Quote:
Originally Posted by NikonMan
BMW FS "Tier 1" minimum credit score (aka FICO, FICO auto enhanced or from one of the 3 bureaus) is around 650 IIRC. Anything above that doesn't yield a better rate. If you have no credit history, check your credit score. Do not use any free FAKO scores except as a general reference as their models generally inflate the number. Keep in mind that as a new young (I assume) customer, they will look closely at your income to debt ratio in determining if you can reasonably make the monthly note- in addition to your credit score and cash down payment. Don't get into a ride with a crazy rate of 12% you will regret it. I got .9 for 72 -$115,545 sticker - $106,500 with $8000 down (basically prepaid the tax) with a payment of $1540.00. Also the "Leasematic" iPhone app is very accurate and also work for purchases. Financing is just a math function - the key is to always negotiate the best sale price on the purchase as this will obviously govern the payment. Good luck!
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I think tier 1 is 675+ (at least I have that on pretty good authority of a dealer rep I trust), and higher scores actually DO matter, at least as far as how much you can add to the financing above the approved number.
If you get approved for 50k and have 720+ credit, you will likely get approved for up to 120% of your loan amount (so you can cap fees, and add ons, lol). The amount you can cap over the approved amount goes up with higher credit scores, to a poing.
As for the OP, there are waay too many variables for what they are asking (exact car build, whether the person paid marked up interest rate, what fees they added to the financed amount, etc.)
Threads like these turn into "can you top this" type moments when they are online (kind of like "whats everyone paying for insurance?")
OP download leasematic and click the "finance" button. No credit is just as bad as bad credit.. both show uncreditworthiness.
You will not get a loan for a 60-70k car unless you are putting down 20-30%. If you are planning to put that much down, then great. If you were thinking about the "no money down " type thing, then its likely not happening for someone with no credit.... even if you have no expenses.
No car loan, no house, no nothing to show "permanence" in an area, etc. You should plan to pay mostly cash, at least enough cash to buy a "non luxury" car, like 20-30k down.
There is no meaning to any numbers anyone would give you, because they are not you, and you dont know the exact build of their car, and what interest rate they have.