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Looking to buy a used car with no POI

Contributor

Looking to buy a used car with no POI

Team, I’m looking to buy a car with no POI, what are my odds, looking at a 2015 BMW i3 about 18k with 10k down, also not looking to shotgun my score, I make about 88k a year but I want my employer off my credit report. I am a private person

 

what are my chances?  

 

TU 680 Experian 688

| January 2017 American Express Blue $3000 | October 2017 American Express Everyday $2800 | October 2017 American Express Schwab Investor Card $6000 | September 2017 Bank of America Cash Rewards Visa $500 | December 2016 Discover it | $3,000 | September 2017 Paypal MC $700 | September 2017 Nordstrom Store CC $3000 | CreditCare $12000 | December 2017 BBVA Visa $12500 |


EX 688 December 2018
TU 680 December 2018
INQs: 5
Credit Started January 2017


cc
6 REPLIES
Valued Contributor

Re: Looking to buy a used car with no POI

What is the loan value on 2015 BMW i3? If they are asking $18K and you have $10K to put down, I think you have a good chance of getting a loan for $8K. Most major lenders want POI but I am sure you will find a subprime lender that will loan the money. I don't know what kind of interest rate you will be paying, but I think your chances are positive. 













Credit isn’t just a score, it’s a skill.
Message 2 of 7
Contributor

Re: Looking to buy a used car with no POI

With scores posted most lenders would want POI. Might want to find a buy here pay here place that carries their own paper or either bargain down the dealer on price and pay cash. Subprime will want POI and peime may or may not but on used BMW's lenders would want to see income on sub 700 scores.
Fico 8 Exp 598 Transunion 598 Equifax 596 (7/18/18)
FICO 8 Exp 609 TransUnion 622 Equifax 617 (8/10/18)
FICO 8 Exp 643 Equifax 641 Transunion 655 (9-10-18)
FICO 8 exp 630 Transunion 646 Equifax 627
Fico 8 Exp 646 Transunion 639 Equifax 640 (11/1/18)
Message 3 of 7
Frequent Contributor

Re: Looking to buy a used car with no POI

I will have to disagree with the reply's above, most captive lender's will not stip for POI with scores like that, given you have comparable credit. In addition, with 10k down and a low LTV most captive lender's will probably auto-approve your deal without stipulation's. The problem I see, is when you are being submitted to lender's the credit application will have to list a current employer/job time/ phone number/address, I don't see how you will get around that.

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Message 4 of 7
Established Contributor

Re: Looking to buy a used car with no POI


@SEMO wrote:

I will have to disagree with the reply's above, most captive lender's will not stip for POI with scores like that, given you have comparable credit. In addition, with 10k down and a low LTV most captive lender's will probably auto-approve your deal without stipulation's. The problem I see, is when you are being submitted to lender's the credit application will have to list a current employer/job time/ phone number/address, I don't see how you will get around that.


I agree also u have to put where u work on a credit app like SEMO said most captives will not ask for POI.

Message 5 of 7
Valued Contributor

Re: Looking to buy a used car with no POI

I have to say I HEAVILY doubt a lender will ask for POI considering that you’re putting $10k on a 18k car (55%). If you’re score is above 675 I’m sure they’ll auto approve and you will walk out with the car.


As stated above you will need to write you job location, years working, references, etc..
Message 6 of 7
Frequent Contributor

Re: Looking to buy a used car with no POI

Ha. I asked this exact same question a couple months ago. I ended up getting approved for a 2015 328i with 8k down on a total loan of 26k through BMFS, but they absolutely asked for POI. Required me to email paystubs and bank records to the lending team. Luckily I had only lost my job less than a week prior.


Message 7 of 7