Buying a MINI - any tips?

[tonsers]

I'm planning on financing a MINI for my dad - my credit score is better than his so I should be able to get a better rate.

I'm sure I will qualify for their best rates... but I'm mainly concerned about credit pulls.  Will they pull all three or only one?  Would it be beneficial to apply online for prepproval?

Any tips would be appreciated! 

[Anonymous]

That will depend on the who finances it.  But best to assume that you will have all 3 pulled. 

Online apps may cause multiple pulls by multiple lenders (Lending Tree, Eloan, etc. all farm out).

I would suggest speaking to a Credit Union Loan Officer.  Good rates, easy to talk and deal with.  Can provide loan values prior to app and even tell you what you might need for qualification.

Message Edited by txjohn on 04-15-2009 02:07 PM

[tonsers]

Thanks, txjohn, for the response!  I should have added more details to my original post but I didn't want to bore anyone! 

I was planning on financing thru MINI financial.  They are offering 1.9% for qualified buyers (I believe that is defined by MINI as 740+, mine is 780-ish).  Should I let MINI pull at the dealership, or should I apply online through MINI financial?

I thought I had read before that applying online might save some inquiries, but I'm not sure...

[Anonymous]

Sometimes online finance companies (not the farm out type) will only pull one app, especially if the first one pulled has great credit.  Sometimes if not so great, they pull a second or third.

If you go to the dealership "pre-approved" the shopping will be simpler and you will cut down on some of the finance time.

With 780 plus scores, I doubt you are going to have any troubles either way. You can ask the dealer if they will pull 1 or more?  Possibly the website might have details or a CS number to call to ask.

However, one inquiry isn't going to hurt much at your scores....the new account will be much more of effect.

[crosbyk1]

I would think they would be the same as financing a BMW.

[Takunda1]

---

@tonsers wrote:

I'm planning on financing a MINI for my dad - my credit score is better than his so I should be able to get a better rate.

I'm sure I will qualify for their best rates... but I'm mainly concerned about credit pulls.  Will they pull all three or only one?  Would it be beneficial to apply online for prepproval?

Any tips would be appreciated! 

---

If MINI is the same as BMW like I assume it is, you shouldn't have much trouble being financed if you have a good eq score. BMW Financial only queries equifax which should be the same for MINI. Good luck and let us know how it turns out.

[tonsers]

---

@Takunda1 wrote:

If MINI is the same as BMW like I assume it is, you shouldn't have much trouble being financed if you have a good eq score. BMW Financial only queries equifax which should be the same for MINI. Good luck and let us know how it turns out.

---

Just home from the MINI dealership (and a little drive, of course!).  I asked if they pulled one credit agency or all three, they said they would only pull Experian if it was good.  My auto-enhanced score was 779 - so I got 1.9% for 36 months... and a super cute new car!    Thanks all for your help!