Need Help Figuring Out Hellcat Approval

[timshifty]

I am trying to work on my credit and for a down payment on a Challenger Hellcat. My question is can someone who works in the industry or who has a good idea tell me what credit score will me and my co siger need and what type of down payment will I need. I wouldnt mind doing a lease to start off but I am open to all options.

I have been looking around on Carvana so I know roughly what down payment I would need to get one on there but thought maybe a lease would be easier.

I can provide whatever information you will need

Thanks

[Creditplz]

ummmm a lot depends on an approval... let's start off with the most important thing, will this payment throw you into red DTI?. (debt to income %). 

also do you have ANY previous auto loans? Installment loans such as mortgage?. Does your Co-Signer have any?. cause if you have previously paid Auto or a mortgage that's been on time 12+ months and income can support the loan.... even with a 630 Any F&I manager will get you approved 

OP, I see a semi recent post from 2020 where you stated your mom had repos so I hope this isn't your co-signer... cause with multiple repos and collection/CO accounts this will be an impossible approval even for crystler capital and they will laugh at you similar to the post from 2020 when they pull credit... 

I used to work BDC & Floor at a dealer and can tell you when someone comes in asking how much DP for X vehicle.... most salesman lose interest cause we know the signs of a lead that won't close which means no commission.. 

[timshifty]

I lack knowledge here so I will answer the best I can. I have no idea about DTi that you mentioned.

Neither one of our credits are very good. Mine has a repo from capital one that will fall off Oct 2022 and a few other issues not to mention student loans. My co signer has 3 repos with one falling off the same time from capital one. They also have some other credit issues including collections and such.

Now I do have some good news. Me and my co signer have had a car loan with a spotless payment history for the last 17 months. I also have an opensky credit card with on time payments for the last 5 months. As for income we have a combined income of $46,800

[Brian_Earl_Spilner]

DTI is debt to income ratio. You add up all your payments due every month like mortgage/rent, student loans, and credit cards then divide by your monthly pay. 40% is generally the cap for most lenders. Based on what you've told us about your credit so far, you'll probably need a significant down payment because that monthly payment is going to be about a grand depending on the rate and term.

[madmann26]

I think the issue your're going to have is that you don't have a thick credit file and what credit you do have is tainted.

Your focus should be on cleaning up your credit (1st) while saving for a down payment.

[timshifty]

Any idea how much down I am going to have to save for?

I think I have done all I could for my credit. I have been working on it for several months.

[madmann26]

Often times it takes years to repair the damage we've done to our credit files.

You're looking at at least half of the cars amount for a DP and even then, it might not be enough.

Another issue is going to be income. Depending on the cars cost and your other bills, you don't have enough income.

[Creditplz]

Yeah OP unfortunately even with the last auto being all time.... too many repo's & credit challenges to see a decent approval... once you factor in Title&tax/delivery fees you'd be putting down 30-50% of the car as down payment with a high rate... 

also in my experiences from a buying perspective & car sales prospective.. leasing is generally a harder approval then financing as I can get you in with Santander @ 20% APR but I can only pitch you to our captive lender for leasing

[pizzadude]

Not sure what you're currently driving but this will be a very expensive car to insure, so you should also consider this in your budget.

[SouthernCredit]

I think it would be helpful for OP to post his current scores, derogs, income, etc so we have a better idea of what he's looking at.