Quote:
Originally Posted by shadyx1
When BMW financial approves you, do they base what you can get based on what you make yearly and not credit? I always thought Credit was the main factor in getting approved on a car but i was told they base it MOSTLY on income. They told me I can only get a XXthousand dollar car cuhz i make XXthousand a year. Is that true or was the salesperson just trying to get rid of a car that was on the lot for that price. (the car was a DEMO car). It was sometihng that was different from what i wanted (i.e., color, options). thanks in advance.
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They both count. Credit used to be the most important factor. Since the credit crisis, lenders have put as much weight on debt to income ratios (this is where income comes in). Think of it this way, if you have an 800 FICO, but only make $1000/month, can you really afford a $750/month auto loan?