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.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.
Again it's totally dependent on your history. If you've gotten progressively higher amounts of loans, banks are more willing to offer you more credit. If you have no high loan amount credit history, expect to pay a lot more in down payment and a higher rate, if they will even allow you to borrow. The answer to your question is, it depends. If you check out, some banks will fund the full amount, even for a half a million dollar car. Others will require a 10%, 20%, 30%, or more downpayment depending on your history. The only way to truly know is to begin to work with banks or credit unions and go through the process.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.
At the moment I am trying to get an Ultimae allocation, so if/when I do I am trying to figure out whether I would be able to finance the full amount, or there is a cap (i.e. 300k), in which case I would rather just pay cash for the car instead of the hassle. I have heard from multiple credible people that the banks will not loan more than a certain amount of money, so I am wondering if there is anyone that has borrowed larger amounts such as $500k+, or know people that have. I have excellent credit (score is over 800), own a home, take home pay over 300k with very little expenses, and have the cash to be able to buy outright, although I would rather keep it for other investments (stocks and real estate). I know in the US they look at previous car loan history as well, not sure if that is the case in Canada, the highest car loan I have ever gotten is $220k if that is useful information.There is no limit.
For a detailed explanation I would suggest providing more information in this thread to make sure we're answering your question. I'm in Canada too.
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.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.
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.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 got a quote from them a few months back and they stated over $200k their rate was 6.5% with 20% down and a term of up to 180 months. Not sure about loans to Canada but sent my contact an email.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.