Anyone can be approved for a car with enough money down. The only question is what your interest rate will be.
@brnsng wrote:For context I am 21 years old, I make ~$72k from salaried work. An additional ~$36k from indepedent contracting work. My Experian FICO Score 8 is 700. Never had an auto loan before, no derogatory marks. My debt to income is 2%. My credit utilization is 25%. The car I want is $90k after tax. And to be frank my family is wealthy and insists I get a nice car, they offered to give me $60k towards said car. What are the odds of approval if I put a $45k downpayment towards a $90k car?
Odds are pretty good, but like @Brian_Earl_Spilner wrote, interest rate will be pretty much the only thing you'll need to quibble about. With that said, there are LOTS of brand spankin' new "nice cars" on the market for a whole heck of a lot less than 90-grand. Do you think it is really practical for you to saddle yourself with, using your example, a $45,000 car loan and the associated monthly payment?
@brnsng wrote:For context I am 21 years old, I make ~$72k from salaried work. An additional ~$36k from indepedent contracting work. My Experian FICO Score 8 is 700. Never had an auto loan before, no derogatory marks. My debt to income is 2%. My credit utilization is 25%. The car I want is $90k after tax. And to be frank my family is wealthy and insists I get a nice car, they offered to give me $60k towards said car. What are the odds of approval if I put a $45k downpayment towards a $90k car?
There is no new car worth %50 down payment unless is for collectible/super car!
Open an account with Credit Union for best rates, then put ~20K down and buy 110K SUV that can be tax deductible. Your family should be able to show you how...
If not, then sure most places would approve you. 😎
