This car buyer believes a $100,000 Rolls-Royce isn’t even that much money, yet he is still looking to finance the car with a credit score of 500. 

Rolls-Royce is certainly a status symbol for wealth. When a Rolls-Royce drives by, people will notice and take note. This is because Rolls-Royce has dedicated their brand to only offer supreme luxury features with exquisite design features. 

While these cars are expensive to acquire, this doesn’t mean everybody can actually afford it.

In a TikTok that’s generated over 52,500 views as of this writing, Yusuf (@ridewithyusuf) shares a call with a prospective car buyer wanting to buy a $100,000 Rolls-Royce with a credit score of 500.

“It’s not even that much money.”

A potential customer inquires about a 2017 Rolls-Royce Ghost listed at $108,489. 

“You have a subpar credit score. You have a 570 credit score and $10,000 down,” Yusuf begins the call.

“I have whatever is necessary for the down payment,” the customer shares. 

The caller also mentions that he’ll have a co-signer with a 660 credit score. 

Yusuf informs the caller he’ll be the secondary applicant and not primarily based on the credit score. 

The caller reports that the co-signer is dealing with student loan debt and makes $10,000 a month. 

“How much do you make a month, because we’re going to combine the incomes,” Yusuf asks.

“Little over $15,000 a month,” the caller replies. 

Yusuf questions why his credit score is so low. The caller shares that moving and getting cars impacted his credit score.

“Typically if you are 570 there’s some sort of late payments or collections. I know you said you were moving, but it’s more than that.” Yusuf mentions. 

“You’ll probably have to put down $50,000 – $60,000 on this car. Will that be an issue,” Yusuf asks.

“No,” the caller responds.

Yusuf recommends getting a cheaper car and working on his credit. Once the score is above 650, the interest rate will be more favorable. 

“It’s up to you, I’m just here to give you some advice,” Yusuf says.

“I’m really trying to get that Rolls-Royce. That’ll be a good car for my rental business,” the customer replies. 

“The Rolls-Royce isn’t even that much money, it’s just like $100,000. I could really buy the car cash if I really wanted to,” the caller says. 

“I strongly suggest that since you’ll get a 20-25% interest rate with your credit score. It’s going to be expensive,” Yusuf concludes.

Commenters shared their thoughts on Rolls-Royce inquiry 

Commenters were left wondering why this caller was adamant on buying a Rolls-Royce with his subpar credit score. 

“Why wouldn’t you just buy a 50-60k car? People are just dumb,” one TikTok commenter added.

“‘Not so much money it’s like $100k’ — has a 500 credit score,” another commented. 

“If he makes 15k a month there’s no way he should be a 570,” a third replied. 

Other commenters found this comical as the buyer needed a co-signer to buy a Rolls-Royce. 

“He said his co-signer had a 660 like it was an 850,” one TikTok commenter shared.

“Bro needs a co-signer for a Roll-Royce,” another added. 

“If you can put down 50 or 60k why not buy a different luxury car for a rental,” a third questioned.

Did the customer get approved for the Rolls-Royce?

Yusuf told MotorBiscuit via an email statement, “The customer did apply. He did get denied by the banks as well as the co-signer he applied with. I hope this denial puts into perspective that he isn’t ready to get into any business until he fixes his credit.” 

Even after advising the customer to reconsider this inquiry to purchase a Rolls-Royce, the customer still went ahead and tried to get financing. He believed the Rolls-Royce would’ve been a great addition to his rental business. 

“Getting a $150,000 car is not the best way to go about the rental business. In this case, he would’ve gotten into a subprime or predatory auto loan with his bad credit that would’ve eaten away profit. Most of the profit would’ve been put towards paying off the high monthly payment as the vehicle depreciates,” Yusuf continued to share.

Taking on this kind of high interest certainly isn’t the smartest move as most of the profits will be put toward paying off monthly payments.

“Understand you’re buying a dream and you’re buying into a nightmare. I want these videos I post to educate and empower car buyers to really think through high interest loans and financing options before buying,” Yusuf concludes.

How does credit score impact your financing options?

In the majority of cases, the higher your credit score is the better financing options are when buying a car, GM Financial reports. Car buyers with a higher credit score will often receive a lower interest rate. With a lower interest rate, monthly payments will be lower. 

Having a lower credit score will increase the interest rate and monthly payments. When buying a car it’s important to remember that cars depreciate every year. New cars depreciate about 30% in the first two years and will continue to depreciate 8-12% each year, Kelly Blue Book reports.

So it’s important to consider what interest rate you will have when financing due to the car’s value going down each year with depreciation. Last thing you want is to end up in a situation where you are in the upside-down.