idk if this is the right place for this but maybe you guys have some answers. So I just turned 20 and have about a 750 credit score. And I am looking to get into a hellcat money isn't the problem at all for the hellcat its just me being able to get into the hellcat with credit approval. So I have no car credit history or no loan history just credit lines. I have a credit union etc but they told me they dont know if they can just hand me a 60k - 70k loan on a car being a first time buyer. I was thinking should i just get a car loan on a cheaper car and pay on it for about 6 months then fully pay it off so i can have that car loan history. Then get rid of it then jump into the hellcat without any approval problems? Plus i will have a co signer for the hellcat.
You say you have a cosigner for the Hellcat... that is until they see the terms they're agreeing to. I don't know anybody would would sanely cosign for anybody's Hellcat, especially a 20 year old with no purchasing history. Remember that a cosigner is on the hook if you don't pay... but they're also on the hook if you wreck it and for the amount of any gap between the totaled value and the loan amount should you not be able to afford that lump sum.
But, someone who has never owned a car before also has no idea what they're in for with a Hellcat. You say money isn't a problem. If so, pay cash for it. Wait, so money IS a problem and you need a loan? If you're only paying 60k for a Hellcat, it's likely used and no longer under warranty. Well, that's a 60k list price but after taxes and loan fees, that's going to be something like an $80,000 car for you at maturity. Also be ready for things like expensive repairs, $4,000 brake jobs, $300+ per month for gas, and so on. I've said it before, but affording the monthly payment isn't the most expensive part of Hellcat ownership.
That would be the mortgage on the house that has the garage you need to keep it in. No house, no garage? Don't buy a Hellcat. Young people are dumb. It comes with the age. You folks like to buy these types of cars to show off to your friends, show off at car meets, go IG famous. Everyone will know you have one, and lots of people will know where you park it. If it's parked outside, it will very likely get stolen (because these cars are tech dumb and have practically no functional anti-theft system that actually works).
Also look into your insurance costs. At your age, the insurance will likely be 50% the cost of your monthly loan payment.
In summary, you want a Hellcat... but you won't be able to get a loan for one (even with a cosigner) until you're likely closer to 30. To easily qualify for a $60,000 loan, you're going to need to be making a shade over $100,000 with a spotty credit history. It takes a lot longer than 6 months to build credit. For a purchase of this magnitude, they're going to want to see 5-7 years. Thus, there's almost a 0% chance of you getting a Hellcat unless you pay cash.