Advice Needed: $100k auto loan for someone with no loan history?

[NemesisX]

Originally Posted by Litos

frugality will go out the door as soon as he signs the papers on a $100K car lolololol......

Yep that's exactly why net worth is so important here. In the absence of loan history having a nice income is fine but as far as the bank is concerned talk about this guy living below his means is just that - talk.

Net worth, however, says much more about a person's loan-worthiness in the absence of loan history.

And judging by the first post the person in question (independent, just out of school) probably doesn't have the net worth to justify this loan at such a young age but I could be wrong. Maybe he got lucky in the stock market or something lol

[Devious21]

Maybe see if he can persuade someone to co-sign? Offer them something to make it worth the risk.

[Never Convicted]

You should cosign the loan for him. What are friends for? You know him so well...he's good for it.

[RandomHero]

Thank you to those who offered useful advice or valuable food for thought.

To the others- I'm sorry you find the situation ludicrious. That is something I cannot control, nor do I intend to.

[dtwyim]

So, he is going to park a GT3 at his rental place?

I think there is a reason why he cannot get the $, because financial institution knows better.

GT3 is a toy IMO. Pay off his house and then get his toy.

[US///M3]

I need a car loan, bitch!

[Litos]

Originally Posted by US///M3

I need a car loan, bitch!

aahhh - looks like someone is taking advantage of this Breaking Bad Marathon like I am

[US///M3]

Originally Posted by Litos

aahhh - looks like someone is taking advantage of this Breaking Bad Marathon like I am

[Malibu1]

Good luck getting insurance on a car like that at age 23.

[BayMoWe335]

If this is all true, he should:

1) be smart enough to figure this out on his own.

2) if he's not smart enough and he's really a "client" of yours, you should be smart enough to figure this out as an affluent person's advisor and not ask on a car forum.

Btw, lol.

[mike the snake]

If he offers a substantial amount of cash he should be able to finance some of the amount.

That's what I did, with crap for credit and no loan history, I paid most of the amount for the car in cash and they were more than happy to finance the difference.

I paid off the loan perfectly, made every payment on time, and the next loan I got on my latest car I got a much better rate and was able to finance more of the amount.

I'm no expert, but I don't see any bank offering a loan for the full amount unless they have collateral, like the full amount in a secured account, or most of the amount paid up-front.

[NemesisX]

Originally Posted by Litos

aahhh - looks like someone is taking advantage of this Breaking Bad Marathon like I am

I'm on my second run through of the series

[jlstyle]

lol... boys with 7500 per month asking for 100k loan just makes me lol... fresh out of college making just close to 100k salary thinks they are all that to afford a car with crazy loan. First of all, nobody will give him a loan for 100k FOR the car. He probably wouldn't even qualify for a house mortgage these days due to lack of salary history, let alone much riskier auto loan. He could probably qualify for a auto loan from the manufacturer's financial service with heavy downpayment.

[khanhdom]

this is just terrible advice from you as his adviser or whatever you are doing for him.

sounds like he's just been working for a year or so considering he's only 23. banks need work history in addition to the car loan history also. $7,500 might sound like a lot to a newly graduated student, but that's not much at all after taxes, bills, life, etc.

How can he be frugal and decide to splurge on a $100k+ car? lol...what if he gets his gf pregnant and then she can't work, and there's an added expense.

Any who he needs to make a considerably big deposit, at least 50% before a bank would possibly even discuss with him. I have 2 car loans before, as I usually just buy cars in cash, but I had to build up my car loans and was able to get a more expensive car after I perfectly paid off the cars.

good luck to whatever he does but he's going about it the wrong way after just graduating and making some decent money.

[P1]

Originally Posted by jlstyle

lol... boys with 7500 per month asking for 100k loan just makes me lol... fresh out of college making just close to 100k salary thinks they are all that to afford a car with crazy loan. First of all, nobody will give him a loan for 100k FOR the car. He probably wouldn't even qualify for a house mortgage these days due to lack of salary history, let alone much riskier auto loan. He could probably qualify for a auto loan from the manufacturer's financial service with heavy downpayment.

His income is not $7,500 a month. We do not know his income. All we know is that his *discretionary* income (which is after taxes) is $7,500. In other words: play money.

[///McRae]

I love these kind of threads.

[chillbil79]

Originally Posted by BayMoWe335

If this is all true, he should:

1) be smart enough to figure this out on his own.

2) if he's not smart enough and he's really a "client" of yours, you should be smart enough to figure this out as an affluent person's advisor and not ask on a car forum.

Btw, lol.

+100000

Was waiting for someone to say this.

If you can't figure this out and need help on a bmw forum I feel bad for you son.....I have 99 problems but MY loan ain't one.

[E90-F30]

Advice:

1. Tell him to go buy a used car (under $20K) and finance it. (Establish credit)

2. Then step up to a better car, finance it, and pay your bills every month. (Maintain and build credit)

Repeat this process.

This is what most of us did to have the cars we drive today, no one can just walk in a bank and get a $100k loan without proof of paying loans back, regardless of income.

When he's 35 he'll realize the GT3 is just a toy, and he'll purchase an M5.

[jlstyle]

Originally Posted by P1et

His income is not $7,500 a month. We do not know his income. All we know is that his *discretionary* income (which is after taxes) is $7,500. In other words: play money.

Apparently this thread is about a loan and discretionary income is all bank cares for. They don't care how much he makes out of his W2 and 1099.

[Gladius]

Spends no money and only plays video games in his spare time
but
Selling track motorcycle with 100 track hours on it.

[Litos]

Originally Posted by khanhdom

this is just terrible advice from you as his adviser or whatever you are doing for him.

sounds like he's just been working for a year or so considering he's only 23. banks need work history in addition to the car loan history also. $7,500 might sound like a lot to a newly graduated student, but that's not much at all after taxes, bills, life, etc.

How can he be frugal and decide to splurge on a $100k+ car? lol...what if he gets his gf pregnant and then she can't work, and there's an added expense.

good luck to whatever he does but he's going about it the wrong way after just graduating and making some decent money.

this guy gets it.....

[pacman.defense]