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Loan for Audi

Micron surbhs
Feb 5

I am single and earning 100k+ but need a loan for my new Audi A5. Any suggestions? Have already been rejected from some banks I have applied loan at for 65k. Credit score 720+.

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  • Drive a really cheap car and save up money to pay cash for your fancy car
    Feb 51
    • Amazon / EngnetscapeOG
      This is the smartest answer in this thread. Unfortunately, many people in this society are short term thinkers which explains why our generation has so much debt and no savings.

      Don’t get a car loan, you make more than enough to save and afford a $40k car in a few years. And don’t buy a god damn new car, they depreciate right out off the lot.
      Feb 5
  • T-Mobile / Ops
    gogogo05

    T-MobileOps

    BIO
    Sr Program Manager in B2B Sales Operations
    gogogo05more
    You want a loan for 65% of your pre-tax income. I’d say the banks are doing you a favor by rejecting you. Save up and/or find something less expensive. You can’t afford it.
    Feb 50
  • Oracle fatalflaw
    Lease it instead?
    Feb 57
    • eBay
      seat

      eBay

      BIO
      Why did you click on me 😡
      seatmore
      A good deal for an A5 lease is around $600/mo which isn’t that good if you compare it to leases on cars with similar MSRPs. Unfortunately Audis usually don’t lease that well
      Feb 5
    • Oracle fatalflaw
      Yeah, but OP doesn't seem open to any other vehicle, is s)he?
      Feb 5
    • Amazon / EngnetscapeOG
      Leases are an absolutely terrible idea
      Feb 5
    • Oracle fatalflaw
      New fancy cars are a terrible idea too, but that's not what OP asked.
      Feb 5
    • Amazon / EngnetscapeOG
      Yeah, I’m fine with buying a luxury car if you can afford it in cash, but buying/leasing a car with someone else’s money is a foolish decision.
      Feb 5
    • eBay
      seat

      eBay

      BIO
      Why did you click on me 😡
      seatmore
      Not always. Sometimes leasing is far cheaper than buying

      It’s been getting more expensive due to interest rates, but a few years ago it was sometimes very cheap to lease due to close to zero interest rates and promotional deals

      One example I just looked up:
      The e-Golf was leasing for $117 a month after incentives and bonuses. To finance that same car would’ve been something like $450 a month.

      To buy would only be worth it if you thought a $27,000 car would depreciate less than $4,200 over 3 years.
      Feb 5
    • VMware kjrp10
      BTW...
      According to a BMW finance manager, 80% of their fleet is leased.
      So, for higher MSRP, lease is a great option...
      Depreciation is easily balanced out with cost of lease
      Feb 5
  • T-Mobile / Ops
    gogogo05

    T-MobileOps

    BIO
    Sr Program Manager in B2B Sales Operations
    gogogo05more
    Maybe it’s a sign?

    How much debt are you currently carrying?
    Feb 53
    • Micron surbhs
      OP
      No debt.
      Feb 5
    • T-Mobile / Ops
      gogogo05

      T-MobileOps

      BIO
      Sr Program Manager in B2B Sales Operations
      gogogo05more
      Is your credit history newer? How much of a loan are you looking to take out?
      Feb 5
    • Amazon / EngnetscapeOG
      720 credit score with no debt? That doesn’t add up.

      I had 790+ with $10k in student loans and no credit card debt.
      Feb 5
  • Micron surbhs
    OP
    If you don't have suggestions please dont reply.
    Feb 53
    • T-Mobile / Ops
      gogogo05

      T-MobileOps

      BIO
      Sr Program Manager in B2B Sales Operations
      gogogo05more
      You really didn’t give any information so your post isn’t super helpful
      Feb 5
    • Microsoft y83j
      You’re missing quite a bit of detail in your post, but looking for advice.
      Feb 5
    • Citibank Qt7l
      Monthly income? Monthly rent debt payments? Credit score? Down payment? Price of auto?

      Edit: based on additional info your credit sucks. It’s gotta be pretty bad for you to get turned down for an auto loan. Save your money and invest wisely. . You can’t afford it.
      Feb 5
  • Homeaway ppMg64
    What is the percentage down payment you are making? It has to be atleast 20% with your score and ideally should be higher!

    You make 100K and want to drive a 65K car?!?? Read up the 15% rule. That is do not spend more that 15% of your pre-tax income on a car.

