Odds of approval from Audi financial services

[Axeoms]

Currently looking to upgrade to an Audi R8. FICO score has a large range from 660 on Experian to 702 on Equifax. Was wondering how hard it is to get approved through Audi financial services specifically as a younger buyer and if it's any easier or harder compared to a normal lender. I have a paid off auto loan of 40k through BMW financial services and currently have a 107k loan through BMW financial. After my down payment (10k) I'll be carrying around 10200 in negative equity into the R8 because my BMW is a 2025. My current credit card utilization is 9%, I've never had any missed auto loan or credit card payments however I've only had credit for a total of 5 years with an average credit length of accounts being 2 years 8 months. My only loans ever are the paid off 40k BMW and my current BMW that was 107k when I first got it. After negative equity and all the taxes and fees the R8 comes out to exactly 175k out the door. My income is just under 160k a year and and current DTI without the vehicle is 4%. What are the odds I'm approved for this loan? I was approved for my current BMW with 0 down however I had a strong history with BMW financial services. 

[pizzadude]

Moved to Auto Loans

[sccredit]

A loan amount at 110% of annual income is going to be extremely difficult for any lender to approve

[Axeoms]

That was one of my worries. Despite the monthly payments only being 20-25 percent of my monthly income I know lenders look at the whole picture not just monthly DTI

[CreditCuriosity]

Agree going to be hard to get approved and likely not the best financial move either but I speculate you aren't looking for that advise.   Might take some cash down so you have skin in the game.  Why is FICO just at 690-700 if no missed payments and low CC utilization..  Something else is keeping them a bit down.

[Axeoms]

Low credit age as well as high amount of hard inquires. My utilization was just paid down 30 days ago as I used the CC for my business. My current business revolves around vehicles and they make me money therefore I'm not worried about the vehicle paying for itself however this is the first major auto loan I am attempting to receive as my other vehicles were paid cash. The BMW I currently have was financed and is a high dollar value but I've had good history with BMW financial and previous was employed at a BMW dealership so I had strong affiliations with them and was never worried about an approval. 

[FlaDude]

---

@CreditCuriosity wrote:

Why is FICO just at 690-700 if no missed payments and low CC utilization..  Something else is keeping them a bit down.

---

I noticed that too (OP said 660-702 range), even with short history that seems low for no derogs and low UTI.

[Axeoms]

Util was as high as 60% not too long ago and my score was around 610 before after averaging the 3 scores out. I paid off a huge chunk of my cards and after paying most of it off the score jumped significantly however experian is still slightly behind the other 2 scores. I figured now would be a good time to add to the business fleet however it seems I should pay off the cards to 1% util and save for a higher down payment since it's looking like my current approval odds are unlikely. 

[CreditCuriosity]

---

@Axeoms wrote:

Util was as high as 60% not too long ago and my score was around 610 before after averaging the 3 scores out. I paid off a huge chunk of my cards and after paying most of it off the score jumped significantly however experian is still slightly behind the other 2 scores. I figured now would be a good time to add to the business fleet however it seems I should pay off the cards to 1% util and save for a higher down payment since it's looking like my current approval odds are unlikely. 

---

Get rid of negative equity and your chances will be a lot better and get a more favorable rates in todays already high rate environment. Guessing with scores will land around 7-8% dpending on loan term.  Likely take some money down and getting rid of negative equity in current BMW.

[KatzNDawgs]

You mentioned you are young, though I don't know how young. Your income is pretty nice, I don't know if this is employed or your own business. As one with my own youngsters, I just wish to counsel some flags I note with your post of multiple high-ticket depreciating assets (cars) sounds like a possible behavior path that may negatively affect your finances in the future. Please make sure that you include actively contributing to future you in retirement funds (at least 15% pre-tax) before considering disposable income for fun cars.

My son is 20 with currently 1 CC  7 months of age, two more HPs on account for the CC's incoming to make his 3. EQ Fico 8 at 735 including the HPs reported but not the new accounts yet. He will get a SSL soon in addition, so I also question the lower score you have considering your history. As a parent, I want to make sure you don't make mistakes that may amplify negative effects on future you with current wants. Even if you *can* qualify for a loan, please consider if this is the right use for your hard-earned money considering another car worth (at purchase time) more than your annual income.