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Is it possible to get approved for a $75,000 car loan?
I want to buy a new Chevy Corvette, but I'm going to need a loan to do it. My income is about $65,000 per year and I have a credit score of 800. Can I get approved for a $75,000 loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Corvettes are pretty amazing—but can you get a $75,000
car loan
for one? The short answer is maybe. It’s all dependent on your income, credit score, and current debt-to-income ratio, as well as the discretion of the lender.Let’s say that you have your phenomenal credit score of 800 and want a six-year (72-month) loan. With a realistic 4% interest rate over 72 months, you would be paying $1,173 a month. Add on car insurance, which could be $200 a month or more for a luxury car, and you’re looking at around $1,400 a month.
That’s nothing to sneeze at—so make sure you’ve budgeted out all the costs that come with owning a Corvette before you apply for the loan. If the loan payments don’t tip your debt-to-income ratio above 43%, though, you should be able to get approved.
If you decide to pull the trigger, it will be important to find the best
car insurance
rates for your new Corvette. With the Jerry
app, it’s easy as can be to compare dozens of competitive quotes and switch providers.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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