Minimum credit score for an "approved credit score"?

[KevinTT]

I checked my credit score 6 months ago and it was a 716. I dont want the dealer to run my credit until Im ready to pull the trigger, but lets just say I was still a 716 (Which there would be no reason why I wouldnt be), would it be an "approved credit score"?

Im trying to qualify for 2.9% financing "on approved credit"

[fwmcb]

I found BMWFS to be quite flexible. They weren't like other companies that simply said yes or no, they were willing to negotiate a compromise. But I have a high credit score, and am self-employed.

[luv135i]

my CA told me 675 last month but mine is 720ish and I got approved no problem.

[JHZR2]

Debt to total credit is part of the fico score, but it and debt to total income are often also used as metrics calcualted in and of themselves by a lender. So if you have big credit card debts, a big mortgage, or don't show a lot of income, you could have a problem I suppose...

[fwmcb]

They take a global look at your situation. From my experience, they are willing to work with you to find a mutually beneficial arrangement.

[Feyd]

When I signed for my 135 you had to have a minimum of a 740 to qualify for BMW Credit's upper tier credit rates. I qualified, but I remembered thinking to myself at the time that the minimum score requirement was kind of high...

This was of course late 2008, when the walls of the US financial markets were crumbling all around us, so I'd imagine that things are slightly more relaxed these days.

[ennislaw]

Originally Posted by fwmcb

I found BMWFS to be quite flexible. They weren't like other companies that simply said yes or no, they were willing to negotiate a compromise. But I have a high credit score, and am self-employed.

LOL. I had a credit rating over 800 and no debt, BWM FA wanted a considerable downpayment (which I had already planned to do) and I only qualify for 3.9%. Apparently because I hadn't purchased a car within 10+ years.

pge

[allies_jh]

You know what's funny. I was worried about that too when I was looking to buy, because I just started working and haven't financed a car for like 10yrs! But then when they asked me what my income was and I told them, they told me I was "instantly approved". They didn't even ask for proof of income. I thought it was pretty strange. Anyways, I got 1.9% financing and I'm quite happy with that.

[fwmcb]

Originally Posted by ennislaw

LOL. I had a credit rating over 800 and no debt, BWM FA wanted a considerable downpayment (which I had already planned to do) and I only qualify for 3.9%. Apparently because I hadn't purchased a car within 10+ years.

pge

I was in the same boat because I decided to go back to school. BMWFS at least talked to me about it a few others wouldn't even talk and my score is well over 800. Hell Subaru wouldn't even let me test out a WRX without a downpayment and a credit app! My BMW retailer made the process so easy for me I had no choice but to take a 1er.

[singular]

I read an article recently that said people with very high credit scores are more likely to do a careful analysis and walk away from a loan during periods of financial stress. So, in some ways, they may represent higher risk.

[amdhunter]

Every dealer (regardless of brand) I've walked into offers me cars without anything down. Not that I am stupid enough to do that.

[Cisitalia]

I don't see any thing wrong with getting a car with no down payment. A good example is offering 0% financing or a lease with low interest. Even 1.9% interest is worthy of no down payment in some cases. One secret to life is "using other peoples money" when it makes financial sense. Of course one better not be over their heads in debt and better have sufficient savings to back debt up.

When I got my 135i in April '09 my credit score was 820 and my debt:income ratio was low and they indicated I could buy any car on the BMW lot. Even so, I still shook off that beautiful new M3 and M6. They are just luxury pigs.

I took the 1.9% financing and traded my Boxter S that I was sick of. It was paid off and used it as down payment, since I did not need the money back.

[supraking]

I was worried about it, though my score was around 760 at the time, with minimum debt. I'm self employed and wanted to lease through my company, which was in the first 6 months of operation. I was basically honest with the FS manager and said "here's what I'm making, here's what I project as a minimum, I'm very responsible with my finances" and I was approved with no hassles. I also think they take a global look at your situation. You'll be fine!

[Z276109]

My experience w/ BMWFS has been great. TU score of 670, annual income of 275K, high debt credit usage....approved me on the spot for a 2012 M3 convertible. Even allowed me to special order with no down payment... Shocked...

[timwin]

Never had an issue with them. No money down but wanted to purchase a extra product and they allowed me to.

[Mcdougal]

People sure are "proud" of their credit scores, low debt:income ratios and high incomes on this thread!

[timwin]

600 or less is called progressive plus
601-639 is Progressive
640-674 is standard plus
675 or more is super elite

BMW FS uses the Experian Credit score.

[IEDEI]

you shouldn't have any problem financing at a fairly low rate. LEASING often requires a higher credit score, but financing is quite flexible most of the time.

[Zombie1]

Now a days a 716 score is nothing. It's good not great they are more interested in how long you've kept your credit score at an acceptable level. You should be good if you have a solid credit history that expands 3+ years

[allies_jh]

I don't even know if they really check. I remember when I got my first 135 the guy told me I was instantly approved. I don't even think he did a check. I just told him how much money I made and he said...oh..instantly approved. I thought they would check because I was just out of school and hadn't been working for very long.

[ISLong]

575 is minimum threshold is to be considered by BMWFS, however, it has a lot to do with down payment, how many open auto loans you already have, etc.

The easy answer...if no open auto loans, average down payment, you should have no problem qualifying for a good apr. usually normal circumstances (not trying to buy an m6 with a 30k income) a 700+ credit score should have no problem being approved, given you have bought a car before.

The "approved credit" is 700 according to bmwfs

Hope this helps.