Credit union will only finance up to $70K. Help!

[sp4rk]

It's not dangerous if you can manage your money and you're not over-extending yourself. Makes no difference if your 'car' payment is split or not. You can either afford the monthly payment/s or you can't. Lots of people have multiples of loans, credit cards, personal lines of credits and a mortgage. *raises hand* I also have property (paid for), savings, investments and cash under my mattress.

What's your address?

 

[Krugerrand]

I meant dangerous as they have a tendency of rejecting the application if they think you're trying to apply for multiple loans for the same thing. Credit cards are different but getting 2 loans within ~6 mo of each other isn't all that common...

By the very nature of 'personal' line of credit, it shouldn't matter to the bank what it's being used for...it's personal. Either a person qualifies via their credit rating, income and general banking history, or they don't. I've never had a bank officer ask me what I was spending my personal line of credit money on, ever. The 'car' loan lender is the one that will have the lien. A personal line of credit requires no collateral other than 'we trust you will pay the monthly interest on what we lend you and might some day pay back the principal, but we're really in no hurry since we stand a good chance of reaping more from you through interest payments, etc...'

Just an idea for the OP that he/she may not have thought of and based on the information that they say they have an excellent credit rating.

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What's your address?

You might not want to stick your hand in there. :wink:

 

[brianman]

I totally pictured gold under your mattress rather than cash. Ok, "pictured" gives the wrong impression....

 

[Krugerrand]

I totally pictured gold under your mattress rather than cash. Ok, "pictured" gives the wrong impression....

This is why besides the cash, there's a wolf trap.

 

[VRK]

Sorry to ask on this thread, but I am curious to know what happened with alliant and what you decided. I have to figure out where to apply.​

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[Mnlevin]

We bought a 60 with leather, Pano, and cargo shelf. The car is AWESOME and only cost $74k. If this is a HUGE jump for you why do you have to make it that high??? You can get a great Model S and don't have to pay $100k+.

 

[bonnie]

Mod note: Thread title updated for clarity.

 

[Apoclyps]

Weird, when I called Alliant to get a loan, they said they would cover up to 100% of the car, but I couldn't afford the monthly payment so I went with putting down 40%. But then again, i got the not very loaded 60, so it didn't get to 6 figures.

 

[VRK]

Weird, when I called Alliant to get a loan, they said they would cover up to 100% of the car, but I couldn't afford the monthly payment so I went with putting down 40%. But then again, i got the not very loaded 60, so it didn't get to 6 figures.

Did u apply for the 100 percent? And if you did did you get accepted by having a prevously high auto loan. Im not exactly sure where to finance from now

 

[Galve2000]

Weird, when I called Alliant to get a loan, they said they would cover up to 100% of the car, but I couldn't afford the monthly payment so I went with putting down 40%. But then again, i got the not very loaded 60, so it didn't get to 6 figures.

I have heard similar statements on this and other fora, and I'm not sure how these calculations are done.. by my calculations, if you can afford to pay down 40% upfront, you could probably manage the high monthly payment better than you think. obviously you would have to apply some of that money you had saved up for the 40%, but I can never understand people who say they don't like the high monthly payment but go ahead and purchase whatever they are trying to finance anyway.

either you can afford it, or you can't right?

what am I missing here?

 

[mknox]

A Canadian example, but the amount financed on this car was probably double what I had ever done in the past. Tesla has a deal with Scotiabank in Canada and it was probably the easiest loan application I have ever had to deal with. A one page form faxed to Tesla Finance and I was approved for 100% financing. Final papers signed at delivery. I do have a good credit rating, no credit card debt etc.

 

[cybrown]

Quick follow-up: I contacted a few other places - USAlliance and Bank of America, and both had no problem approving me for $90k+. I'll probably go with Alliant anyway for the better rate, but if anyone is in a similar situation try those lenders!