?'s regarding financing my Lambo

[runninhorn]

Hey everyone, just found this forum as I was searching for my first Lambo, and had a question for the forum regarding my first lambo purchase. Ive never purchased a car as expensive as the Diablo, and was just wanting to forum's opinion on what it possibly takes to get approved on a Lambo Loan? I was hoping those of you here could give me your thoughts on what it takes to get approved, before going in and asking my loan officer if they would provide financing on a 2000,2001 or 2002 Lambo. I currently only make $100k a year, FICO score of 740, and only debt I currently have is my house, with a payment of $3150 a month. I wasnt sure if I currently make enough to get approved for one, and was just wondering how much $$$$ they would require down to get approved for say a lambo around $200k? Any info or comments/opinions would be appreciated on what it takes to get financed/approved for a loan on a lambo. Thanks........

[-Davo]

all i know is a typical lambo has a monthly repayment of just under 2.5k a month which is almost the amount of your house.

I'd talk with your accountant, or financial advisor, most of us here are 16 year olds who wish they could own a lambo.

[clarkster]

Originally Posted by -Davo

most of us here are 16 year olds who wish they could own a lambo.

HAHA....
That is hilarious....

I'm curious as to how true that is? How many here are actual owners and how many are just droolers?

I'm probably wasting my time reading this forum looking for any useful info?

[clarkster]

Who you talking to Swollen?

[TTBADBOY]

Its not going to happen unless you can lower your house payment.Most financing companies will require your total bills to be no more than 40% of your gross pay.At 100k your gross is approx 8k a month so 40% of that would total 3200 which is where you are currently at.You can do a few things to help that figure such as a refinance your house to an interest only payment.That will substantially lower your payment.You can take out an equity refinance on the home.(If you have enough equity in the home) Or even a straight refinance.Im not in the finance business so these are probably only a few ways to accomplish your dream of owning a Lambo but will work.

Joe

01 Diablo 6.0

[Lambor]

I think you should not get one at all cause the insurace on that thing would be as much as your house payment.

[TTBADBOY]

I pay 2500 a year for full coverage on all my cars but Im 31 with a a clean driving record.(Knock on wood)

Joe

[-Davo]

Originally Posted by clarkster

HAHA....
That is hilarious....

I'm curious as to how true that is? How many here are actual owners and how many are just droolers?

I'm probably wasting my time reading this forum looking for any useful info?

haha, well i fall into that catagory anyway...

there are a vew lambo owners, ex-lambo owners, and people who are looking to buy a lambo...but the ratio of people wishing they owned one, apposed to those who do/will/are is around 15:1

[kratefan]

Another thing to think about is maintenance. I saw a Ferrari ad where the 15K maintenance cost $17K! The 30K maintenance is even more extensive and (I'm sure) expensive. It would be a shame to drop a valve on one of these things because it wasn't properly maintained.
Jeff

[-FROG-]

This is who is financing my replica. Not as expensive as yours but it's hard to find someone to finance cars like this. Take a look, they're pretty good folks. They ONLY deal with expensive cars and such as Exotics, Classics and Custom cars:

https://www.jjbest.com/index.cfm?CFI...8EC80760B51BFE

[wings700]

Originally Posted by -FROG-

This is who is financing my replica. Not as expensive as yours but it's hard to find someone to finance cars like this. Take a look, they're pretty good folks. They ONLY deal with expensive cars and such as Exotics, Classics and Custom cars:

https://www.jjbest.com/index.cfm?CFI...8EC80760B51BFE

DO NOT DO IT! Don't take on this kind of extra debt. It will limit your options later in life and, after all, it is just a car. When you can be in a postion to write the check and not have to even think about it then you will be ready. Seriously, don't do it!

[-Davo]

i agree...

[asadinchicago]

Originally Posted by runninhorn

Hey everyone, just found this forum as I was searching for my first Lambo, and had a question for the forum regarding my first lambo purchase. Ive never purchased a car as expensive as the Diablo, and was just wanting to forum's opinion on what it possibly takes to get approved on a Lambo Loan? I was hoping those of you here could give me your thoughts on what it takes to get approved, before going in and asking my loan officer if they would provide financing on a 2000,2001 or 2002 Lambo. I currently only make $100k a year, FICO score of 740, and only debt I currently have is my house, with a payment of $3150 a month. I wasnt sure if I currently make enough to get approved for one, and was just wondering how much $$$$ they would require down to get approved for say a lambo around $200k? Any info or comments/opinions would be appreciated on what it takes to get financed/approved for a loan on a lambo. Thanks........

I really don't think you shoud be buying a lambo in your situation. a car like this is a luxury item that you should only be paid for in cash. or financing when an extra 3k a month is not going to make a difference in your lifestyle. I have an 04 that i paid in full, and i would have never done it otherwise. Save your money, invest it, or buy a bigger house. all seem like better ideas for you right now. If you do decide to go ahead with it, try my salesman, mike wogronic at lamborghini chicago. he is great, and they ship anywhere and have a lot of out of state customers.

their no. is 630-231-3400

good luck

asad