Will I get approved for $130k auto loan?

[Nan425]

I am planning to purchase a $270k G3 mercedes but am not sure if I can get approved. Which lender will approve a loan this size with this profile? Below are my stats:

Annual income: $160k plus $48k bonus

Student loan: $350

Mortgage: $2400

Negatives: I have 4 charge offs from 2019 that will fall off Jan 2026. Ex and Tu have removed a few early.

No credit card debts. But have 6 credit cards with about $110k revolving available credit.

[FicoMike0]

What are your scores?

Your dti looks ok, at least before the car loan. If your putting $140000 down on a $270000 car, id think you have a good chance, depending on scores.

Ive never had a car payment bigger than my mortgage, makes my head spin.

Looks like a good vehicle to take on safari.

[Lykasigh]

Based on the information you provided, it does seem attainable to get approval for a $130k auto loan; however, there are some considerations. Your annual income of $160k plus a bonus of $48k is strong, helping to keep your debt-to-income ratio (DTI) within range; lenders generally scrutinize this. The $2,400 mortgage and $350 student loan payments are reasonable given your income.

You have no credit card debt and have also been offered $110k in available credit. This is a positive indicator (low credit utilization). The 4 charge-offs from 2019 could be a red flag; however, the fact that some have already fallen off helps. In terms of your overall creditworthiness, lenders will be somewhat flexible if you have a good credit score.

Consider looking into major banks (Chase, Wells Fargo) or local lenders who are willing to make loans of this size. Interest rates will likely be higher, but you should get approval, especially if your credit score is strong. Just make sure you are comfortable with the terms and/or rates of the loan.

Good luck with your purchase!

[GZG]

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@Nan425 wrote:

I am planning to purchase a $270k G3 mercedes but am not sure if I can get approved. Which lender will approve a loan this size with this profile? Below are my stats:

Annual income: $160k plus $48k bonus

Student loan: $350

Mortgage: $2400

Negatives: I have 4 charge offs from 2019 that will fall off Jan 2026. Ex and Tu have removed a few early.

No credit card debts. But have 6 credit cards with about $110k revolving available credit.

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what is your auto loan history on your report? 

[FicoMike0]

I would be looking to Benz for financing. They clearly are motivated to make the loan.

[Nan425]

My scores are:

TU: Fico 776

EX: Fico 740, Vantage 810

EQ: Fico 765, Vantage 810

I had one $65k car loan paid in full 5 years ago. 

[LINYGirl]

OP we're in similar scenarios. I was going to make a thread asking if anyone has had a DCU auto loan over $100K. I'm considering a new G as well. I bought my last G550 in 2018 and $65K loan was paid in full. At the time I used Sperry FCU & shortly after they were acquired by PenFed. I would try DCU. I've read on the forum that they have no lending limit on auto loans and are an overall great CU. I called today and a loan rep confirmed they they don't have a lending limit on auto loans but over $100K requires additional review. I asked if there were any specific criteria they disclosed for explained DTI less than 10% and a certain credit score and she said it's at underwriting discretion based on their confidential guidelines. 

[Creditplz]

Do you have comparable auto loans? If you don't have something similar on payment, I can see this getting denied by the captive lender (MBFS), probably picked up by another lender the dealer works with, based on the down payment.

[cashorcharge]

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@Creditplz wrote:

Do you have comparable auto loans? If you don't have something similar on payment, I can see this getting denied by the captive lender (MBFS), probably picked up by another lender the dealer works with, based on the down payment.

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I was thinking the same thing @Creditplz 

Yes the dealer is motivated....but not sure how much MBFS would be without comparable auto loan balance history behind you.

It's been a bit since the OP posted.  Keep us updated...Thanks

[Nan425]

The last auto loan I had was $65k paid in full several years ago.