Do you think I’ll be approved for an 80k car loan or able to lease the car?

[Jay01]

I want to purchase or lease a 22 charger hellcat. My score is 720 but I'm 18 with a years worth of credit history (started early at 17) and I make around 100k per year

Here's the cards that I have 

Cap one -300

credit one-300

Michigan United Credit Union -1000

Air force federal -1000

*all with 1% utilization*
I have had 3 auto loans since I turned 18 in November 

first car was a 2019 Honda Accord 13%apr and I put 1k down 

second car 22 Honda Civic 

2.2 apr through AFFCU and nothing down

3rd car Honda Civic 

8% apr through nfcu nothing down 

I made payments on all the cars for about 4 months and sold the 2 civics and kept the accord because I made some extra money off the two. 

now I want to get the hellcat and I'm not trying to put 10%-20% down to finance I just want to lease and put 1k-2500 down. 

what do you think my chances are on getting approved for a lease through Chrysler cap or ally and also with credit unions for a loan?

also if you guys know any credit unions that's generous with their loan amount and lenient please let me know. 

[chiefone4u]

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@Jay01 wrote:

I want to purchase or lease a 22 charger hellcat. My score is 720 but I'm 18 with a years worth of credit history (started early at 17) Here's the cards that I have 

Cap one -300

credit one-300

Michigan United Credit Union -1000

Air force federal -1000

*all with 1% utilization*
I have had 3 auto loans since I turned 18 in November 

first car was a 2019 Honda Accord 13%apr and I put 1k down 

second car 22 Honda Civic 

2.2 apr through AFFCU and nothing down

3rd car Honda Civic 

8% apr through nfcu nothing down 

I made payments on all the cars for about 4 months and sold the 2 civics and kept the accord because I made some extra money off the two. 

now I want to get the hellcat and I'm not trying to put 10%-20% down to finance I just want to lease and put 1k-2500 down. 

what do you think my chances are on getting approved for a lease through Chrysler cap or ally and also with credit unions for a loan?

also if you guys know any credit unions that's generous with their loan amount and lenient please let me know. 

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It's hard to say what terms if any you'd be offered.

I think based on what you've shared, your provable income and length of employment are going to be your biggest hurdles; followed by a relatively young, thin credit file.

Maybe check their pre-qualification site https://apply.chryslercapital.com/applyprequalification.aspxhttps://apply.chryslercapital.com/applyp... it's a SP... it will give you an idea, but nothing guaranteed... the dealership you enter, or the one closest to your zip code will likely call you shortly after completing the pre-qualification application.

[Jay01]

ok thank you!

[TattnallTrio]

I think you have a good chance! You may be asked for proof of your $100k income but you have some established car credit. 10% down will definitely help!  The interest rate will be based off your credit score, which you've told us is good & I think a final thing they'll consider is your monthly "payment to income ratio"   Thankfully this is figured by your gross (pre taxable income) 

Let us now how it turns out. 

[Jay01]

That's what I was thinking and if I decide to lease it won't be the whole 80k more like 35k worth of payments so it should be easier to lease. Thanks you!

[mross1080]

As someone who buys and sells cars like crazy Im going to be completely honest with you. There is an almost ZERO chance of getting approved for a lease for a Hellcat. Finance maybe at a highish rate. Also before you get your heart set check you insurance rate for the car. Its most likely several thousand for the year.

[TRC_WA]

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@mross1080 wrote:

As someone who buys and sells cars like crazy Im going to be completely honest with you. There is an almost ZERO chance of getting approved for a lease for a Hellcat. Finance maybe at a highish rate. Also before you get your heart set check you insurance rate for the car. Its most likely several thousand for the year.

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I'd agree with this.  Insurance rates for a 800hp Hellcat for an 18 year old?  Yeah, please post back with that quote because I'd love to hear it.  Same goes for the interest rate on financing...  super high risk vehicle for an 18 year old and those are the facts.  You are literally wanting to go from financing a Civic to a Hellcat... I just don't see it happening with such a  young file without a massive down payment.

On a side note OP... I totally get the "I'm 18 and I wanna have the meanest muscle car on the planet" thing... I've been there.  However... there is sooooooooooooooooo much unusable horsepower on the street with the Hellcat it's not even funny.  I'm a Challenger owner... first a 2015 R/T 375hp and now a new 2022 Scat Pack widebody 485hp.

Every review I saw said unless you go to the track every weekend the Scat Pack trim is the better buy and better daily driver... and is $30k less... and still does 0-60 in the low 4's.

Let us know how it works out with the Hellcat.  Good luck!  

[Jay01]

I'll most definitely post an up I'm going start the process the beginning of next month the car still has about another month and half in production. I had a 392 Daytona when I was 17 and got rid of it last year November insurance was 128 in Michigan so I don't really see the hellcat being too much more to insure. I'm leaning more towards leasing because your not leasing the total price of the car just whatever value your payments would add up to. The scatpacks are really good daily's but sometimes the power is just not enough I barely could get mine to go over 170 lol

[Jay01]

Also how are you liking the scatpack?

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@TRC_WA wrote:

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@mross1080 wrote:

As someone who buys and sells cars like crazy Im going to be completely honest with you. There is an almost ZERO chance of getting approved for a lease for a Hellcat. Finance maybe at a highish rate. Also before you get your heart set check you insurance rate for the car. Its most likely several thousand for the year.

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I'd agree with this.  Insurance rates for a 800hp Hellcat for an 18 year old?  Yeah, please post back with that quote because I'd love to hear it.  Same goes for the interest rate on financing...  super high risk vehicle for an 18 year old and those are the facts.  You are literally wanting to go from financing a Civic to a Hellcat... I just don't see it happening with such a  young file without a massive down payment.

On a side note OP... I totally get the "I'm 18 and I wanna have the meanest muscle car on the planet" thing... I've been there.  However... there is sooooooooooooooooo much unusable horsepower on the street with the Hellcat it's not even funny.  I'm a Challenger owner... first a 2015 R/T 375hp and now a new 2022 Scat Pack widebody 485hp.

Every review I saw said unless you go to the track every weekend the Scat Pack trim is the better buy and better daily driver... and is $30k less... and still does 0-60 in the low 4's.

Let us know how it works out with the Hellcat.  Good luck!  

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[TRC_WA]

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@Jay01 wrote:

The scatpacks are really good daily's but sometimes the power is just not enough I barely could get mine to go over 170 lol

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@Jay01 wrote:

Also how are you liking the scatpack?

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I think that's the difference between you and me...   I'll never do 170 in this car.  I actually saw a video of a guy on the autobahn in Germany take it to max speed... which was 183 mph.  Insanity.

For me the Scat is an amazing daily.  I upgraded from the 5.7L R/T.  The 6.4L Scat has more than enough power to pass at will... and a very comfortable ride.  Hellcat and 800hp isn't necessary because this car does everything I need at 485hp but as I've already said if I were 30 years younger like you are I'd probably feel the same way you do.  

Let us know what happens!