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| 12-31-2014, 06:13 PM | #1 |
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Dealer financing... How much do they lend?
I just bought another car and was wondering what point do they say no to lending. I have good credit and a decent job but they have never verifed my income. So if I want to by a 100k car do they verify? I am not buying one I was just wondering.
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| 12-31-2014, 06:33 PM | #2 |
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They will look att debt/income ratio, payment history, time, etc.
When someone has a good credit, and have a good history of payment with certain banks, they usually will approve it within certain amount.
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| 12-31-2014, 06:39 PM | #3 |
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its all up to the bank. if you make $50k a year then chances are you are going to have a hard time getting a loan for a $100k car. also depends on if you are financing how much the car is actually worth.
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| 12-31-2014, 07:30 PM | #4 |
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Was this at a BMW dealership? BMWFS did not verify my income when I was approved. Basically I could have had any car on the lot up to maybe $70-80k but my wife and I were already settled on the e84. Credit is key and having a consigner can usually get you over the hump.
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| 12-31-2014, 08:15 PM | #5 |
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It was bmwfs. We have a mini loan through them too. I could have said I made 200k a year they never Verified, but no one ever has including Penfed. I bought an e84 so it was cheap. Just wondering if I wanted an m3 if they would have checked.
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| 12-31-2014, 08:20 PM | #6 |
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They usually don't check. Normally they just go off of your credit, the company you work for and your position. If you were to put $200k as a customer service rep at McDonald's no one is going to believe you. There could be a database where they could do a quick check as well, who knows.
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