Question:
The BMW would be paid for in a year or so and I wanted to go out and finance an 07 Escalade
Answers:
Auto finance is what I do for a living and auto loans are based on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
Now to answer your question. If you have a strong credit score/profile and budget for the additional payment (20% of monthly gross income for payment, 50% total debt of gross monthly income) there is no reason that you could not be approved for the additional vehicle.
Stop looking for happiness in material things. Drive what you have and be happy that you own a vehicle. The borrower is a slave to the lender. Don't put yourself in that position. Trust me friend, getting that Escalade won't make you a happier person. Do like i do, live below your means financially. Put some money in your bank account, and don't worry about what everyone else has. Then you will be your own person, and you will be happier.
Hi
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You may be able to qualify for the second vehicle. You will have to shop around at the finance department of a dealership to find out the answer.
However, could you pick anything WORSE than a new Escalade ? This is nothing more than a GMC/Chevrolet Yukon with a fancy prom dress hanging on it. Within a year of purchasing it, you will find that its value is roughly half of what you paid for it. Given that an Escalade is a roughly $50K vehicle, that means you're going to pay $25K for the privilege of driving that big pig for a year.
If you DO insist on having an Escalade, buy a used one, on which the OTHER idiot has taken the hit on that huge first year depreciation.
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