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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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.
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.
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
How much debt are you currently carrying?
I had 790+ with $10k in student loans and no credit card debt.
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.