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What's the maximum amount that lenders will give on a car loan?
I want to buy a brand new electric Hummer, but the price is over six figures. Is there a maximum amount that a lender will give for a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
An electric Hummer sounds very cool! Typically, lenders don’t have a maximum amount for
car loans
since each loan is based on the buyer’s credit score and income. Let’s say that a person has an 800 credit score and makes $35,000 a year and another person has a credit score of 690 but makes $200,000 a year. The person making $35,000 might get a better interest rate, but the person making $200,000 might get a higher loan limit.Since you want to get a brand new Hummer, you’re going to need high income, a solid credit score, and a debt-to-income ratio below 43% to garner consideration. Keep in mind that getting a car loan for this amount can also have some negative effects, such as:
- Paying a ton in interest
- Being upside down on the car loan
- Running the risk of the car warranty expiring before you pay the loan off
Furthermore, you’ll be responsible for keeping full coverage car insurance on the electric Hummer for as long as you own the vehicle. This can be expensive, especially if you don’t shop around. To find the best coverage for your new car, use the
Jerry
app. Jerry gathers personalized quotes from top insurance providers to find you the best rate and coverage. View full answer
- Gregory R.
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