[Design1314]

I sent an finance application to bmwusa for a 335i coupe and got rejected... I just graduated this year and been working as part time employee in the past so didn't earn a lot of money, but as of right now, I have a stable job as full time. My question is if I'll still have a chance if I walk in and talk to a dealer. I know I can get a co-signer, but can someone tell me who can be qualified?

Thanks

[sflgator]

Originally Posted by Design1314

I sent an finance application to bmwusa for a 335i coupe and got rejected... I just graduated this year and been working as part time employee in the past so didn't earn a lot of money, but as of right now, I have a stable job as full time. My question is if I'll still have a chance if I walk in and talk to a dealer. I know I can get a co-signer, but can someone tell me who can be qualified?

Thanks

Either get the credit app. co-signed or go to your bank (or another financial source) for a loan or lease. It sounds like you just haven't established enough credit yet since you just graduated college. Good luck!

[Design1314]

when my applicaion got rejected by bmw do the mean both lease and finance?

[siriusinvestor]

I agree with sflgator, if you are a recent graduate, you will get approved alone. Time to kiss the parent's ass for a co sign agreement

[Stinger]

You proably need a co-signer at your age and with minimal credit history. You can call BMW finance and ask why you were rejected. There are other possible options: Try leasecompare.com or eloan.com (first for a lease the latter for an auto purchase loan)

[magmd]

Originally Posted by Design1314

I sent an finance application to bmwusa for a 335i coupe and got rejected... I just graduated this year and been working as part time employee in the past so didn't earn a lot of money, but as of right now, I have a stable job as full time. My question is if I'll still have a chance if I walk in and talk to a dealer. I know I can get a co-signer, but can someone tell me who can be qualified?

Thanks

If you got rejected it is because you have either have not established yourself as credit worthy....never borrowed money before and paid it back, or you are high risk (you owe too much money for the income you earn right now). Which means, you are probably looking at a car that you cannot afford on your own. (of course, I do not know your exact situation and where you get your money)

If you get a co-signer...then you may be qualified, because this person is basically taking the ultimate responsibility for payment of this vehicle if you are not able to. Basically, it would have to be someone that WOULD qualify for the loan on this vehicle on their own. Usually its a parent or a spouse that would trust you enough to take this kind of risk.

[Design1314]

Originally Posted by magmd

If you got rejected it is because you have either have not established yourself as credit worthy....never borrowed money before and paid it back, or you are high risk (you owe too much money for the income you earn right now). Which means, you are probably looking at a car that you cannot afford on your own. (of course, I do not know your exact situation and where you get your money)

If you get a co-signer...then you may be qualified, because this person is basically taking the ultimate responsibility for payment of this vehicle if you are not able to. Basically, it would have to be someone that WOULD qualify for the loan on this vehicle on their own. Usually its a parent or a spouse that would trust you enough to take this kind of risk.

So if I go for the option of going to the bank for a loan, what will the procedure be? Will bmw find me a good bank? or I have to find it on my own? Am I going to end up paying more a month?

[FrankoQ]

Originally Posted by Design1314

So if I go for the option of going to the bank for a loan, what will the procedure be? Will bmw find me a good bank? or I have to find it on my own? Am I going to end up paying more a month?

A bank or credit union will probably give you a better deal than BMW.
Interest rates are lower for credit unions.
you just have to find one you can join first and then apply for the loan.

[achien]

could be a blessing in disguise...

you don't want to end up like one of those threads that asks for someone in this forum to takeover their lease...

[user1]

I'm asuming you just graduated college and not high school. Correct me if I am wrong (you never know based on the things I read on this board).

My take is you got rejected for a reason. Finance companies, BMW FS included, want to loan you money. They will even do so at high interest rates if you are high risk. To be denied is a sign these companies with all their options look at you as too much of a risk. In their eyes you cant afford this car. And they are probably right. Work for a couple years, save some money and show a work history. Then reward that hard work with the car you want.

Dont stretch yourself for a car now when you dont know if this first fulltime job (held for a short time) is going to last. Dont drag a co-signer into your bad decisions. Sure you can shop around for loans until someone approves your loan. But that doesnt mean its a good idea to get a car you cant really afford right now. Give it some time. You dont really need a BMW right out of college. My 2 cents since you were asking.

