryyyyy short... Jan-July.

The approval isn't there... also we never brought up your income?. What are your other debts like?.

pretzel is right... your previous auto installment loans were too low in terms of balance and payment to qualify you, the only thing I can see get an approval is if you have a mortgage.

SouthJamaica · ‎08-29-2022

@DimpseyCage11 wrote:
I'm looking to put $0 down!

Data:
credit score 710

4 paid off car loans!

1. $25,000 - 2019- 2021 - PAID OFF
2. $31,000 - Jan 2020 to July 2020 - PAID OFF and closed in just 6 months
3. $32,000 - Jan 2020 to July 2020
PAID OFF and closed in 7 months.
4. $31,000 January 2020 to July 2020. PAID OFF AND CLOSED IN 7 months.

I have some lates on my report with my credit cards and personal loans from 7 months ago!

I was sick in the hospital with COVID... I had none of my credit cards on auto pay as I did my car payments. So they got neglected for 2 months.

I'm back current and everything is back on Auto Pay. I have tried for 7 months to get goodwill and they are not working. I will just let them age off.

my question is... would the bank give me $100k for a 2021 Escalade ?