    Given your income, go get a cheap Mazda or something and go for an Audi when you are making some serious money.
    Feb 55
    • Citibank Qt7l
      So based on this rule you’ve invented op would need to make $433k to afford a $65k car. Lol.
      Feb 5
    • Homeaway ppMg64
      I haven’t invented it. Read up on any financial investment topics. They recommend not going above 10% and stretching it at 15%

      Off course, none of us follow the rule and people with sense stretch it up to 25%. Even at that 25K should be the max he/she should spend.
      Feb 5
    • Citibank Qt7l
      Feel free to provide link. I’ve never heard of it nor is there literature on it.
      Feb 5
    • Pinterest agqoo
      +1 on frugality, but your math is off. They suggest 10% of take home in payments...
      Feb 6
  • Microsoft BcrX06
    Don't waste your money on a stupid car. Save now so you can retire earlier.
    Feb 51
  • Salesforce NGCx18
    Your asking loan amount is a lot more than the price of the vehicle and so you are flatly rejected. It’s independent of your credit score. If you ask for $40K -
    $50k, you would have been considered. Why will they give you loan more than the asset value? Just think about it. If anything happens, they will not receive the loaned $$. Also, banks or credit unions expect you to have some down payment also. BTW, I just googled Price of A5, it showed me $44,200. So, stop blaming banks.
    Feb 50
  • Cognex afAv31
    I was in the same situation... Shortly after graduating, I had excellent credit and no debt but was rejected by BMW due to having limited credit history (loan was for $50K w/20% down). I had to get a co-signer.

    If I could give you one piece of unsolicited advice it would be DON’T BUY THE CAR IT’S NOT WORTH IT :).
    Feb 50
  • Credit Karma kqqo46
    No bank would loan u 65k for a car that'll be worth 35k in a few years.

    Save up for 20% down payment and try again.
    Feb 50
  • Citibank Qt7l
    A5? Not S5?
    Feb 52
    • Apple Snut Ella
      Right. A5’s don’t cost that much.
      Feb 5
    • Citibank Qt7l
      No kidding. The delta between the two is nominal given the difference in performance though still inferior to most European auto manufactures.
      Feb 5
  • eBay / Engiamahero
    Check with a credit union instead of a bank. I would echo what others said about the car being a bad decision for you. But you seem to have made up your mind. So try to get the lowest interest rate. You will be paying down the loan on this car for a long time.
    Feb 51
    • Micron surbhs
      OP
      Yeah, but you need to be a member. Can you suggest a few credit unions?
      Feb 5
  • Microsoft y83j
    If you really want it, you’re keep regretting not having it. Buy it and enjoy it if you can afford it.
    Feb 60
  • Microsoft / Enggjwjzh
    My S5 was 50k after tax... I bought it used 5 years ago.

    A5 is not worth 65k, wtf!!

    That is such a terrible deal, you can get a 2 year old certified A5 for 30 to 35kish

    Buying a brand new car is such a dumb idea, there is 0 value in it.
    Feb 50
  • Amazon Mr.Bob
    First - lease the car. Second if buying get it from credit union.
    Feb 50
  • Nutanix / R&D
    Karbon🚗🥖

    NutanixR&D

    PRE
    VMware, Apple, Cisco
    Karbon🚗🥖more
    0th world problem. 65k loan denied for a car.
    Feb 50
  • Intel Prosynergy
    No shame in riding a bike at your age. I did. Now a BMW 535 M-Sport, which I bought new. Stupid - I know, but that’s what I used to think about while pedaling...
    Feb 54
    • Citibank Qt7l
      Why pay for a M package on a 535? At least step up to a 550 if you’re going to pony up for a faux M series.
      Feb 5
    • Intel Prosynergy
      True!
      Feb 5
    • Cognex afAv31
      If you’re a “driver” then M package is worth it. With the suspension and hydraulic steering It drives like a completely different car.

      That was my experience in 2011 though, things may have changed.
      Feb 5
    • Intel Prosynergy
      Haven’t changed. 2013. Still drives like a dream.
      Feb 5
  • Facebook / Engobov5566
    I thought Audi A5 costs under 65k. Do you mean S5?
    Feb 53
    • Citibank Qt7l
      So does an S5.
      Feb 5
    • Microsoft y83j
      Not with options after tax for S5
      Feb 5
    • Citibank Qt7l
      Tax varies by state. Irrelevant for comparison purposes.
      Feb 5
  • Microsoft y83j
    Why’d you get rejected?
    Feb 52
    • Micron surbhs
      OP
      I don't know. It's too high of a loan maybe.
      Feb 5
    • Microsoft y83j
      How much?
      Feb 5
  • Tesla vOBd41
    Buy a M3 instead
    Feb 51
    • Citibank Qt7l
      You mean m4?
      Feb 5
  • Microsoft Haila!!
    Buy a sonata and save money!
    Feb 51
    • Microsoft Micr0s0ft
      Wrong. Buy an Accent and save even more money.
      Feb 5
  • New code9
    Try Digital Federal Credit Union.
    Feb 50
  • Citibank Qt7l
    OP, based on your responses I suggest looking at the lay-off posts. Step up your game at work or you’ll be on the chopping block once micron starts RIFs.
    Feb 50
  • Apple Snut Ella
    A5’s aren’t that expensive. I maxed one out and it only came to $57k. I’d look at CPO S3’s. You can get a 2016 for about 30K.
    Feb 50
  • Credit Karma kqqo46
    Google "tesla loan comparison"
    Feb 50
  • Microsoft Big Pun
    lol
    Feb 50
  • Facebook / Designpoopypoopy
    What's your credit score?
    Feb 50

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