Would i be approved?

[Anonymous]

 Hey guys, Im looking to purchase a Used BMW 2013-2014 year model for about 30k My question here is what is the best way to go about getting approved for a loan, I have the cash on hand i could just buy the car outright but i have no interest in doing that as i am relitevly new to the credit world and want to strengthen my score and have more reporting lines of credit. I have a current score of 720 through equifax when they approved my new 6k credit card, and 760 through experian, Only 1 year of credit history though, i am 20 years old if that makes a difference.. So my question is would i get approved for a 30k loan without a co signer? Not worried about the APR or anything like that as i can easily cover the monthly payments.

Thank you.

Credit Score: 720 equifax - 760 experian

AAoA: 1 year

# of positive trade lines: 1 secured card for 1 year (Paid in full every month) And just got approved for a 6k Unsecured card that hasn't been used yet.

# of negative trade lines: 0

Income: 5-8k a month (Varies as i am a stock daytrader)

Lenght of Employment: 1 year

Previous Loan Experience: None

Debt-to-Income (DTI): have 0 debt, My secured card has been paid in full every month.

Year of Car: 2013-2014

Miles:30,000

Purchase/Refinance: Purchase

Requested loan term (XX Months): Doesn't really matter

Down payment amount: 1-10,000

Co-borrower/Co-Signer:No

[Appleman]

Welcome to the forums!

Your credit scores should qualify you for a loan at a great rate.

A few things to consider. 

Where does your income come from? Are you employed by a firm that you do day trading for or are you self emplyed? If you are self employed it will likely be more difficult in the field of day trading.

It sounds as though your credit file is pretty thin and that may work against you as well.

Since you can pay cash, that will help you with getting a loan. You put 50% down and the loan market is likely to open up. That will be good as you will have lower payments and a great installment loan on the reports.

Good luck and let us know what goes on.

May want to consider a new Civic. Even fully loaded you are at $27,000 and have a brand new car that will be less expensive to maintain. Just a thought.....

[Anonymous]

Thank you Appleman for the reply!

I am currently self employed, and the is one of my main concerns is how would i go about proving my income, My question is with my current scores and a substantial downpayment 40-50% would they even question my income? Or just go ahead and approve it solely on my scores and down payment?

What would be the list from Easiest to hardest places for me to get approved? I was thinking of going monday to my bank (BB&T) and applying for the auto loan there first, Like i said the APR isn't much of a concern to me.

Thank you.

[Anonymous]

Try to get financed through BMW financial, if your shopping at BMW, $10k down should get you approved. But try to buy at BMW a CPO one should be easier for you to get approved