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How can I get approved for a $70,000 car loan?
I want to buy an Audi A8, but I'm concerned that I won't get approved for a car loan. I currently make $100,000 per year and have a credit score of 800. I know that's all good on paper, but I'm looking for a loan in the ballpark of $70,000, and so I'm a little concerned. Will I get approved for this loan? How can I increase my chances?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on your imminent purchase, and on your taste in cars! You’ll probably get the loan based on your credit score and income, but these aren’t the only determinants when getting a loan.
Your current debt-to-income ratio is equally as important. Generally speaking, this needs to be at 43% or less to garner consideration for the loan.
You should also attempt to make a down payment of at least 20%. This will reduce the amount of interest you pay over the loan, as well as increase your chances of getting approved for the
car loan
.Keep in mind that you also need full coverage car insurance as a stipulation of your loan, so factor this into your budget. To get the best rates for your coverage, check out the the
Jerry
app—we’ll get you personalized quotes from top-of-the-line providers so you know that you’re getting the best deal on the coverage you need!Once again, good luck with the loan, and enjoy your new ride!
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- Gregory R.
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