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only on a lease? what about purchasing a used car? about 35k plus taxes and 20k down.. Will that get approved ? and how much would my apr be estimated?
@x2rippx wrote:only on a lease? what about purchasing a used car? about 35k plus taxes and 20k down.. Will that get approved ? and how much would my apr be estimated?
You might be be able to get financed thru BMW with a 20k down payment on a 35k car but your apr will probably be thru the roof. The only sure way to know is to go down to the dealership and ask them.
Here are a couple of hopefully helpful comments.
I was a bank VP a while back so I used to chat with the F and I guys when we looked at cars.
@x2rippx wrote:ok guys lets get back on topic, i can afford it. Lets get back to my question, how hard is it go get approved? have you guys seen other members get approved? with the same income and credit etc
Based on your income, I would say no. They tend to be a conservative for an auto lender, and 22% of take home as a payment is a red flag. They will (rightly) be concerned with your ability to repay.
a 42% buydown will get you approved for whatever you want and then some. It's exceedingly excessive.
You need to actually go into the dealership, talk to F&I and see what they can do for you. If their buyers come back conditioned or you don't like the rate, then offer the downpayment as a sweetener to get better terms.
Carmax has a nasty tendency to buy wrecked & repaired, then try to pass then off at flawless retail. Avoid them, or if you absolutely can't, pull the Carfax on whatever you are looking to buy. Chances are you'll find that it has been wrecked and repaired.