Automotive

Will I get approved for BMW Finance?

  • Last Updated:
  • Nov 10th, 2017 9:31 pm
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes

Will I get approved for BMW Finance?

Alright, so here's my story. A few years ago, I was in a bad financial situation. My credit score was basically ruined. However, now everything is resolved and my financial situation has greatly improved. Last year, I got a $30k Nissan ( before taxes and with $10k downpayment) and they gave me a loan with a 3.99% interest rate. Now, I'm looking to buy this $25k BMW 328i (before taxes and fees). I'll give $10k in downpayment, and my dealer and I have applied for a 1.9% APR with BMW Finances. My credit score is in the low 500s, though keep in mind I have not missed a single car or mortgage payment in the last 1-2 years since my financial situation has greatly improved. I recently finished my Nissan car payments too.

I applied for the financing last night, and I'm supposed to get an answer today. I'm very stressed and worried. Do you guys think that I will get the financing, or will it get refused instead?

If you need to ask any more questions to give an appropriate answer, please leave your question in the comments section and I will try to answer as much as I can.
Thread Summary
Will I get approved with my credit history?
50 replies
Deal Addict
Jul 11, 2008
4100 posts
1343 upvotes
With that much down payment, i heard anyone can get approved
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes
I heard that too, since it is a 40% downpayment after all. But I'm worried about the credit check and everything. My credit score is pretty low, even though I've been doing most of my payments right (late payment 2-3 times on my cellphone bill, completely forgot about it).
Deal Expert
Aug 22, 2011
15756 posts
4661 upvotes
Ottawa
Might not get the 1.9% rate, but you'll be approved one way or another.
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes
Ok, so if I don't get the 1.9% rate, do I have to go back to the dealership and apply again, or will the loan be automatically accepted but with a higher interest rate?
Deal Expert
Aug 22, 2011
15756 posts
4661 upvotes
Ottawa
EehamK247411 wrote:
Nov 8th, 2017 6:42 am
Ok, so if I don't get the 1.9% rate, do I have to go back to the dealership and apply again, or will the loan be automatically accepted but with a higher interest rate?
The sales person will let you know.
Nothing is official until you agree.
Newbie
Dec 1, 2014
28 posts
8 upvotes
Burlington, ON
You should be fine...and yeah a BMW is nice. If you don't get approved, maybe it's time for a gut check.

Ask yourself what's important to you not in the present moment.... but in the future. House? Worry free retirement? Travel? etc...I know it sounds like I'm preaching on my soapbox a bit here... but I wish someone told me the same years ago.

Anyways, if you do get the BMW, tell us how sweet of a ride it is :)
Deal Expert
User avatar
May 10, 2005
28221 posts
4202 upvotes
Ottawa
EehamK247411 wrote:
Nov 8th, 2017 6:42 am
Ok, so if I don't get the 1.9% rate, do I have to go back to the dealership and apply again, or will the loan be automatically accepted but with a higher interest rate?
If they want the sale they will make things work for you. Don't stress, they will sell you that car somehow.
Is it solipsistic here? Or is it just me?
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes
Pete_Coach wrote:
Nov 8th, 2017 8:16 am
If they want the sale they will make things work for you. Don't stress, they will sell you that car somehow.
Well, I'll find out for sure in under two hours
Deal Expert
Aug 22, 2011
15756 posts
4661 upvotes
Ottawa
FilaGuy wrote:
Nov 8th, 2017 8:13 am
You should be fine...and yeah a BMW is nice. If you don't get approved, maybe it's time for a gut check.

Ask yourself what's important to you not in the present moment.... but in the future.
House? Worry free retirement? Travel? etc...I know it sounds like I'm preaching on my soapbox a bit here... but I wish someone told me the same years ago.

Anyways, if you do get the BMW, tell us how sweet of a ride it is :)
Lol, he's saving quite a bit buying used.
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes
FilaGuy wrote:
Nov 8th, 2017 8:13 am
You should be fine...and yeah a BMW is nice. If you don't get approved, maybe it's time for a gut check.

Ask yourself what's important to you not in the present moment.... but in the future. House? Worry free retirement? Travel? etc...I know it sounds like I'm preaching on my soapbox a bit here... but I wish someone told me the same years ago.

Anyways, if you do get the BMW, tell us how sweet of a ride it is :)
Ahahaha yeah, I'll make sure to update the thread :3
Jr. Member
May 17, 2017
125 posts
82 upvotes
Waterloo
EehamK247411 wrote:
Nov 8th, 2017 8:22 am
Ahahaha yeah, I'll make sure to update the thread :3
If they offer an BMW factory extended warranty, make sure to take it.
The N20/N26 engines in the '13-'15 328 have timing chain issues that can require a whole new engine.
[OP]
Banned
Oct 30, 2017
41 posts
12 upvotes
AstulzerRSX wrote:
Nov 8th, 2017 8:38 am
If they offer an BMW factory extended warranty, make sure to take it.
The N20/N26 engines in the '13-'15 328 have timing chain issues that can require a whole new engine.
It's an extra 4000$, but I'll definitely consider it. Couldn't I inspect the car right after getting it and fix any problems before it occurs?
Newbie
Feb 3, 2016
5 posts
2 upvotes
EehamK247411 wrote: It's an extra 4000$, but I'll definitely consider it. Couldn't I inspect the car right after getting it and fix any problems before it occurs?
I hope you inspected the car BEFORE getting it...
Deal Fanatic
Mar 15, 2005
5107 posts
662 upvotes
EehamK247411 wrote:
Nov 8th, 2017 6:27 am
Alright, so here's my story. A few years ago, I was in a bad financial situation. My credit score was basically ruined. However, now everything is resolved and my financial situation has greatly improved. Last year, I got a $30k Nissan ( before taxes and with $10k downpayment) and they gave me a loan with a 3.99% interest rate. Now, I'm looking to buy this $25k BMW 328i (before taxes and fees). I'll give $10k in downpayment, and my dealer and I have applied for a 1.9% APR with BMW Finances. My credit score is in the low 500s, though keep in mind I have not missed a single car or mortgage payment in the last 1-2 years since my financial situation has greatly improved. I recently finished my Nissan car payments too.

I applied for the financing last night, and I'm supposed to get an answer today. I'm very stressed and worried. Do you guys think that I will get the financing, or will it get refused instead?

If you need to ask any more questions to give an appropriate answer, please leave your question in the comments section and I will try to answer as much as I can.
large down payment so I wouldn't worry too much about it.

That said, you were in a previously bad financial situation and with a credit score in the 500s you have now purchased a couple cars totaling 60K in he past year. Maybe you want to stop taking on so much debt to avoid a repeat of the scenario? Why does someone with bad credit need a BMW? Go grab a Hyundai Elantra dude...

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