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What Are My Approval Chances

Schwartzinator
Frequent Contributor

What Are My Approval Chances

I just graduated and will be moving down to California in a month from Oregon. I've got an 02 Accord in fair condition with 85k miles on it that I'd like to replace before I head out. I've found a 2014 BMW 3 series with 19k miles on it, full service records and a clean bill of health for $16,000 at a major brandname dealer and will be test driving it tomorrow. My pretty decent all-things-considered campus job of 3.5 years just ended and I am now technically unemployed, but I have more interviews than I can count lined up in California starting next week. I'll be gone for about 18 days on Monday, and don't want to miss out on this vehicle if everything checks out. I've got $8,000 in cash set aside, my current car to trade and 750+ credit scores but no loan history. Utilization fluctuates between 1-3% at any given months and I have zero derogs. I will not ask for a cosign from the parentals. How likely would I be to get approved?


3 REPLIES 3
sccredit
Valued Contributor

Re: What Are My Approval Chances

The problem is income.  When a lender reviews the application they will want to see the ability to repay the loan.  

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500
Infiniti Financial Lease
Goal: New Mortgage 3/2022
Message 2 of 4
dragontears
Valued Contributor

Re: What Are My Approval Chances

I can't answer if you could get a loan with no income (l really doubt it but don't know for sure, you may have to wait until you have an offer letter). But I did want to share with you my recent experience moving to California. If you buy a car then move to CA within 12 months you will need to pay CA sales tax on the car if the CA tax is more than the sales tax you already paid. The dmv charged me sales tax on a car I bought 8 months before moving
Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 3 of 4
Schwartzinator
Frequent Contributor

Re: What Are My Approval Chances

Approved on Wednesday for a 60mo $18.1k loan at 3.49% APR on a 2015 328i though BMW Financial in California. However, I am dropping $2900+ from the total loan price by canceling an extended maintenance plan my SO encouraged me to get 🙄. 


Message 4 of 4
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