Fico needed for top tier BMW Auto loan?

[myscorerocks]

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!

[pinkandgrey]

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!

[calyx]

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@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!

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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.

[myscorerocks]

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. 

[RobertJ]

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

[Caardvark]

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. 

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@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.

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[ridgebackpilot]

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@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!

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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.

[Joooser]

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

[myscorerocks]

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

[Joooser]

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@myscorerocks wrote:

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

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