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Discussion Starter · #1 ·
With the seemingly ever changing prices of what the Hellcats are being sold for, I'm curious how much your bank was willing to finance for the ones of you that have picked your Hellcat up.
 

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I would have venture to say they won't finance anything over MSRP. They don't want to loan someone $85,000 on a $60,000 car, too much risk.
 

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Banks won't normally write a loan over 95% of the MSRP of a new car. Of course, that's subject to change depending on your relationship with your bank or CU. If you have a half-million dollars in CDs on deposit with your bank, they may make an exception. LOL!
The greater the loan to value is, the more likely they are to make a loan - even if the numbers are marginal. If you're looking to borrow $40,000 on a $65,000 car, chances are you're not going to let it go into default.
As a former underwriter, I can tell you that the credit report / history is very important, as is length of employment and income level. The bank looks for stability, and a willingness/ability to repay. While the underwriters have "guidelines" for lending, they can and do make "exceptions" based on individual situations.
 

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Banks won't normally write a loan over 95% of the MSRP of a new car. Of course, that's subject to change depending on your relationship with your bank or CU. If you have a half-million dollars in CDs on deposit with your bank, they may make an exception. LOL!
The greater the loan to value is, the more likely they are to make a loan - even if the numbers are marginal. If you're looking to borrow $40,000 on a $65,000 car, chances are you're not going to let it go into default.
As a former underwriter, I can tell you that the credit report / history is very important, as is length of employment and income level. The bank looks for stability, and a willingness/ability to repay. While the underwriters have "guidelines" for lending, they can and do make "exceptions" based on individual situations.
I financed through Chrysler and had nothing down so, after the GAP insurance, interior/exterior treatment and tax, I was about $5k over MSRP. They didn't have a problem doing it for me. Credit Union was not so agreeable...
 

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I financed through Chrysler and had nothing down so, after the GAP insurance, interior/exterior treatment and tax, I was about $5k over MSRP. They didn't have a problem doing it for me. Credit Union was not so agreeable...
Right. Chrysler/Chrysler Financial doesn't make money if they don't sell cars. They'll be far more cooperative with buyers than banks/CUs that have shareholders/members.
 

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I had heard somewhere that most lenders (not Chrysler, but banks) don't want to finance an amount above the dealer wholesale cost, because if something happens, and they have to repo, they don't want to eat a loss, or at least they want to minimize any chance of loss; But, if the credit rating is high enough, they will probably give you as much as you need!
 

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I got pre approved through Chrysler capital for $80k. But I've been on my job over 25yrs have an credit score over 800 and earn six figures, all a factor.
 
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Discussion Starter · #10 ·
I was pre approved through a bank for over 80k. Would have covered the car, extended warranty, gap insurance, paint protection, etc. I put 15k down so I didn't need that much. Credit score is over 750, make 6 figures, so I'm sure it's mainly dependent on those factors.
 

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Discussion Starter · #14 ·
Which banks or finance companies do 84 months? Never done that long on a car loan but looking to do it on the hellcat.
Got my loan through PNC Bank.
 
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My local credit union will do 2.99% @ 84 months.. I am thinking I'll do that. I tend to keep my vehicles a long time
 

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My credit union approved me for 60k loan. But like someone said, it depends on credit history, work history, etc.
It all depends on your credit rating and everything that is included in the rating score. Banks will loan as much as you want provided they are sure you'll pay it back
 
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