3.9 APR possibility

zamm3k · 01-09-2009, 12:53 AM

Hey guys, I saw a 135i that is spec'ed 95% to my preference. This will be my first car purchase and I will cosigned by my sister (715 credit score with 3 credit cards under her name, but none of them have been open for more than 3 years). I'll be putting down about 7,000-8,000 downpayment. My question is, will I be approved by BMW financial? What do you guys think. My anual income is around 60,000.

mbrunner · 01-09-2009, 01:31 AM

Check with BMW financial and get back to us

They are the only ones that can answer that question.

Our answer? It depends on other factors than just your DP and cosigner. The cosigner certainly doesn't hurt.

If you are single, at 60k/year you can certainly afford a 40k dollar car and all the big screen tvs you need depending on your priorities. Some may argue that with 60k/year you really shouldn't be buying a ~40k dollar car, but again I just point to your priorities in life. If you make it a priority to afford the car then no problem.

Also at 60k/year, a lot of loan companies will consider your income as well as your debt to income ratio. So I would make sure you don't have a lot of outstanding credit card debt. You want it to be under 36%... You can get that by taking your Rent/Mortgage + Loans (Auto, Student) + Average credit card payment / Gross Monthly Income.

If you have a wife and kids (Doesn't seem like it), a house, and are dedicated to saving some money here or there than with a 60k/year income I would not recommend purchasing that much car.

Again, they are going to look at your credit score, your income, your debts and factor that all into the decision.

adrean8j · 01-09-2009, 01:47 AM

I think you should be fine. I make about the same amount as you, have a 670 credit score with 2 credit cards with less than 5% on either of them. No house, 1 kid and I got approved thru my bank for up to 50k with NO downpayment.....so I don't think you should have a problem.....

SKooT1027 · 01-09-2009, 10:33 AM

I don't think you should have a problem. Putting down the 20% or so will help. Obviously (if purchasing) put down as much as you comfortably can, but dont empty the bank. A cosigner can't hurt either. Like mentioned, the only real reason you can't afford a $40k car on $60k per year is if you have a lot of bills already. School loans is the biggest I can think of. I know personally those drain over $700/mo for me

. BMW Financial will look into all your factors, but you should have a pretty good idea of what the answer will be. If you think you can afford it now w/o a problem and w/o really cutting it close, odds are they will see you similarly (assuming you dont have really bad credit)

Zoominrex · 01-09-2009, 02:27 PM

3.9 might be hard though. I think 4.9 or 5.9 is more likely

01-09-2009, 12:53 AM	#1
zamm3k Bla! 82 Rep 909 Posts Drives: F82 M4 Join Date: Apr 2008 Location: Miami, FL iTrader: (4)	3.9 APR possibility Hey guys, I saw a 135i that is spec'ed 95% to my preference. This will be my first car purchase and I will cosigned by my sister (715 credit score with 3 credit cards under her name, but none of them have been open for more than 3 years). I'll be putting down about 7,000-8,000 downpayment. My question is, will I be approved by BMW financial? What do you guys think. My anual income is around 60,000.
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01-09-2009, 01:31 AM	#2
mbrunner Private First Class 31 Rep 134 Posts Drives: Porsche 911/Lotus Exige S Join Date: Nov 2008 Location: SE Wisconsin iTrader: (2)	Check with BMW financial and get back to us They are the only ones that can answer that question. Our answer? It depends on other factors than just your DP and cosigner. The cosigner certainly doesn't hurt. If you are single, at 60k/year you can certainly afford a 40k dollar car and all the big screen tvs you need depending on your priorities. Some may argue that with 60k/year you really shouldn't be buying a ~40k dollar car, but again I just point to your priorities in life. If you make it a priority to afford the car then no problem. Also at 60k/year, a lot of loan companies will consider your income as well as your debt to income ratio. So I would make sure you don't have a lot of outstanding credit card debt. You want it to be under 36%... You can get that by taking your Rent/Mortgage + Loans (Auto, Student) + Average credit card payment / Gross Monthly Income. If you have a wife and kids (Doesn't seem like it), a house, and are dedicated to saving some money here or there than with a 60k/year income I would not recommend purchasing that much car. Again, they are going to look at your credit score, your income, your debts and factor that all into the decision.
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01-09-2009, 10:33 AM	#4
SKooT1027 New Member 2 Rep 28 Posts Drives: Join Date: Dec 2008 iTrader: (0)	I don't think you should have a problem. Putting down the 20% or so will help. Obviously (if purchasing) put down as much as you comfortably can, but dont empty the bank. A cosigner can't hurt either. Like mentioned, the only real reason you can't afford a $40k car on $60k per year is if you have a lot of bills already. School loans is the biggest I can think of. I know personally those drain over $700/mo for me . BMW Financial will look into all your factors, but you should have a pretty good idea of what the answer will be. If you think you can afford it now w/o a problem and w/o really cutting it close, odds are they will see you similarly (assuming you dont have really bad credit)
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01-09-2009, 02:27 PM	#5
Zoominrex Lieutenant 51 Rep 490 Posts Drives: F87 MG M2 Join Date: Apr 2008 Location: Bay Area, CA iTrader: (0)	3.9 might be hard though. I think 4.9 or 5.9 is more likely
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