I was in a similar position. First time car buyer, auto scores in the 740 range but I put down 8k. I was approved for an 18k loan at 3.49% for 60mos on a 2015 CPO 3 series.
I’d be surprised if you weren’t approved.
I’d be surprised if you weren’t approved.
I probably shopped around the same dealers you’re looking at. I ended up picking out my car at Irvine BMW. They had a great selection and a competitive price.
While I have some gripes with their sales department being proactive and responsive, my service advisor Jenevive is fantastic. 10/10 would recommend her.
While I have some gripes with their sales department being proactive and responsive, my service advisor Jenevive is fantastic. 10/10 would recommend her.
You're doing everything right: The most important thing is to do your homework (e.g., checking market value via Edmunds and Cargurus). Then wait for a promotional interest rate from BMW Finance.
With your scores, you should qualify for Tier 1 financing. CapOne and other lenders won't be able to compete with a promotional APR from BMW Finance. I'd suggest waiting until the end of the month when they're likely to be more willing to negotiate and give you a really good rate.
The best rate, of course, is 0% APR, which auto manufacturers usually reserve for their new cars. But I got 1.9% APR for 48 months from MBFS at the end of last year, and that was for a CPO vehicle. So find out what BMW has in the pipeline (your dealer probably will tell you) and wait for it!
Good luck and keep us posted.
