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Lamborghini Financing

12K views 37 replies 18 participants last post by  TheLoLo 
#1 ·
Hey guys, has anyone here been able to get a $500k+ loan on an aventador? If so, which lender, and how hard was it to get approved?
 
#2 ·
Uh, I mean approval for a loan is 100% based on you. Do you have a credit borrowing history for expensive cars? Do you have good verifiable income? Do you have low debt (good dti ratio?)? Do you have money to put down on the loan? Is the loan within reasonable cost to the value of the car?

These are the answers that will determine if you are able to get a loan on an aventador.
 
#3 ·
Uh, I mean approval for a loan is 100% based on you. Do you have a credit borrowing history for expensive cars? Do you have good verifiable income? Do you have low debt (good dti ratio?)? Do you have money to put down on the loan? Is the loan within reasonable cost to the value of the car?

These are the answers that will determine if you are able to get a loan on an aventador.
Oh no that wasn’t my question, what I meant to ask was what’s the maximum that lenders will usually let you borrow? I’ve heard different answers from a bunch of credible people, some say the maximum is 300k, some say there’s no limit, so that’s why I was wondering if anyone was able to get a loan that high.
 
#4 ·
With a $500,000 loan, most lenders will have you pout at least 20% into the car(down payment). Sometimes they will require more.
JJ best or Woodside would be who I have used or explored in the past but never for this amount.
I would ask the dealership you are buying from as if it’s a high end car they are already prepared for this. Transaction
 
#6 ·
The US is different, in Canada lending for supercar is more strict and there's only a handful of lenders available.

If you have enough income, have assets, high credit score you can go out and lease a Senna or even a Pagani. It all depends on your financial situation and lenders like Pfaff require 25%, there's' no way around this.
 
#9 ·
The US is different, in Canada lending for supercar is more strict and there's only a handful of lenders available.

If you have enough income, have assets, high credit score you can go out and lease a Senna or even a Pagani. It all depends on your financial situation and lenders like Pfaff require 25%, there's' no way around this.
Do they look at car loan history and/or credit limits? My previous highest car loan was $220k, and the most I have ever borrowed from the bank is $750k for my mortgage, other than that my credit limits are pretty average since I do not have any other debt.
 
#10 · (Edited)
Car loans are dependent on your credit history and financial situation. I have had banks pay for cars using a credit line I have through my business. I would think you can borrow any amount as long as the bank can be assured you can afford it. My banker always said the best way to get a million dollar loan is to have 2 million in the bank.
 
#11 ·
Wow, making $300k/year and buying an $800+K car?! Sounds a bit "lean" to me.

I suppose that depends on how long one saved for a down payment!

But what do I know.

Financial questions for toys on the interwebs are always so...um... interesting!
 
#12 ·
Wow, making $300k/year and buying an $800+K car?! Sounds a bit "lean" to me.

I suppose that depends on how long one saved for a down payment!

But what do I know.

Financial questions for toys on the interwebs are always so...um... interesting!
I mentioned $300k was my take home, I make well over $500k a year. I also mentioned that I have the cash to be able to buy it outright if need be, but would much rather prefer financing in order to free up the cash for other investments.
 
#15 ·
There is no limit. Generally when you go over $100k financing it becomes a vintage/collectible/exotic auto loan and your rates jump up to 6% or higher. At 100k you can get around 1.5% right now. Your best bet if you can pay cash is to throw around 1mm in investments into interactive brokers (and keep another 300k for margin calls) and take a margin loan to pay for the car. My personal opinion is it is insane to finance an Aventador at greater than 5%.
 
#16 · (Edited)
Woodside is a lender that specializes in exotics/classic cars. They offer a fixed rate regardless of the term you choose. It’s structured a bit more like an RV loan that stretches out farther than conventional. But the rate is higher to reflect that. However you can adjust slightly for this if you increase your payments over the minimum. No penalty for early pay off and when you pay more monthly it goes to the principal.

Would be interesting what others are currently getting from Woodside, but I heard from dealer that the percentage for down payment has gone up to 25-35%. Possibly hedging their bet on the fact that the market has skyrocketed on pricing. $600k was the std max for lending with Woodside.
 
#23 · (Edited)
That's quite an exciting question. Getting a $500k+ loan on an Aventador sounds like a dream come true. While I can't personally provide specific recommendations, it's worth considering reaching out to a Mortgage Broker in Northampton. They specialize in various types of loans and may be able to offer guidance or connect you with lenders who deal with high-value auto loans. Remember, approval processes can vary, so it's always helpful to explore different options and have a good understanding of your financial standing.
 
#29 · (Edited)
So, I haven't personally gone for that big of a loan for an Aventador, but I've heard some stories from buddies. Usually, it's a bit of a challenge because lenders are pretty cautious when it comes to those huge amounts. I mean, they want to make sure you're good for it, you know? One dude I know went through a local credit union, and another friend managed to snag a loan through a big bank.

They had good credit scores and solid incomes, which definitely helped. But hey, each lender's going to have their own criteria, and they might vary depending on where you're at. If you're looking for some expert help, maybe consider chatting with a Mortgage Broker in Redditch. They could give you some solid advice tailored to your situation.
 
#32 ·
I've heard that it can be a bit challenging to secure such a high-value loan.
I've heard that it can be a bit challenging to secure such a high-value loan.
Banks look at your net worth and high balance credit purchases as much or more than your score. A guy with a 10 million net worth and 690 fico will have it easier than a person with an 800 fico and low net worth. A high score in itself means nothing if you have no depth.
 
#35 ·
Bank at smaller banks. Deposit your money there. Having a 6 figure bank account goes a long way toward helping with loans. I borrow large sums regularly for the business. I have to provide all my banks with updated financial statements every year. Both Business and personal. If you establish high balance credit, banks are way more comfortable with high balance loans. Being a substantial depositer is a big plus as well. Go to a bank where your business means something.
 
#37 ·
I had a partner a long time ago that taught me a lot about banks. One of my good friends was a bank president. You learn to "dance with who brought you to the dance" I also refer customers to my banks all the time. Score points and you will be repaid in spades. Banks take care of their own first then others.
 
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