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BMW 3-Series (E90 E92) Forum
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Please help..got rejected!!
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06-19-2007, 09:12 AM | #24 | |
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that's why they won't give him a loan banks make money from selling loans, so if they thought he could pay, they'd give him the loan. Turning away his loan, is turning away a customer, the only reason they'd do that is if they though the guy couldn't pay. maybe his situation will change in a couple months, but for now... |
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06-19-2007, 10:30 AM | #25 |
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Thanks for all of you~ I've had my first credit card since I was around 17, ofcourse there was late payments and overdrawn etc.. but overall I've been spending and paying on time. Is there a free site where I can get a free credit report? I know I am just starting to make my incomes..do you know when my credit score will change? after I file tax next yr? or by putting money into the bank?
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06-19-2007, 10:38 AM | #26 |
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If BMW rejected you then a credit union or bank might still approve you. BUT they might give you a really high interest rate.
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06-19-2007, 11:08 AM | #27 | |
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06-19-2007, 11:27 AM | #28 | |
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what if he loses said job, or only works there a few months and quits typical american way, you all want to spend your money before you even have it |
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06-19-2007, 05:38 PM | #29 |
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06-19-2007, 05:40 PM | #30 | |
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06-19-2007, 06:20 PM | #31 |
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If he made $300k a year, he could wait a month or two and pay cash...
Here is the best advice we could give you... Walk away... It's not that we don't want you here or for you to drive your dream car... It's just an $800+ car payment is not what you need when you are 22 years ago.. Most 328's are low $42k, and if you don't have any down payment you are looking at a $871/mo payment (60 months) at an 8.95% rate which is close to what you might get. I have great credit and BMWFS tried to give me 8.75%, I ultimately got 6.125% from Chase. So even if you are making say $52k a year, or $4000/mo, roughly. After taxes and insurance, you are only taking home about 56% (or $2240/mo)if you are single and claiming zero or 1 exemption. So now you get an $900/mo car payment and it leaves you with $1340/mo for rent and other living expenses which is not enough by anymeans. Nevermind the 93 octane gas and the insurance premiums that come with owning a BMW. Ultimately, it's your decision. Some of the people here are just trying to prevent you from making a bad one. Luke
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06-19-2007, 06:29 PM | #32 |
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maybe he works there 11 months already, and he sees it as a stable job (he didn't specify anywhere how long he been working)...
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06-19-2007, 06:31 PM | #33 | |
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Point is, he's 22, just landed a "good job" wants an impressive car that he can't afford.
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06-19-2007, 06:32 PM | #34 |
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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...
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06-19-2007, 06:33 PM | #35 |
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06-19-2007, 06:35 PM | #37 | |
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06-19-2007, 06:40 PM | #39 |
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Case in point, the kid does not make $300k, or anywhere close to it...
If he did and didn't want to pay cash, they could do a VOI and they would give him any loan he wanted - again not the case.
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06-19-2007, 06:40 PM | #40 |
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He would want to pay cash (if he had it) because he cant get a loan!
Bank looks at your history of paying off debt, and your ability to pay off future debt. I have no idea what this new job pays for the OP, but at best it is suitable to pay off the debt easily. However, he has little/poor credit history. He has never paid off a loan before, and the credit cards he did have he didn't pay off on time. |
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06-19-2007, 06:43 PM | #41 | |
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06-19-2007, 06:46 PM | #42 | |
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I agree with the blessing reply. Loading up on a big car payment is a sure fire way to shoot oneself in the foot. We have to remember the time value of money at age 30, 40, 50, 60, 70, 80, all the way to 6 feet under. I just saw an older guy in my office go from a S55 AMG to a ML350. Talk about a downgrade...that's the fear of losing his job for one due to his age (despite Title VII, the partners can call it whatever they want when they show him the door), and also the result of leasing one car after another. |
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06-19-2007, 06:46 PM | #43 |
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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...
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06-19-2007, 06:54 PM | #44 | |
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