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.
Regarding hellcat purchasing
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nah lmao
750 is a very good credit score... especially for your age. You have the score so you must have credit history. If you have the income I don't know why they wouldn't loan with that score. Did you check around with other financial places? Did you talk to the dealership about credit?
bruh i really refuse to get a quack pack bro LMAO i would only keep it for like 6 months then trade it in kuz ik i will get my money back somewhat
yeah i can put down like 30k if i wanted tbh but that is a waste i am trying put down like 10-15k i only have long credit history no loan history thats the only thing i am worried about
and no I only talked to my credit union and didnt go to any dealerships yet i just dont want them to run my credit through the roof
As the Primary Name on the loan, you need to shop for the loan. You talked to your Credit Union. What did they day?
How about the Dealer? How about local banks? Let them tell you what you need to see if you can qualify.
Capital One does car loans.
You might also consider a Lease to establish a credit history.
You also need to shop Insurance Companies and get quotes on coverage.
Let us know...
yeah insurance prolly gonna be the worse for me I im really estimating about 1k a month in insurance lol
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.
Honestly, I cannot believe anyone continued replying to this thread after this was typed.
The car market isn't like it used to be. If we head into a bad recession, sporty cars will be the first things to nosedive in value.. I flipped cars for the last 2 years and I can assure you those days are over. A lot of people here refuse to accept that Hellcat's can easily drop like a rock if the economy worsens...
Don't buy with the expectation to keep your money or flip it. It's possible to not lose money but nothing is guaranteed
Nah lmao I'm 19 with a 21 charger redeye through connect insurance I pay 327 a month. If you got good grades in school show them your transcript you get a nice discount.
damn my boy did u have a cosigner? and how much did u put down if u want to disclose that
I didn’t have no co-signer or any monthly payments. Cashed it out after making some crazy money in the pandemic.
Pay every last dime you have or can borrow and get the HC!!! The end is upon us and you will never again in your life be able to experience this thrill!!! All the women will want to _ you and all the guys will want to be you!
Someone might try to tell you to put all that $ in aggressive mutual funds and you will have over a million $ by the time you are 35, but that doesn’t do crap for you NOW!
Imagine when you are old, like 40, driving your government mandated POS-EV, thinking back, I could have had the last and the best, but I walked away from it under the guise of being sensible. What good will your $millions$ be then?!?!?!
Someone might try to tell you to put all that $ in aggressive mutual funds and you will have over a million $ by the time you are 35, but that doesn’t do crap for you NOW!
Imagine when you are old, like 40, driving your government mandated POS-EV, thinking back, I could have had the last and the best, but I walked away from it under the guise of being sensible. What good will your $millions$ be then?!?!?!
Joined
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1,609 Posts
"kuz ik i will get my money back somewhat": I'll loan you all the money you need right now with nothing but that sentence as collateral.
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