Hello, I am starting a search for a used car that I will purchase in mid-September. I am waiting until then because I am closing on a house at that time and will purchase the car after I close. I'm looking to purchase a 2008-current BMW 6, M5, or M6.
Credit Score: Transunion 741, Experian 751, Equifax 766
AAoA: not sure where to find this, but I've had credit since 1996
# of positive trade lines: 16
# of negative trade lines: none
Income: $137,000 (which includes OT, holiday pay, bonuses), $119,000 base pay
Lenght of Employment: 3 years, 3 months
Previous Loan Experience: student loans $160,000; Chase Auto $19,000 loan with $11,000 left; Alphera Financial $26.5k loan, refinanced with Cap One for $19,000 and paid off in July; BMW Financial $26,000 loan, refinanced with Cap One for $18,000 and paid off in June; Barclay credit card $3100 limit with $2800 balance; Rooms To Go with $4500 limit and $1100 balance; Cap One credit card with $1,000 limit and $750 balance (going to pay it off at the end of this week)
According to my credit report, I am using 21% of my revolving accounts.
Debt-to-Income (DTI): 18.7%, but after I close on my house next month, it will be at 45%
Year of Car: 2008-current
Miles: ?
Purchase/Refinance: purchase
Requested loan term (XX Months): 60-72 months
Down payment amount: $5,000-10,000
Co-borrower/Co-Signer: none
The used cars that I have seen start at about $39,000 for a used 2010 6 Series (38,000 miles). At the same place, there is a 2009 M6 coup for $40,000 (44,000 miles).
What is the highest amount that I could qualify for? I want to be sure I can continue planning on one of these cars before I keep looking further. The highest monthly payment I would want is $800.
Thank you for reading and thank you for your help! :-)
Cleared to Close on 9/9/13!
Closing on 9/17/13
8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
