Hey guys. I'm looking for some advice, answers or words of encouragement? lol
I currently took over payments of my brothers car which is getting close to being underwater so he was asking me if I wanted to give it back to him to sell and he'll give me a % of the money I put into it. Or if I want to trade it in he'll let me trade it in for whatever car I decide to get. Since I was definitely interested in getting a newer car I decided to get a 2010 or 2011 certified pre-owned bmw.
So my situation is my current credit score (last time I checked my score was 720(6 months ago), I will check again before I apply for the loan. I currently have 4 cards (Chase Freedom 5 yrs - 1,800 credit line/owe 1,000,,, Barclays 1yr - 4,000 total credit line/owe 1,200,,,,Best Buy Card 1 yr $500 credit line/owe $150,,,, Sears Card 1 yr $1,000 credit line/ owe $500,,,,,,Not even 1 late payment on my credit score,,,,1 auto loan for $20k 5 years ago paid off early) My annual salary is about 45-50k and I've been at my job 7 years. I pay 1,200 in rent.
I have about $7k for downpayment. I've been looking online for a 2010-2011 BMW 7 series, in my area they run about 35-45k (obviously I'm shopping for the best deal). I've been looking around at credit union rates in my area but I'm waiting another few weeks to pay down some more of my cards to bring my utilization down to under 20%. I'm also looking at keeping my payments close to what I currently pay $500 a month. In your guys' personal experiences, based on my situation, am I looking at a ridiculous APR? Should I save more for the downpayment or pay down my cards? Any other advice or pointers are GREATLY appreciated. Thank you for taking the time.
