topic Re: What income would a dealership look for BMW i8? in Auto Loans

What income would a dealership look for BMW i8?

Anonymous — Sun, 04 Dec 2016 13:55:52 GMT

I have been in the market for a few years now to purchase a car such as the BMW i8. I am unsure if i would try to buy it new or used yet and if it would be better to buy or lease? I am was curious if anyone had any insight of how much they would be looking for me to show as far as income to be approved for the car? Does anyone know what credit they pull? I make about 150k a year. Would that be enough? Any help would be much appreciated. Thanks!

Re: What income would a dealership look for BMW i8?

BronzeTrader — Sun, 04 Dec 2016 14:33:14 GMT

@Anonymous wrote:
I have been in the market for a few years now to purchase a car such as the BMW i8. I am unsure if i would try to buy it new or used yet and if it would be better to buy or lease? I am was curious if anyone had any insight of how much they would be looking for me to show as far as income to be approved for the car? Does anyone know what credit they pull? I make about 150k a year. Would that be enough? Any help would be much appreciated. Thanks!

They look at your loan to income ratio. The income will be after tax income since you can't deduct car loan interests. The debts include your mortgage, credit payment, other loan payments, child support etc. Not sure about the ratio. But I imagine 50% would be good. With your income, and if little debts, then I don't see any problem.

Re: What income would a dealership look for BMW i8?

StartingOver10 — Sun, 04 Dec 2016 15:40:05 GMT

Lenders look at your Debt to Income ratio and your credit to determine how much you can afford. Gross income is used, not net income.

A more detailed explanation is here: (see post 2) http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/2898720

I am not a fan of leasing at all - except in some very limited circumstances. If you want a BMW i8, then go in prepared with your own financing from a CU or bank. JMO.

Re: What income would a dealership look for BMW i8?

Anonymous — Sun, 04 Dec 2016 15:42:53 GMT

@StartingOver10 wrote:
Lenders look at your Debt to Income ratio and your credit to determine how much you can afford. Gross income is used, not net income.

A more detailed explanation is here: (see post 2) http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/2898720

I am not a fan of leasing at all - except in some very limited circumstances. If you want a BMW i8, then go in prepared with your own financing from a CU or bank. JMO.

I am not a fan of leasing at all. I guess now the question would be, is it worth it to buy it brand new or save the 50k to buy a 2015 lol. I will look into bringing my own financing as well.

Re: What income would a dealership look for BMW i8?

StartingOver10 — Sun, 04 Dec 2016 15:46:45 GMT

Save the $50k....

My opinion only..it would kill me to spend an extra $50k for no reason

Re: What income would a dealership look for BMW i8?

Anonymous — Sun, 04 Dec 2016 15:48:11 GMT

Yeah thats what I figured haha. I could put down a decent amount as well and maybe only finance 70k or so, wouldnt be too bad hopefully. It will be a exciting journey over the next few months!

Re: What income would a dealership look for BMW i8?

BronzeTrader — Sun, 04 Dec 2016 17:17:58 GMT

Sackbasket wrote:

I am not a fan of leasing at all. I guess now the question would be, is it worth it to buy it brand new or save the 50k to buy a 2015 lol. I will look into bringing my own financing as well.

Purchase/buy all depends on each person's situation. I had a colleague. She was an single old lady, no family. She always leased vehicles, changing every two or three years, new model all the time. No maintenance, no repair, all covered. She only needed to add gas and brought the vehicles for service twice a year or so. And each time she received loaner car at service. She enjoyed it. When she died, she left all her $$$$$$$ to her church.

Re: What income would a dealership look for BMW i8?

StartingOver10 — Mon, 05 Dec 2016 00:21:45 GMT

@BronzeTrader wrote:
@Anonymous wrote:
I am not a fan of leasing at all. I guess now the question would be, is it worth it to buy it brand new or save the 50k to buy a 2015 lol. I will look into bringing my own financing as well.
Purchase/buy all depends on each person's situation. I had a colleague. She was an single old lady, no family. She always leased vehicles, changing every two or three years, new model all the time. No maintenance, no repair, all covered. She only needed to add gas and brought the vehicles for service twice a year or so. And each time she received loaner car at service. She enjoyed it. When she died, she left all her $$$$$$$ to her church.

^^^lol, car salesman myth

Re: What income would a dealership look for BMW i8?

Anonymous — Mon, 05 Dec 2016 00:51:53 GMT

@StartingOver10 wrote:
Save the $50k....
My opinion only..it would kill me to spend an extra $50k for no reason

+ 1 million to this statement. The people you are trying to impress or even just for yourself will likely not even know the difference (assuming it was well taken care of).

Re: What income would a dealership look for BMW i8?

805orbust — Mon, 05 Dec 2016 15:32:02 GMT

HUGE German car fan here. I've owned more than 20 over the years. I say only this....

NEVER own a German car that's not under warranty.

Re: What income would a dealership look for BMW i8?

bourgogne — Thu, 08 Dec 2016 21:33:04 GMT

@805orbust wrote:
HUGE German car fan here. I've owned more than 20 over the years. I say only this....

NEVER own a German car that's not under warranty.

^^^ came by to only 2rd this lol - this is esp true for a mb - I have had audi's for over 3 decades, 10 leases - 3 S4s and 3 S5s and a bunch of others and if you take out the 86' 5000cs turbo the only single issue I had was I lost part of a trans on my 08' S5. used 3-6th to drive it 375mi back to LA and the repair took only a day. right now I have a 1.5 month old BMW M2, hope it is as reliable. that all this aside I HIGHLY recommend penfed for a car loan, you can get a pre-qual and just go down and pick up the car. bmw rates are not that great overall and they will hit up your file with all sorts of inqs.

Re: What income would a dealership look for BMW i8?

Anonymous — Fri, 09 Dec 2016 18:20:45 GMT

There's a saying that if you have to ask the question....