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