Looking to finance a BMW

[disdreamin]

Unless your income has gone up significantly, I'd say that financing a $90k car is pushing it (going by your posted income back in May - if it has changed significantly, then my apologies, and please ignore my comment). 

Also, you mentioned "from two months ago when I leased my Audi" - if you just leased a vehicle, it seems a bit premature to be considering purchasing another, unless you have need of two. Do you?

Lastly, the fact that you have some credit cards nearly maxed out suggests your finances aren't as plush as they really should be to be able to afford a $90k car. Unless you are able to PIF all cards and on top of that afford the payments on a potential new vehicle, there is no way I would move forward. Something just really isn't adding up here for me.

[CreditPacMan]

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@disdreamin wrote:

Unless your income has gone up significantly, I'd say that financing a $90k car is pushing it (going by your posted income back in May - if it has changed significantly, then my apologies, and please ignore my comment). 

Also, you mentioned "from two months ago when I leased my Audi" - if you just leased a vehicle, it seems a bit premature to be considering purchasing another, unless you have need of two. Do you?

Lastly, the fact that you have some credit cards nearly maxed out suggests your finances aren't as plush as they really should be to be able to afford a $90k car. Unless you are able to PIF all cards and on top of that afford the payments on a potential new vehicle, there is no way I would move forward. Something just really isn't adding up here for me.

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Thank you for your input. Yes, my income has increased recently. I am not looking to do anything now - that fact that I just inquired does not mean I am going for it. I just wanted to know where I stand right now given my situation and then decide if I can afford it or not.  I would be pushing it to the limit if I decided to go with a $1600 payment; that is why I have decided to focus on getting my CC debt down then re-consider getting a new car. And yes, I realized that I made a mistake leasing a car - I would have to get through all the paper work again in 3 years to finance it again or pay cash for it.

There is a tendency on this site that people get really personal into what someone can or cannot afford. Unless you are looking at my bank account there is no way to know how much I can afford. As long someone is getting paid enough to cover a car payment it means he can afford it - maybe not comfortably .. maybe he spends his entire salary on that but it does not mean he can't afford it.

[Creditaddict]

Well actually that does mean he can't afford it!
You aren't affording just because you pay on time!
Take it from someone who has done crazy cars and cards in the past.

[juniornj23]

Well I my income is on the Lowe 50k and I got 3 approve with them in the last 2 moths
2011 x5
2008 335xi
And 2011 335
I didn't put any down payment
They will work with you special if your income is good. I will say take the chance

[Anonymous]

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@CreditPacMan wrote:

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@disdreamin wrote:

Unless your income has gone up significantly, I'd say that financing a $90k car is pushing it (going by your posted income back in May - if it has changed significantly, then my apologies, and please ignore my comment). 

Also, you mentioned "from two months ago when I leased my Audi" - if you just leased a vehicle, it seems a bit premature to be considering purchasing another, unless you have need of two. Do you?

Lastly, the fact that you have some credit cards nearly maxed out suggests your finances aren't as plush as they really should be to be able to afford a $90k car. Unless you are able to PIF all cards and on top of that afford the payments on a potential new vehicle, there is no way I would move forward. Something just really isn't adding up here for me.

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Thank you for your input. Yes, my income has increased recently. I am not looking to do anything now - that fact that I just inquired does not mean I am going for it. I just wanted to know where I stand right now given my situation and then decide if I can afford it or not.  I would be pushing it to the limit if I decided to go with a $1600 payment; that is why I have decided to focus on getting my CC debt down then re-consider getting a new car. And yes, I realized that I made a mistake leasing a car - I would have to get through all the paper work again in 3 years to finance it again or pay cash for it.

There is a tendency on this site that people get really personal into what someone can or cannot afford. Unless you are looking at my bank account there is no way to know how much I can afford. As long someone is getting paid enough to cover a car payment it means he can afford it - maybe not comfortably .. maybe he spends his entire salary on that but it does not mean he can't afford it.

I am going to give you some harsh reality here, if you have to borrow money for a luxury car you can't afford it.  I wouldn't consider that car unless I made about 200k a year for a few years.  You should be paying off all your debt, you should be paying off your student loans if you have any, and you should be saving up for a big down payment on your next real estate purchase or to invest in this next coming economic downturn(crash).  Ask yourself why you really need a bmw, you don't, its to show off, bank your money, invest, you can thank me when your a millionaire, when you can buy 20 of those bmw's.  I have friends who are doctors and they have their nice bmw also and they tell me if they had to do it over again they wouldn't have bought it and they are slaves to their jobs.  Start at step one make a budget, eliminate your debt, start an emergency fund incase you lose your job or have an emergency, it will give you a peace of mind, save for retirement/invest.  Don't pay a single percent interest to anyone other than your house, good luck.  I hope you take my advice because one day a reality check will come in the mail.

[creativeZero7]

I think you are wise to hold off until you are in a position of strength. It will help you so much to chop down any balances and plan accordingly for the car in every aspect of your finances. I bought an expensive car when I was 22 and still own it today, over a decade later. While it was amazing to own a great car for my young adult years, that's exactly what it was....a young adult decision. The older and wiser me would have put that money to better use in savings, retirement, into my home, etc.

I love cars so I don't blame you for wanting the car, but you are being smart to hold off and plan for it. A purchase that large has ripple effects and the last thing you want is to be in a tough spot for something like a car. When you're ready, you'll know because you won't question it. Take any emotion out of the picture and run it on paper, if it makes sense you'll know.

Best of luck since this is an old thread, but trust you made the right choice for yourself.

[Anonymous]

Agree with others. I'm in a similar situation as you, and I'm doing the same thing: pay down my cards then wait a month and go apply.

[Anonymous]

All these rude comments are off topic and let's stick to his question.

[Anonymous]

BMW will ONLY go 60 months on credit score lower than 675, 675+ you can go 72 months and obviously better rates. But with CPO rates you should be able to still go 60 months with a decent rate. Yet as said by everyone else the payment is going to be super high, if your going to pay that much go for a lease you can still qualify as long as income is sufficient, after that car even with $10k down you will still be buried. Get a brand new 2016 6 GC or Coupe and with some money down get to around 1000-1200 a month or so only for 36 months that would make sense. And you can also build your credit with BMW. Once your approved once and make all your payments in the future it's so easy even with low credit score

[Anonymous]

This thread is from October so no need to bring it back up and discuss the contents of the posts.  The OP has not logged back into this site for several months so it's not likely he is reading the posts.  If you have questions about BMW financing, it's best to start your own thread.