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New Member
Posts: 4
Registered: ‎10-22-2013
0

BMW- Can I get approved?

I'm looking to go and finance a 2012 bmw 535i for 34k. TU Score is a 600, equifax is 610 and experian is 594. I make 202k gross a year. I have a bankruptcy due to losing my job back in 2006. And only loan I have is 5k left on a car loan. What are my odds if any?
New Member
Posts: 4
Registered: ‎10-22-2013
0

Re: BMW- Can I get approved?

 
Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: BMW- Can I get approved?

Without show your report, and look at your score alone.Your change are 90%,but 90% walk home.You have to list your reported like CA,CO,Credit card,down payment,ect then someone can tell you,the way you listed it out like a kid trying to play bingo

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
New Member
Posts: 4
Registered: ‎10-22-2013
0

Re: BMW- Can I get approved?

I apologize let me try this again it's my first time.

Transunion score: 600
Yearly income: $202,000 gross
Length of employment: 3 years
Previous loans: 4 car loans in 16 years all paid off
debt to income: 23%
Make and Year of car: 2012 bmw 535i
Mileage: 30k
Price: 35k
Finance amount and length: 30k/48 months
Down payment: 5k
No consigner or applicant

I don't have any credit cards I stopped after filing for bankruptcy due to not being able to pay my cards back in 2006 when I lost my job.
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: BMW- Can I get approved?

Your credit score APR around 13-18.9 .Income is good if car loan paid off without any late I guess your auto score is much higher than your fico score.Down payment 5k on 35k is around 16% down payment is fair.if you could hold up your loan and try to open secured CC or you can try capital one CC with fair credit I believe you get approved for unsecured credit and limit around 400 to 1k, try to used credit fot six months or more then you have a better chance.Or if you in hurry then you need to look for any credit union near you.Small credit union always better in your situation. You can call and ask dealer if they used auto score or fico score. Your chance with auto score are 80%. Your chance with fico score 50%. Talk to credit union provice auto loan is 70%. But APR varied aroud 10-18.9

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: BMW- Can I get approved?

Again I saw someone approved for auto loan aftet fresh out of bankruptcy. Capital one is the one BK friendly. And most of credit union do 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
New Member
Posts: 4
Registered: ‎10-22-2013
0

Re: BMW- Can I get approved?

I wanted to go in this weekend and apply at bmw but I don't wanna go in and make a fool of myself and be disappointed if I don't get approved. I've heard a lot of people with lower scores and income get approved by bmw. What does bmw look at when you apply for a loan?
Moderator
Posts: 27,205
Registered: ‎09-13-2012
0

Re: BMW- Can I get approved?

They might require a larger downpayment. Your auto enhanced score might be higher; I would suggest contacting their a Finance Mgr ahead of time . Also a CU is great resource for lower rates and less down.

Companies like Cap 1 and others will undoubtedly charge rates in the double digits.
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: BMW- Can I get approved?

[ Edited ]

That's why we recomend you go to CU to get pre-approved on your hand first before you head to dealer. If dealer can't get you approved for it then you have CU financed back you up.BMW dealer they used fico score. i financed at BMW before and the Finance manager he told me they used Fico score and they pulled all 3.

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Epic Contributor
Posts: 23,752
Registered: ‎10-23-2007
0

Re: BMW- Can I get approved?

What's keeping your scores so low??
Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
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