Purchase Range Rover Velar-Dream Car

[Anonymous]

I am 6 years post Ch 7 BK. I had to purchase a Nissan Rogue right before my discharge and I was dinged with a 15% interest rate from Capital one.  I paid that vehicle off but I have had some credit struggles along the way by opening too many credit cards to try and rebuild my credit.  Fast forward to today and I want to purchase a new/CPO Range Rover Velar.  I have $10K as a down payment and my monthly income is $10K before taxes.  I have student loans but the payment is very nominal ($100/month) and a mortgage ($685/month).  My credit score is around 700. What do you think are my chances? Should I just wait until the end of the year when my scores have improved some?

[Loquat]

I will say that auto loans are not that hard to obtained. I'm sure you're aware as you were able to obtain one (albeit without favorable interest rate) before your BK was discharged.

With that being said, a good down payment will overcome a multitude of financial sins. I think given the information you provided that you should be okay. As you what interest rate to expect is anyone's guess.

Best of luck to you if you decide to move forward with the purchase. Do chime back in if you pick up that new Range.

[Anonymous]

Know your specific credit scores and what your bank/credit union pulls.

DCU pulls EQ Mortgage.

Visions FCU pulls EXP Mortgage.

In my opinion at around a 700 score you will qualify for the best or 2nd best rate as long as no negs post BK and BK was discharged at least 2 years ago.

I have had several car loans (many refinancing them) with DCU and Visions from 2 years post discharge.

I can only speak about what I know but find out what specific score your lender uses and find out what that score is before you apply.

[4sallypat]

I have dealt with Land Rover / Jaguar for the past 2 cars (Discovery Sport lease, LR4 finance).

Their captive bank is JP Morgan Chase Bank.

If you are going to get the Velar, make sure you pre-qualify at a CU ahead of time or use the Capital One Auto Navigator's SP offer.

The reason: LR dealers have a lot of say in how the loan is structured - mine were very fair, but I have heard of others with horror stories.

My dealer in So Cal was very good - honest, transparent, and very fair to deal with.

After I get my home mortgage done, I will be going back to them for a Defender 110.

The down is good but look at using a larger down payment as Chase likes to see 20% down minimum.

Last, one you make a new purchase, make sure you have your dealer include the 1 day LR off road experience that is unlike any other.

https://experience.landroverusa.com/?gclid=Cj0KCQiA-aGCBhCwARIsAHDl5x-GPX_VhcDYtvUBH1K_GBniH6WxI5rKF... 

This is a short video of my last experience wtih my Discovery Sport:

https://vimeo.com/256717272 

[Anonymous]

Thank you so much for your feedback.  I was thinking that I may need to bump my down payment up to $15K to ensure that I can get financing.  The 2021 model that I'm looking at is around $56K.  I'm also looking at the 2021 Jaguar F-Pace which is lower in price.

[4sallypat]

@Anonymous Yes $15K will be better.

As for best time to get one would be any month other than June or December.

Note that the Velar P250 base has a 2.0L Turbo which is a bit lacking and strains the engine at high revs.

I had the Land Rover Discovery Sport 2.0L which is the only engine type available and didn't like it = noisy, turbo lags, skittish 9sp tranny.

I'd get the mid tier Velar with P340 3L engine.

The Jaguar F=Pace is very nice but very limited in space.

It's made on the same platform as the Discovery Sport but the Jag has less off road capability.

Not impressed with the Jag compared to the Range Rover Evoque with a shorter wheelbase or the Land Rover Discovery Sport.

For $56K, you should look at the new Defender - that is a very capable SUV that I am looking at.

Also, look into an extended warranty on the RR/Jag because repairs are costly and the parts are typically flown in from the UK.

My LR4 and Discovery Sport were in the shop more days than I got to drive them!

[Anonymous]

Thank you.  I looked at the Defender but I thought it was big but if I'm going to pay that kind of money, I need to get something that I want and has a lot of space.

[4sallypat]

The Velar has the most space comparable to the Range Rover full size (not Sport).

The ride is a bit soft but for highway driving it's fine.

If you want to have a more capable car, look at the full sized Discovery HSE - it's huge and an off road beast.

I took the Discovery off road at the Experience center and was shocked that you can have a full sized SUV with 3 row seating, airbag suspension, dual speed transfer case, locking diff, and torque vectoring clutch pack.