Porsche Cayenne The Porsche Cayenne is an SUV made by Porsche since 2002.

What are my chances of getting a car loan?

  #1  
Old 11-13-2008, 02:17 PM
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Default What are my chances of getting a car loan?

I am looking into purchasing an 05 Cayenne Turbo, I have found a few for around $35k with mileage in the 30,xxx range. I am just wondering what my chances of getting a car loan are; age: 19, Gross Monthly Income:$2,000, Down Payment: $5,000, never had a car loan before, 735 credit score, have only had the job for a month. I don't have any rent or other payments because I am in school so my parents are covering everything else.
 
  #2  
Old 11-13-2008, 06:04 PM
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Default RE: What are my chances of getting a car loan?

Well, all you can do is try. Your credit score is okay enough, and you have income but not a lot. Much will depend on the loan processor's assessment of you - what they think of you as a responsible person when you apply for the loan. Of course if your parents co-sign there is no problem, probably. There is money out there to loan - not a lot, but then my middle son (25 and making maybe half again what you do while in law school) had no trouble getting a loan to buy a new Fusion recently.

For the record, I don't think you can afford the car and I would expect real problems for you down the road. A Cayenne Turbo is an expensive and complex machine and it will eat money in maintenance and such: you're buying one that is out of warranty and at a mileage where over the next few years it will need a good deal of service costs and probably one minor (not over $2 grand) repair not bad to someone who can afford to buy the car new and not worry about the price or the payments, too much, but to you they will be significant costs. Have you checked insurance costs? You are 19, probably barely have three years of driving experience so you are still treated inmost states as a novice driver by insurance companies. You are buying a powerful and heavy vehicle, and with a loan, will need full coverage. Overall, this vehcile will end up eatingabout half your take home pay.
 
  #3  
Old 11-13-2008, 06:28 PM
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Default RE: What are my chances of getting a car loan?

I guess you are right about just trying, and my parents won't cosign at least not right now. They are looking into purchasing a weekend house and are worried about the current credit crunch. The insurance I lucked out on, my parents are covering my insurance until I graduate from school; the car will probably end up on their policy with me as the primary. As far as repair costs go I understand, I currently drive an 04 BMW X5 4.8is and not too long ago had a $1700 repair bill with maintenance included. My hope is to find a CPO vehicle or get the car I buy certified through Porsche.

I picked a Cayenne Turbo, because our primary residence is in the mountains of Colorado so AWD is a must. I also thought the insurance and purchase price on a Cayenne Turbo would be less than if I bought a Carrera 4; however, the Carrera I know is more reliable and fairly maintenance free as a result of my mom driving one as her summer car.
 
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