[magmd]

Originally Posted by Design1314

So if I go for the option of going to the bank for a loan, what will the procedure be? Will bmw find me a good bank? or I have to find it on my own? Am I going to end up paying more a month?

Nah...you have to go at it alone.

BMWFS would prefer you go through them, since they get to keep the $$ borrowed + interest from someone that qualifies. Because you need a co-signer...they usually try to give you a higher rate/ worse deal..which means, a higher monthly payment. (basically, they have the bargaining power b/c you really want this car enough that you need someone to help you out). You would be better off having your co-signer go in as if they were buying the car as a gift for you...that way, the co-signer has the bargaining power to get the best deal possible.

Some people go through their own bank or credit union or even various club memberships like AAA---b/c they are able to get better interest rates for purchasing a vehicle. But they have similar qualification issues...you will need a co-signer.

If you are going to lease...you are basically stuck with BMWFS.

[SoYank]

Originally Posted by Design1314

So if I go for the option of going to the bank for a loan, what will the procedure be? Will bmw find me a good bank? or I have to find it on my own? Am I going to end up paying more a month?

It isn't BMW's job to "find" you a good bank.

Think of BMWFS as a bank. You've gone to them and they rejected you. So, your options with them are to try again with the aforementioned co-signer. Your other options are to try to get a loan with another bank or credit union. You'll need to complete their application and meet their lending standards. This may include resorting to a co-signer.

When I first graduated from college and wanted a new Chevy S-10 I had to utilize the co-signer even though I had accepted a fairly well paying job. The only credit I'd established back then was a Sears credit card and that was for only two months. And the cost of the truck was less than 25% what a 335 costs today; it's value was even less.

[sipark]

Find someone to co-sign for you. That's all you need.

I didn't know a dealer can influence the chance of your loan approval.

[3XTR3M3]

PM me. Ill get you in touch with the right people to get you your car

[LI E90]

Originally Posted by achien

could be a blessing in disguise...

you don't want to end up like one of those threads that asks for someone in this forum to takeover their lease...

x10

[CALIF65GM]

Originally Posted by 3XTR3M3

PM me. Ill get you in touch with the right people to get you your car

LOL that sounds kind of Sopranoish for some reason.

OP: BTW I think BMW does have a new grad loan program. You might want to contact BMWFS and ask them about it.

[Design1314]

OP: BTW I think BMW does have a new grad loan program. You might want to contact BMWFS and ask them about it.[/QUOTE]


Are you serious about the grad loan program?

[FrankoQ]

Originally Posted by Design1314

Are you serious about the grad loan program?

There is a "College Graduate Program" from BMW financial services.

[ward]

don't buy a car you can't afford

if the bank thinks you can't afford it that's a good sign that it's not a good time for you to buy a car this expensive.

3-6 months down the road, who knows, but for now a bank (who makes money by lending you money, who WANTS BADLY to lend you money) thinks it's a bad idea.

I'd listen to the bank, they're professionals

how much of a down payment do you have?

[THE JEDI]

Wait for the 1 series......joking.....first things first get your credit score before you go around running for loans.....thats first, once you know your score and credit rate, then you buy a car....if you below 695......your gonna have problems above 700..your good. whip out ya credit card if ya got one go to www.freecreditreport.com...pay for the 3 credit checks and then you will know..if it's good, walk into your bank give em your info and job and income and say I want a BMW ..see what they do......thats how you buy a car.

[flush01]

whats with everyone saying "dont buy a car you can't afford"... you don't know his situation, maybe he landed some crazy job that pays very well, why can't he enjoy 335 ? yes, buying this car is not the smartest financial move, but if it'll make him happy that's all it matters.... at least he's ganna pay for it on his own instead of having parents buy it for him like many on this board... back to the topic, I think a co-signer is the only option right now :/

[THE JEDI]

Originally Posted by flush01

whats with everyone saying "dont buy a car you can't afford"... you don't know his situation, maybe he landed some crazy job that pays very well, why can't he enjoy 335 ? yes, buying this car is not the smartest financial move, but if it'll make him happy that's all it matters.... at least he's ganna pay for it on his own instead of having parents buy it for him like many on this board... back to the topic, I think a co-signer is the only option right now :/

FLUSH01..read what I said...:rocks: