First time car finance - how bad is this deal?

[djpapeleta]

Originally Posted by Zeroblade

I went to a big bank to get a loan for a another m3 similar to this one but was denied. I asked for 60k for 60 months and nothing down that time.

I was aware of better rates from credit unions and having a friend give me something on that side but currently not a member of one. This will be my last shop as I don't want anymore hard pulls on credit

Zeroblade, I would shop around for a better rate until I get the best rate. You already have 1 hard pull. You have a month to shop around as every other hard pull would be considered as 1 pull. Credit Bureaus knows people shop around for the best rates and the other pulls would not hurt your credit score. I did this when I bought my M4 and used it to negotiate a lower score with other banks.

[Zeroblade]

Originally Posted by djpapeleta

Zeroblade, I would shop around for a better rate until I get the best rate. You already have 1 hard pull. You have a month to shop around as every other hard pull would be considered as 1 pull. Credit Bureaus knows people shop around for the best rates and the other pulls would not hurt your credit score. I did this when I bought my M4 and used it to negotiate a lower score with other banks.

Why is this kind of information so hard to find? lol

I already killed this deal. I wondered if every time someone shops for different rates would cause multiple pulls and just wrecking CS in the process. In meantime I signed up with a credit union, get something to put some history and get the lowest rate possible in years time.

Finding another M3 fully loaded with a sunroof and M-Perf exhaust gonna be tough to find

[paliknight]

Originally Posted by Zeroblade

BTW

Does anyone know if the blind spot monitoring, lane keep and early warning is standard on 2017 M3? Car I'm looking at doesn't have the 3 buttons on dash to left of steering wheel but supposedly it still has those features?

Originally Posted by Zeroblade

Why is this kind of information so hard to find? lol

I already killed this deal. I wondered if every time someone shops for different rates would cause multiple pulls and just wrecking CS in the process. In meantime I signed up with a credit union, get something to put some history and get the lowest rate possible in years time.

Finding another M3 fully loaded with a sunroof and M-Perf exhaust gonna be tough to find

Driver assist and lane change isn't standard on any M3.

Also, the deal itself is shitty for two reasons. High interest and cost of vehicle is too high.

But that's a smart move. Wait a bit longer until you can find a better overall deal.

[agentrnge]

+1 credit unions. Dealer financing can be heavily padded regardless of your credit score/history. I have a nearly perfect credit score with ~22 years of history, and a dealer offered me 5.99% for 60 months on ~58k financed. I already had 3.5% from a local credit union for 48 months lined up. This was a private used car dealer who used Alphera fin svcs.. which then seemed to be bmw finance under the hood. *shrug*.

[allinon72]

Originally Posted by agentrnge

+1 credit unions. Dealer financing can be heavily padded regardless of your credit score/history. I have a nearly perfect credit score with ~22 years of history, and a dealer offered me 5.99% for 60 months on ~58k financed. I already had 3.5% from a local credit union for 48 months lined up. This was a private used car dealer who used Alphera fin svcs.. which then seemed to be bmw finance under the hood. *shrug*.

You usually don't see that big of a discrepancy unless the dealer is being dishonest and trying to pull a fast one.

[G35POPPEDMYCHERRY]

its pretty simple. 1.5-2 percent for new cars

3.5-penfed 3.7 BOA and up for used.

BMWFS can incentivize any car to move it off a lot. by lowering interest rates.

[PhatLyfe]

Damn, That rate with your excellent credit is a kick in the groin. Check with your local bank, credit union @ your work if applicable. You are being taken for a ride.. view your options elsewhere..

[ZahraM5]

Originally Posted by N1rve

That is a terrible deal. You're going to be paying a lot of interest especially at that rate. Just because you can afford the payments, don't forget about insurance, tires, gas, registration. My BMW M4's registration is 755 dollars for reference.

Financially it's not a good move as well. You "think" you can afford the payments, but at that term, that means no. I would never finance a car more than 36 months, I would only do anything longer than 36 months if I was given 0% APR.

If you have the money, I would at least put more down, maybe 30-40K to minimize interest payments. Look elsewhere for a loan.

In short -- if you really want it, put more down (30-40K) and try a different bank for a different rate (something less than 4%) and shorten the term to 36 Months so you don't pay more interest. With a smaller loan request, you'll more likely get approved for the loan.

Situation is muc worse right now

[N1rve]

Originally Posted by ZahraM5

Situation is muc worse right now

That just means don't buy a car unless you really need one.

[Zeroblade]

Heh funny to see this thread again. Landscape has changed a lot since and reading my own comments is self entertaining.

The G20 m40i's that came out since are real hard to ignore against F80's
The used market has gotten weird with higher prices/rates
And some designer at BMW is getting crazy with strange boxed angles on all the 2021+ LCI models

[N1rve]

Originally Posted by Zeroblade

Heh funny to see this thread again. Landscape has changed a lot since and reading my own comments is self entertaining.

The G20 m40i's that came out since are real hard to ignore against F80's
The used market has gotten weird with higher prices/rates
And some designer at BMW is getting crazy with strange boxed angles on all the 2021+ LCI models

The 3 series LCI makes me wonder what is BMW's design language lol. The DRLs are now flipped compared to everything else in the line up. The 7 series now looks like a Rolls Royce lol.

It's not a consistent face like Audi, Mercedes, Lexus... The right hand is not talking to the left hand lol.