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Fico needed for top tier BMW Auto loan?

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Regular Contributor

Fico needed for top tier BMW Auto loan?

I'm planning to go with my credit union for my next car loan, but I'm curious what fico score is needed for top tier with BMW Financial. I've had a BMW loan in the past, but refi'd with my CU. Thanks!

Message 1 of 13
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Valued Contributor

Re: Fico needed for top tier BMW Auto loan?

No one can put an exact number on the table here. In order to get the best terms from BMW, though, you’ll most likely need a long and clean history and few recent accounts/inqs. Not to mention a high income. If you were going to demand an actual number, I’d say high 700s would get you there assuming your credit history is good. But like I just said in another thread, the dealership will ALWAYS get you approved. The question is on what terms.

Good luck and enjoy that shiny new Beamer!
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Message 2 of 13
Senior Contributor

Re: Fico needed for top tier BMW Auto loan?


@myscorerocks wrote:

I'm planning to go with my credit union for my next car loan, but I'm curious what fico score is needed for top tier with BMW Financial. I've had a BMW loan in the past, but refi'd with my CU. Thanks!


Can you call your dealership and ask?   When I was car hunting my last go-round, the finance manager just told me what score I would need and the bureau they pulled.  Admittedly not a BMW, and I have a history with that dealership, but they didn't seem to mind telling me.


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Message 3 of 13
Regular Contributor

Re: Fico needed for top tier BMW Auto loan?

I've had a BMW loan in the past and I didn't have a long history, high income, or few inquiries and my interest rate with them was 10%. So, I'm hoping this time I'll be able to qualify for the lowest rate. I think I'll call and see if they're willing to offer up some numbers! Last time I refi'd with my credit union after 6 months, as it was only my second car loan. 

Message 4 of 13
Frequent Contributor

Re: Fico needed for top tier BMW Auto loan?

I had a BMW Financial loan in 2010 of 1.9% and probably had low 700s at the time.  




Message 5 of 13
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Frequent Contributor

Re: Fico needed for top tier BMW Auto loan?

What calyx said. Call and ask the Finance Manager. He/She should be willing to tell to you the necessary score and the bureau pulled. My wife got top-tier financing on her last BMW (either 0.6% or 0.7%) with a score in the low 700's. 

 


@calyx wrote: Can you call your dealership and ask?   When I was car hunting my last go-round, the finance manager just told me what score I would need and the bureau they pulled.  Admittedly not a BMW, and I have a history with that dealership, but they didn't seem to mind telling me.

 


Message 6 of 13
Established Contributor

Re: Fico needed for top tier BMW Auto loan?


@myscorerocks wrote:

I'm planning to go with my credit union for my next car loan, but I'm curious what fico score is needed for top tier with BMW Financial. I've had a BMW loan in the past, but refi'd with my CU. Thanks!


As others have said, scores in the low 700s likely will get you Tier 1 (A) financing. And you'll almost certainly always get a better rate from BMW Finance than from your credit union or bank, especially if you wait until they have an end-of-month or -year sale. That's because BMW (like all other auto manufacturers) wants to sell cars and subsidizes their auto loans. Promotional APR can be as low as 0% (the best) but more often 1.9% APR.

 

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Regular Contributor

Re: Fico needed for top tier BMW Auto loan?

I just got a CPO 340i with the 2.49% for 60 months promo with a EX Auto Enhanced 728. 





Message 8 of 13
Regular Contributor

Re: Fico needed for top tier BMW Auto loan?

Thanks, what state are you in? Experian is my lowest score. 

Message 9 of 13
Regular Contributor

Re: Fico needed for top tier BMW Auto loan?


@myscorerocks wrote:

Thanks, what state are you in? Experian is my lowest score. 


I'm in CA. They pulled all 3 scored for me so they can use the highest score to get approved. 





Message 10 of 13
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