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Discussion Starter · #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?
 

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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.
 

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Discussion Starter · #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.
 

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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
 

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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.
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.
 

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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.
 

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Discussion Starter · #8 ·
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.
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.
 

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Discussion Starter · #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.
 

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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.
 

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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!
 

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Discussion Starter · #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.
 

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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%.
 

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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.
 

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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.
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.
 

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Is anyone actually reading the original post? The OP is from CANADA so why are people posting about US lenders???
 
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