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      01-11-2012, 03:26 PM   #1
Motastic
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BMW Finance Refinance?

Long story short, I was 23 and financed the BMW. I put a good down payment but since it was my first car financed, it was at 7.9% APR. I have been making extra $50 a month in payment and also paid on time.

I have an 07 e92, some people had suggested called bmw financial and telling them to refinance. Is that possible? Also What do I have to tell them?

any advice would be helpful
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      01-11-2012, 03:33 PM   #2
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call and ask?
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      01-11-2012, 07:19 PM   #3
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assuming that your credit score is higher then what it used to be when you financed your car, you should be able to refinance. If BMW doesn't do it, you will certainly find another vendor to do it. If BMW refuses your offer, I suggest you to go to your local credit union. FICO score over 750 will get you 2-3% APR.
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      01-13-2012, 12:08 PM   #4
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but if its an 07, i heard they are not offering that good of a rate on an older car
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      01-13-2012, 02:46 PM   #5
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3 payments have to be made, $7,500 left to pay, and account in good standing will yeild 4.9% for the highest credit score.

I currently have 3.9% so my rates would go up...lame...you on the other hand could save some cash!
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      01-13-2012, 06:22 PM   #6
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US Bank has 3.9 I think for anything over 36 months and 2.9 for up to 36 months. I just got that with an 07 RX350
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      01-13-2012, 11:39 PM   #7
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Why bother with BMW...you should be able to shop around anD find much better rates. Any military affiliation, if so USAA has tremendous rates. Capital Auto isn't too bad either. Do you have a lengthy credit history? If not, that is probably what is hurting your rate.
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      01-14-2012, 02:46 AM   #8
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What is lengthy for you guys? 2 years is ok?
Quote:
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Why bother with BMW...you should be able to shop around anD find much better rates. Any military affiliation, if so USAA has tremendous rates. Capital Auto isn't too bad either. Do you have a lengthy credit history? If not, that is probably what is hurting your rate.
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      01-14-2012, 11:07 AM   #9
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Quote:
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What is lengthy for you guys? 2 years is ok?
Usually 3 yrs is a good measure of lengthy credit history.
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      01-15-2012, 12:14 AM   #10
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ok thank you.
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Usually 3 yrs is a good measure of lengthy credit history.
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      01-16-2012, 11:01 PM   #11
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I expect you can get at better deal at a local credit union or say penfed or USAA if you are eligible. (Anyone can become eligible at penfed for 10 to $20 bucks).
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      01-16-2012, 11:14 PM   #12
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very easy to do. call them and they will make an offer or try another bank
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      01-17-2012, 01:06 AM   #13
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some of the credit union has 2.49%, and yes you can refinance.
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      01-17-2012, 11:48 AM   #14
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I just went through the whole financing thing about a month ago. I was trying to get my loan through BMW but denied me because I didn't have enough credit history (22 years old) even though my credit score was 790. I got my loan through Bank of America with 1.79 APR. You can apply for a loan on their webpage and they call you back almost immediately after you apply.
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      01-24-2012, 09:09 AM   #15
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Pentagon Federal Credit Union has used car rates at 1.99 as long as its under 4 years. If you have ever given blood you qualify to join.
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