BMW Auto Loan Qualifications

[bsprtsgrp]

I am in the market for a newer BMW. I currently have an 03’ BMW that I own outright that I am contemplating trading in and is (worth 12k). The car I want to purchase is $55k which means I will be financing $45k.

I went through a CHP 7 that was discharged 2 years ago; I have only 2 inquiries on my CB’s over the last 2 years. I have an open CAP1 Quicksilver CC (6 months open) with a $4K CL and zero balance due and also a new BOA Cash Rewards with $2K CL and zero balance due. I pay these off in full every month.

Am I better off going through my bank (BOA) or my Credit Union (DCU) or using BMW Financial for special rate financing? Current FICO’s are Experian Auto Score 2 670, Equifax Auto Score 5 659, TransUnion Auto Score 4 677

[bsprtsgrp]

Per F&I Manager they use:

• Experian: FICO AUTO V8
• Equifax: FACTA BEACON 09 – Auto Industry
• TransUnion – FICO Auto 08

[CH-7-Mission-Accomplished]

I would get preapproval from DCU @ 1.99% (1.49% if you will do direct deposit).  Have that approval in hand and then go to the dealer.  See if BMW financing can beat it but don't let them shop your loan around.  You will wind up with 20 inquiries.  I would find out who BMW finance uses as a credit bureau {Mod cut. That tactic is not allowed to be discussed}

I have a side question.  I am curious how you got the B of A card two years post discharge.  Did it start as a secured card?  Can you give me any insight into how you were able to get in with them so soon?

Thanks!

[bsprtsgrp]

I have checking & savings accounts with them with significant balances in there. I pulled the trigger on a secured CC and funded it with $2K. I needed a major bank on my radar.

[bsprtsgrp]

Question becomes can I get financed with those current FICO scores?

[CH-7-Mission-Accomplished]

DCU uses the FICO 04 from EQ.  They usually want 620 plus.  680 plus gets their best rates.

I'm sure you will get financing.  

What are your regular, non-auto enhanced scores like?  Some CU's and banks don't use the auto score.  Are your auto scores higher or lower than the classic scores?

[bsprtsgrp]

Regular FICO Score 8

EX 608

EQ 613

TU 600

Older FICO Auto

EX FICO Auto Score 2 670

EQ FICO Auto Score 5 659

TU FICO Auto Score 4 677

Newest FICO Auto 8

EX 626

EQ 604

TU 603

EX Mortgage 2 674

EQ Mortgage 5 659

TU Mortgage 4 678

[CH-7-Mission-Accomplished]

With a 659 EQ 04 I would hitup DCU.  

[bsprtsgrp]

You mean EQ Auto score 5 of 659 or EQ Mortgage 5 of 659?

There is no EQ 04

[CH-7-Mission-Accomplished]

The mortgage scores are all FICO 04's.

So EQ Mtg FICO = EQ FICO 04