Challenger SRT Hellcat
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.
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...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.
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.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...
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 backMy credit union approved me for 60k loan. But like someone said, it depends on credit history, work history, etc.