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will i be turned down for a car loan?
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considering i'm putting 30% down and having my father cosign is there   any chance i would be turned down for a loan on a $100k car? according to bankrate, the average credit score needed to buy a new car is 714, but they also show average interest rates at 6.39% for new-car loans to people with credit scores in the 601-660 range. high income certainly helps offset credit score to some extent.  not every bank/dealership does things the same way. being self-employed you'd most likely be required to show 2 years of tax returns, and they'd use those as a basis for your income rather than whatever you have made recently. if using a co-signer, their income matters. another key factor is debt to income ratio, if too much of someone's income is already spoken for by other debts a lender will shy away. so, yes, there's a chance, given all the information we don't know and the variability with lender policies, that you could be turned down for a car loan. how should i go about this? if you're set on pursuing the car loan, just go talk to some lenders. you'll want to shop around for a good rate anyway, so no need to speculate just go find out. include the dealership as a potential financing option, they can have great rates. personally, i'd get a much cheaper car. your insurance premium on a 100k car will be quite high due to your age. you might be rightly confident in your earning potential, but nothing is guaranteed, situations can change wildly in short order. a new car is not a good investment or a value-retaining asset, so why bother going into debt for one if you don't have to? if you buy something in cash now, you could upgrade in a few years without financing if your earning prediction holds and would save quite a bit in car insurance and interest over the years between.
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