@Anonymous wrote:
I'm looking for a Used BMW M5. - Price 45-55k
My information:
Age: 20-25
Fico: All scores 700+ except Equifax Autoscore-5 of 693
Current Debt:
-7.5k Honda car debt - 7 year loan, 3 years left.
-15k Student Loan Debt - Still in school
Income
89,500/yr
History: Flawless - no negative remarks.
3 Personal CCs
3 Authorized user CCs
1 Car loan - 7.5k payoff --- 18k original amount
Student Loans - Currently in school
All CCs are paid in full and utilitzed correctly.
Now my question - due to my age, lack of longer history, and debt, what are my chances of being approved for such a loan amount?
I can also put my name on my dads home as an asset of mine that is fully paid off.
EDIT: Btw I have liquid cash of 50k+ or in accounts receiving at all times due to sales of my investment properties which are assets of mine as well.
I would suggest Penfed credit union for your loan over using BMWFS or at least getting the preapproval and seeing if BMFS can beat it. I have owned BMWs for the past 10 years and currently drive an M2, my reccomendation for used BMW's is to get a pre purchase inspection, they are great and actually reliable cars (much more so than many think, I drove my 3 series well over 200,000 miles) anyways most will be in excellent shape and won't have issues but if it does they are not cheap to repair or maintain. For instance the brake job is a couple of grand so if the PPI shows it needs brakes you have an excellent negotation point. It is possible you can find a certified pre owned car for your prcie range, if so they are an excellent piece of mind. Cars are secured loans so I don't think you will have much problem getting a loan but don't be surprised if you get hit for an extra point or two based on your thin history. With your age your insurance is going to be pricey so just keep that in mind, mine went way up with the M2 because I have a young adult daughter in the house. Finally beware, once you drive a BMW you won't have an appetite for a lesser car and an M car is even more so a factor in this. Best of luck, let us know how it goes.
