[flush01]

Originally Posted by RichP

If he cant get a loan, and he doesn't want to pay cash, should they just give him the car then? I understand he may not want to pay for it in cash, but given the limited options the OP has...

thats what he's trying to figure out by making this thread

[Design1314]

I am 26 mid income i guess...
Have you guys ever heard of http://www.autointel.info/ ?
Is is good?

[Atombyte]

To the OP...

Definitely check your credit yourself and be sure to get your FICO score (this is the number between 450 and 850). If yours is below 750, you need to rebuild your credit rating (this will take years). If it's below about 675, you can just about forget a car loan.

From an earlier post, you mentioned you have a very limited credit history and have a number of late payments and over-the-limit charges. These things kill your credit rating. DO NOT repeatedly apply for a car loan once you have been turned down. Each turn-down damages your credit rating even more.

[DefBringer]

Originally Posted by tgb335i

To the OP...

Definitely check your credit yourself and be sure to get your FICO score (this is the number between 450 and 850). If yours is below 750, you need to rebuild your credit rating (this will take years). If it's below about 675, you can just about forget a car loan.

I have sold cars to people with credit scores below 600 before.

[Atombyte]

Originally Posted by DefBringer

I have sold cars to people with credit scores below 600 before.

It can be done (and is), but what at what interest rate? It varies from lender to lender, but once you get below a 675-700 threshold, the interest rates become ridiculous.

[Vitacura]

Originally Posted by tgb335i

It can be done (and is), but what at what interest rate? It varies from lender to lender, but once you get below a 675-700 threshold, the interest rates become ridiculous.

Three years ago I financed my 2002 325i for $21k. I got a 60 month loan at 6.49%. Now my score is much better and I have a hard time getting a good rate through credit unions.
They told me that my debt to income ratio back then was low, hence the rate. I didn't complain.

[THE JEDI]

Originally Posted by flush01

ok what if you make alot of money and build your credit score... then in 5 years you loose your job, and you go from 200k/year to 40k/year, your score stays the same... so by looking at the score you can afford it, but in reality you can't...

Good point but income is not always the main factor it's actually based on how much debt you have had in the past and how you paid for it..so if you made 40,000 a year and paid off larger than normal debts you have a higher rating, because you did more with less..but a person making 200,000K should be able to pay debts of easy...if you follow,,but trust me if he was making 40,000 a year and had 1 yr of employment..a 335 is easy..now if he said hey I want a fracking M5 or M6..then,,,nope...but your raiting is based on INCOME, Current DEBT, and track record......

[THE JEDI]

So wait for the 1 series with the 335 engine

[John 070]

Originally Posted by THE JEDI

but trust me if he was making 40,000 a year and had 1 yr of employment..a 335 is easy..

This is not good advice imho, getting a car > annual gross income.

Just me, but a car should be no more than 33% of your gross, if you like cars and want to stretch things. Ideally it'd be only 20%. The reason the latter can't work is I suppose even a deli clerk drives an Accord....

[THE JEDI]

This is not good advice imho, getting a car > annual gross income.

Just me, but a car should be no more than 33% of your gross, if you like cars and want to stretch things. Ideally it'd be only 20%. The reason the latter can't work is I suppose even a deli clerk drives an Accord....

Good point but income is not always the main factor it's actually based on how much debt you have had in the past and how you paid for it..so if you made 40,000 a year and paid off larger than normal debts you have a higher rating, because you did more with less..but a person making 200,000K should be able to pay debts of easy...if you follow,,but trust me if he was making 40,000 a year and had 1 yr of employment..a 335 is easy..now if he said hey I want a fracking M5 or M6..then,,,nope...but your raiting is based on INCOME, Current DEBT, and track record......
This is not good advice imho, getting a car > annual gross income.

Just me, but a car should be no more than 33% of your gross, if you like cars and want to stretch things. Ideally it'd be only 20%. The reason the latter can't work is I suppose even a deli clerk drives an Accord....

All I ask if your gonna quote me ...make sure it's all I said, and thats not the answer to the question I was giving, and since he would more than likely lease for about $3000, and about $400 a month....he could afford a 335..but I don't think he should either...reason I said wait for the 1 series.

[TopDown85]

I am also recently graduated and 22 years old. I have credit history going back to 18, own a car, have paid several loans off, and have a good credit score (720+) and basically no debt (~$2000). I am planning on ordering a 2008 E93 in July to be leased upon delivery in October.

My question: Do you think I will have similar issues to the OP even though I have established credit and plan to lease rather then buy? I plan to sell my current car in addition to having saved funds from my job. To get a low monthly payment I should have enough money to make 5+ security deposits (assuming $500 a pop) in addition to putting a a few thousand down at signing (want a reasonable monthly payment).

Think I will have any issues?

[Design1314]

Originally Posted by TopDown85

I am also recently graduated and 22 years old. I have credit history going back to 18, own a car, have paid several loans off, and have a good credit score (720+) and basically no debt (~$2000). I am planning on ordering a 2008 E93 in July to be leased upon delivery in October.

My question: Do you think I will have similar issues to the OP even though I have established credit and plan to lease rather then buy? I plan to sell my current car in addition to having saved funds from my job. To get a low monthly payment I should have enough money to make 5+ security deposits (assuming $500 a pop) in addition to putting a a few thousand down at signing (want a reasonable monthly payment).

Think I will have any issues?

From what I heard...try not to put down any downpayments unless you really want to car badly, because if it gets stolen or totaled... your down payments gone forever! I think I am going to go for finance instead...after my 4-5 yr of finance..I will start saving for house

[cn555ic]

Find a co-signer with excellent credit and you should be in!

[ward]

Originally Posted by cn555ic

Find a co-signer with excellent credit and you should be in!

if you need a co-signer, that's a pretty good sign it might be too much car for the current situation

[magmd]

Originally Posted by TopDown85

I am also recently graduated and 22 years old. I have credit history going back to 18, own a car, have paid several loans off, and have a good credit score (720+) and basically no debt (~$2000). I am planning on ordering a 2008 E93 in July to be leased upon delivery in October.

My question: Do you think I will have similar issues to the OP even though I have established credit and plan to lease rather then buy? I plan to sell my current car in addition to having saved funds from my job. To get a low monthly payment I should have enough money to make 5+ security deposits (assuming $500 a pop) in addition to putting a a few thousand down at signing (want a reasonable monthly payment).

Think I will have any issues?

Sounds like you have done the right things so far. So, I doubt you will have problems as long as everything stays according to plan.