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Had a questions in regards to financing a $180K slightly used car.

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Member

Had a questions in regards to financing a $180K slightly used car.

I have been wanting to buy a slightly used $180k car. I have cars that I have been looking at. My question is do the banks look at anything different when financing something that cost that much. I have financed a Range Rover that was a little over 100k, a 70k BMW, a 100k Porsche. I want to be prepared to walk into the dealership with what they need and not waste anybody's time. I don't want to spend a whole lot on the down payment most likely around 10%. I have considered the value of the car from NADA and compared it to the asking price. I feel if the asking price is $10k less than the NADA value then I should be good at securing the car with a downpayment of 10%.  I make close to 400k and my credit scores are all above 700 I am hoping that my credit scores are all above 760 by the time I am ready to buy in a few months. If anybody has insights on this that would be helpful. Also if anybody knows some good lenders.  Thanks. 

AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
9 REPLIES
Super Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

My CU wouldn't finance that much regardless of what your credit score was.  In any case I would check a local CU and see if they finance that much and they may also pre-approve you as well then.  IMHO your income, DTI has more to do with the amount they will finance then your credit score.  Credit score affects interest rates.

06/23/2018: FICO 830 EQ 827 TU 824 EX
Message 2 of 10
Member

Re: Had a questions in regards to financing a $180K slightly used car.

Thanks that makes a lot of sense...
AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
Message 3 of 10
Valued Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

With that income you should be in private banking. With private banking and scores over 700 you usually can get by with murder.  When I was with private banking I  have walked in with no docs and walked out with a $50K loan in 15 minutes unsecured 

Message 4 of 10
New Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

Hey 7609IJGR, I wanted to check in with you and see if you had any success on the loan. I'm looking at purchasing a used car in the same price range in the next year. I've read online that DCU goes that high and will loan above 100% of the value of the car, but I don't have any personal experience with them. I believe Alliant Credit Union will also go that high and I'm using them currently for a $112,000 Tesla loan. 

Message 5 of 10
Member

Re: Had a questions in regards to financing a $180K slightly used car.

I am currently going through the process with DCU. They asked me to email them paycheck stubs so I emailed them a PDF format of my pay stubs and the customer service rep stated that she could not accept the file because she stated that I could have altered my pay stubs. Which was kind of odd because they have my credit report and can see that I have owned a million dollar house for 10 years and financed over 200k in cars, etc... So I am not sure how I could pay for everything on fake pay stubs. Lol So I had to print them out and fax it to them. So we will see if I get the loan.
AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
Message 6 of 10
New Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

That's so weird. It's not like you couldn't still edit, print out and then send to them. Lol. I always thought those banks didn't/couldn't verify income anyway. 

 

Good luck on getting the loan! Definitely keep us posted on the outcome. By the way, what are you buying? 

 

 

Message 7 of 10
Member

Re: Had a questions in regards to financing a $180K slightly used car.

Orginally I was going to buy a Mclaren 570s or a Gallardo performante, but I found a really great 1 owner 4100 2014 gallardo with minimal clutch wear for around 150K asking. So that is was I am acutally going for which is a lot less than I originally thought I was going to borrow. 

AMEX PLATINUM, AMEX EVERYDAY CARD, AMEX PLATINUM BUSINESS, AMEX BUSINESS DELTA PLATINUM, AMEX SIMPLYCASH, CAPITAL ONE VENTURE, CAPITAL ONE PLATINUM, CAPITAL ONE QUICK SILVER, WELLS FARGO PLATINUM, DISCOVER IT MILE
Message 8 of 10
Regular Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

I don't have any advice but just wanted to say good for you for whatever you do for a living and good to see you are enjoying it. I'm a huge McLaren fan, I say get a P1 haha Smiley Happy 

 

Good luck in your search and Please post pics when you find your next car 

Current Score: EQ 675 | TU 674 | EX 678
Starting Score: EQ 616 | TU 614 | EX 585 (02/18/2018)
Goal Score: 700
Message 9 of 10
New Contributor

Re: Had a questions in regards to financing a $180K slightly used car.

Awesome, the Gallardo is a badass car. Post some pictures when you get it!

 

I was thinking about the 570S myself. I've got a (current) short list of the Audi R8 V10 Plus, McLaren 570S and Porsche 911 Turbo S. 

Message 10 of 10