Will I be able to finance?

[peterc05]

Hello all,

I'm looking to order an a 2018 M4. I was wondering if I would be able to finance the car given my circumstances. The vehicle cost 74k after tax and dealership fees. However, I only have about a year a credit history. I am planning on putting down 35k and financing the rest. Will Bmw approve me for financing option. Would it be better for me to have a cosigner?

I'd appreciate some feedback. Thanks guys

[Ian1973]

Without knowing how much you make, this is a hard question to answer. if. you make 30,000 a year, then I doubt they would approve you for a 35,000 dollar car. Then again if you can't pay they already have gotten 35k from you up front and can sell your car again once they take it from you. Not sure how it works with them. But without a ballpark yearly figure I can't tell you.

It's not my business, but are you sure you want to waste 35,000 dollars cash when you could invest it and make money on it, or if you don't have a house, use it on buying a house, rather than piss it away on a depreciating asset?

[afadeev]

Originally Posted by peterc05

I'm looking to order an a 2018 M4. I was wondering if I would be able to finance the car given my circumstances. The vehicle cost 74k after tax and dealership fees. However, I only have about a year a credit history. I am planning on putting down 35k and financing the rest. Will Bmw approve me for financing option. Would it be better for me to have a cosigner?

I'd appreciate some feedback. Thanks guys

Why don't you submit the pre-qual app with BMW FS and take the guess work out of this?

https://creditapp.bmwusa.com/Apply

a

[peterc05]

Thanks. I will

[jjrandorin]

As mentioned we dont know your credit score or history, but with a 50% down payment, its likely you will get approved (very likely actually). What we dont know is what interest rate / terms you would be offered.

You may have your heart set on a new one, but have you thought about taking your 35k and purchasing a pre owned one, either for cash, or for an amount that has you only financing about 6-10k?

If buy a used one and finance about 10k you will build car credit, be able to drive the car you desire, and likely get offered very good financing terms because of the super large down payment etc.

In your situation I would not take that money and do what you are proposing (likely ) but if you have your heart set on an M3 thats how I would do it.

[///M4ster Yoda]

Originally Posted by jjrandorin

As mentioned we dont know your credit score or history, but with a 50% down payment, its likely you will get approved (very likely actually). What we dont know is what interest rate / terms you would be offered.

You may have your heart set on a new one, but have you thought about taking your 35k and purchasing a pre owned one, either for cash, or for an amount that has you only financing about 6-10k?

If buy a used one and finance about 10k you will build car credit, be able to drive the car you desire, and likely get offered very good financing terms because of the super large down payment etc.

In your situation I would not take that money and do what you are proposing (likely ) but if you have your heart set on an M3 thats how I would do it.

+1. I agree. I don't know all your circumstances OP but if I wanted this generation M3/4 (F80/82) and didn't care about ED (which is awesome) I would get a 2015/2016 CPO.

[GOLFFRR]

agree with post above. Just submit a app and you will know. /thread

[ssuene93]

Originally Posted by peterc05

Hello all,

I'm looking to order an a 2018 M4. I was wondering if I would be able to finance the car given my circumstances. The vehicle cost 74k after tax and dealership fees. However, I only have about a year a credit history. I am planning on putting down 35k and financing the rest. Will Bmw approve me for financing option. Would it be better for me to have a cosigner?

I'd appreciate some feedback. Thanks guys

I don't see any reason BMW not approving your credit given you have a credit history (1 year is ok) and decent amount of down payment. The LTC is only 53%. They are a financial institution and their job is to extend you a credit to help you acquire the vehicle. Worst case would be they require some proof of income, or/and a cosigner.

Good Luck!