Automotive

Will I get approved for BMW Finance?

  • Last Updated:
  • Nov 10th, 2017 9:31 pm
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Mar 23, 2008
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larphraulen wrote:
Nov 8th, 2017 12:18 pm
Is this a dealer/manufacturer - financed 5 year loan? I would weigh the benefits of paying that off earlier vs. something like putting a bigger dent into the mortgage or contributing to savings.

If they structured it the way VW did mine, they priced in the total amortized interest (5 years worth) ahead of time, then split that total up into monthly payments. So no matter what, they're receiving 5 years worth of interest regardless of how fast it's paid off.

ie: Whether you pay it off in 1 year or use the full 5, you might already on the hook for the total interest amount for 5 years.
They factor in the interest as part of the amortization process (that's the whole calculation magic, to be honest), but if you paid extra, it SHOULD reduce your principal by the amount of the extra payment. What it means is that even though your payments stay the same over time (i.e. for the 5 years), you will end up paying off the loan early, so it won't be for the full 60 months. Net effect is paying less interest.

C
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Sep 14, 2006
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EehamK247411 wrote:
Nov 8th, 2017 11:27 am
The bmw is a gift for someone I cherish. Of course I wouldn't buy a second car within a year for myself. As for money, I'm largely covered, and I've been so for a 2-3 years now. Its just that recovering from a bad credit takes several more years, and is extremely difficult.
What’s done is done. Congrats on getting a car but if this person is someone you cherish and enough for you to pull out a loan to pay for his or her car, then I hope that person also cherishes you enough to try and talk you out of buying it initially. In the end you both agree this is the best option so you went ahead to get it.
TEAM CANADA!!!!!!!!!!!
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Learned something new about putting a significant down payment.

Is a lease security deposit similar in that it vastly improves the chances of getting a lease approval?
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Dec 16, 2015
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Ajax, ON
wolfpack27616 wrote:
Nov 8th, 2017 11:47 am
That's harsh. He had posted that he would be paying it off in 12 months. I guess OP came here since he was a bit nervous about getting approved for the financing and wanted some opinion on whether he would get the low rates or not. It's not fair to judge his financial future or his motive behind getting the car.

OP- I was about to post enjoy the new ride, but saw that you had posted it was for someone else.
+1. I couldn’t agree with you more.
Some people have their panties in a bunch over someone who wants to finance a second hand BMW. Lol.
Congrats on the approval OP, glad it worked out for you :)
Sr. Member
Sep 16, 2006
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Pickering
Stick to your Nissan. Do you know how much it costs to change the brakes on a BMW? Because "ooh we're German, sensors everywhere! More sensors!" I would never buy BMW. Nor can I afford it.
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Dec 4, 2010
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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 :)
Don't mean to pry but hi how old are you? I know people in their late 30 and 40s still living like a bachelor.
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Mistersprinkles wrote:
Nov 9th, 2017 11:41 pm
Stick to your Nissan. Do you know how much it costs to change the brakes on a BMW? Because "ooh we're German, sensors everywhere! More sensors!" I would never buy BMW. Nor can I afford it.
Heard they did away with the dip stick in recent years. Must be at the mercy of the brand when it comes to maintenance.

I read either here or somewhere else that said $200 for an oil change was a steal, lol. I pay $10 for my filter and $25-30 for synthetic and it cost me an afternoon to do it myself on my cheap Korean car.

I have to say if you need to ask if you're qualifylied for the loan then you can't afford it.
[OP]
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Oct 30, 2017
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Supercooled wrote:
Nov 10th, 2017 4:43 am
Heard they did away with the dip stick in recent years. Must be at the mercy of the brand when it comes to maintenance.

I read either here or somewhere else that said $200 for an oil change was a steal, lol. I pay $10 for my filter and $25-30 for synthetic and it cost me an afternoon to do it myself on my cheap Korean car.

I have to say if you need to ask if you're qualifylied for the loan then you can't afford it.
Of course it's gonna cost you an arm and a leg if you have it done at the official BMW dealership garage. I intend to do the basic maintenance by myself (oil change, headlight change, etc.) and I intend to learn what I don't know how to do. Even having the maintenance done at an Indie garage is gonna cost you about the same as other cars for most maintenance tasks.
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Aug 22, 2017
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EehamK247411 wrote:
Nov 10th, 2017 6:31 am
Of course it's gonna cost you an arm and a leg if you have it done at the official BMW dealership garage. I intend to do the basic maintenance by myself (oil change, headlight change, etc.) and I intend to learn what I don't know how to do. Even having the maintenance done at an Indie garage is gonna cost you about the same as other cars for most maintenance tasks.
OP just ignore those posts from haters because those are people who always drive a Toyota or a Honda. I believe you did a great purchase, and trust me BMW run great for a longer time. Just buy premium synthetic oil and give it to a mechanic to do oil change (my mechanic charges me $15 to change the oil that I provide him). To all those people who are posting hate messages, grow up will yah! A typical 2013 Honda Accord will cost $19000 but a good looking 2013 BMW 3 Series (2.0L 4Cyl) will cost you $17000. At the end, your still driving an economical car by saving gas, and looking stylish in it.

Enjoy the ride OP! FYI I drive a 2013 MB C300 and I love this thing! When I get into a Corolla or similar I cant stand the seating, no comfort at all.
[OP]
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Oct 30, 2017
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Thanks a lot! I'm getting the car tonight and I'm super excited! Hope it'll run for a long time.
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I thought independent shops charged much less? I was told on RFD that for many electrical/ECU issues, BMW dealerships will have to step in.
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Lol.

Teenager.

Has mortgage payments and car payments.

Has a credit score already.(poor)

Work at tim hortons ( part time , soon going to quit)

Buys used bmw 3 series for someone he cherishes.. (hint: himself).

Seems legit..

But seems like he really bought the bmw, based on timeline of the posts but some things are not adding up.


Age? What is value of your house and mortgage on it? You said you are a teenager?

Seems to be a disaster in the makings..
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Jul 7, 2007
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Supercooled wrote:
Nov 10th, 2017 4:43 am
I pay $10 for my filter and $25-30 for synthetic and it cost me an afternoon to do it myself on my cheap Korean car.
Its roughly the same to DIY a oil change on a BMW. Mann filter is $10 and synthetic oil is around $40 when on sale at CT.

Also it does not take one afternoon, it takes 15 minutes MAX.
- Position and drive car on ramp (2 minute)
- get underneath car, remove drain bolt, wait for oil to drain (5 min).
- change oil filter and pour new oil in (3 minutes).

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