Carmax financing

[Anonymous]

Hi guys. I seen someone post there scores were below 640 an got approved for a loan. My score is a 644 an I have 1 baddie from 2011 that's $910.00 . My credit history is very thin. The car I was interested in is 44k. I make a little over 50k a year. I would like to put down only $3500.00. Realistic, is this possible? Do you think I can get at least a 7% interest rate? Is this even possible or am I being delusional. Thanks guys in advance.


Mark

[kaylord84]

I got approved with a 564 Eq score for carmax auto financing. With a 16% rate . I later refinanced to 4.49 with my credit union . You will be fine trust me

[kaylord84]

The car i purchase was a bmw 760li  was $38k i put $8k down . I had plenty of baddies on my report then . You only have 1 which shouldn't be a problem

[Anonymous]

Lol, funny you said BMW. The car I want to get is a 2011 BMW 750LI. I don't have much to offer as far as credit or cash. Thanks again guys. I hope to hear a little more detail info b4 I even consider aping.

[Anonymous]

Kay if I may ask what was your payment then an what is your payment now? What was the terms? Thanks

Mark

[kaylord84]

My payment was $821 with 16.5 % and is $404 now @ 4.49%

[kaylord84]

Also i got the maxcare warranty when i purchase my vehicle @ $3800 for 5 yrs and or 100k additional miles. With a $0 deductible.The warranty paid for it self like 4x seriously. Get it if your getting a bimmer u wont regret it.

I gonna trade my vehicle in for a Mercedes S65 Amg soon though. I will be buying from carmax again but with financing from my CU.

[Anonymous]

Thanks for the update kay. By any chance do you remember what your scores where when you refinance through your CU? was the warranty finance or was that paid out of pocket. I really appreciate your help with this as I'm interested in the same class vehicle you already purchased.

[kaylord84]

The warranty was financed into the loan. My ex was 632 when cu pulled

[Anonymous]

Ok do you remember your total amount refinance?