|
|
|
|
|
|
BMW Garage | BMW Meets | Register | Today's Posts | Search |
|
BMW 3-Series (E90 E92) Forum
>
First time BMW buyer~ Help~
|
|
02-25-2013, 01:53 PM | #1 |
Brigadier General
1073
Rep 4,856
Posts |
First time BMW buyer~ Help~
Hi, I'll be visiting BMW this weekend for a CPO 3 series. It'll be the first time I am financing a car under my own name. I also paid for my previous 3 series myself but that was under my mothers name as she was the co-signer. There are a few questions that I would like you guys to help me answer.
What will make me eligible for BMW financing? As well as the 0.9% APR special? I believe my credit may be 690, maybe above 700 by now, because no late payments or debt for many many years. Do they check how much money I have in my bank(s)? If yes, how much should I have in the bank to be eligible for the financing and the 0.9% Special? Thanks! |
02-25-2013, 02:35 PM | #2 |
Brigadier General
360
Rep 3,035
Posts
Drives: BMW/MERCEDES/PORSCHE
Join Date: Jun 2005
Location: Los Angeles/Fremont USC/UCSD Alum
|
if the last lease was under your name and your mom was JUST the cosigner you should have a good chance, how many lines of credit do you have and for how long each? they take that into consideration, your credit score could be a bit higher though, 700 is "good" for average america but hoenstly it's just average, and how old are you? how long was your other car financed for?
__________________
BMW E93 M3 / Mercedes Benz W209 CLK500
BMW E64 650I(sold) / BMW E92 328I(sold) / BMW E46 M3(sold) / BMW E92 335I(sold) Porsche 996 911 C2(sold) / BMW E46 325CI(totaled) |
Appreciate
0
|
02-25-2013, 02:58 PM | #3 | |
Brigadier General
1073
Rep 4,856
Posts |
Quote:
I am more concerned about how much $ I'll need to have in my bank IF that matters. Thanks. |
|
Appreciate
0
|
02-25-2013, 03:29 PM | #4 |
Colonel
2935
Rep 2,797
Posts
Drives: 2020 M4 ZCP / 2023 X3 M40i
Join Date: May 2005
Location: Northern VA
|
Honestly, no one can tell you for sure what you need. Everyone is different and they need to run your credit. The #1 thing is you need to have a good credit score, especially for the 0.9% APR special, probably 720+. But you need to go to a BMW dealer and have them run your credit and they'll tell you.
|
Appreciate
0
|
02-25-2013, 03:40 PM | #5 | |
Brigadier General
360
Rep 3,035
Posts
Drives: BMW/MERCEDES/PORSCHE
Join Date: Jun 2005
Location: Los Angeles/Fremont USC/UCSD Alum
|
Quote:
it shouldn't matter, i only say this based on experience with myself and friends, you sound like you're in pretty good standing though it's nice to have maybe 1 or 2 lines of credit though even if you don't use them (i hear 5 is the new 3), but honestly based on what you're saying i think you should be fine, it's good that you've had at least one car loan under your name, that's the first step to getting a good rate
__________________
BMW E93 M3 / Mercedes Benz W209 CLK500
BMW E64 650I(sold) / BMW E92 328I(sold) / BMW E46 M3(sold) / BMW E92 335I(sold) Porsche 996 911 C2(sold) / BMW E46 325CI(totaled) |
|
Appreciate
0
|
02-25-2013, 03:41 PM | #6 | |
Brigadier General
1073
Rep 4,856
Posts |
Quote:
|
|
Appreciate
0
|
02-25-2013, 03:42 PM | #7 | |
Brigadier General
1073
Rep 4,856
Posts |
Quote:
|
|
Appreciate
0
|
02-25-2013, 04:39 PM | #8 | ||
Lieutenant
189
Rep 537
Posts |
Quote:
Quote:
So to put it very simply, you will know if they want to see your balances because they will ask you for proof of funds (similar to a home loan). They will either ask you to bring in copies of recent bank statements, or the only other thing I could think of is if they called your bank with you there to verify the balance. Otherwise, they may have you put the information down, but won't take the time to verify it.
__________________
Brandon
|
||
Appreciate
0
|
02-25-2013, 04:42 PM | #9 | |
Brigadier General
1073
Rep 4,856
Posts |
Quote:
|
|
Appreciate
0
|
Bookmarks |
|
|