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      03-15-2017, 09:56 AM   #1
CaptainJ103
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2016/2017 BMW X5 owners, can you please share with me your FINANCED monthly payments?

I'm only interested in financed payments, not lease payments as I will never lease a car. Although you would think cars like these will be bought with full cash for most people, but I still think there will be some folks that has financed it. Since I am interested in the new X5, I just wanna know what would be the approximate monthly payment. So can you guys share with me your:

1. Down payment
2.monthly payment
3. your credit score

Please be honest, because those so called online loan calculators are all BS lol. I know I can just go to the dealer and find out, but still curious. Thank you! I know a guy that bought a 72K Mercedes paid about 20K down and has a payment of around 900 a month. So it should be something close and maybe slightly cheaper since the X5 is around 60-70K price range. Thanks everyone!
Because I am looking for a new car, and if the X5 is too expensive for my budget as of now, I'm gonna move onto the all new 2017 Audi A4 which is another car I really like besides the X5. But the X5 is top of the list right now since it's the era of SUVs and they are so much more comfortable than sedans. I believe the A4 should have an average monthly payment of around 500-600 which isn't that bad. At least that was the numbers for a guy that owns an A4 I've seen.

Last edited by CaptainJ103; 03-15-2017 at 10:03 AM..
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      03-15-2017, 10:22 AM   #2
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Quote:
Originally Posted by CaptainJ103 View Post
I'm only interested in financed payments, not lease payments as I will never lease a car. Although you would think cars like these will be bought with full cash for most people, but I still think there will be some folks that has financed it. Since I am interested in the new X5, I just wanna know what would be the approximate monthly payment. So can you guys share with me your:

1. Down payment
2.monthly payment
3. your credit score

Please be honest, because those so called online loan calculators are all BS lol. I know I can just go to the dealer and find out, but still curious. Thank you! I know a guy that bought a 72K Mercedes paid about 20K down and has a payment of around 900 a month. So it should be something close and maybe slightly cheaper since the X5 is around 60-70K price range. Thanks everyone!
Because I am looking for a new car, and if the X5 is too expensive for my budget as of now, I'm gonna move onto the all new 2017 Audi A4 which is another car I really like besides the X5. But the X5 is top of the list right now since it's the era of SUVs and they are so much more comfortable than sedans. I believe the A4 should have an average monthly payment of around 500-600 which isn't that bad. At least that was the numbers for a guy that owns an A4 I've seen.

There are a lot of variables... rates, taxes, loan term (48, 60, 72), trade-in, etc. Dealers have other banks that they work with and in a lot of cases, you can get a better rate than what the manufacturer offers. And the loan calculators aren't "BS", you just need to plug in the right information.
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      03-15-2017, 10:25 AM   #3
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Of course the online calculators will work. They aren't BS. It's all very simple math. And are you really asking for people's credit scores?

Your buddy with the $72K Mercedes. I used an online calculator:

$72,000 vehicle price
$20,000 down payment
6.25% sales tax (what I pay in Texas)
2.9% APR
72 month loan
Monthly payment: $855.92

I'm not adding in doc fees and other fees, but you get the picture. A dealer can spit your EXACT payment out once he's ran your credit in a heartbeat. It's all they do.

Last edited by P1; 03-15-2017 at 10:30 AM..
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      03-15-2017, 10:41 AM   #4
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to compare apple to apple, maybe it is better to start with the net loan amount, credit score, loan term and interest rate. The monthly payment can be calculated from the online tools. Just don't start from the down payment and don't shop for lower monthly payments if you don't know the loan amount, term and interest rate.
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      03-15-2017, 11:05 AM   #5
CaptainJ103
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Quote:
Originally Posted by P1et View Post
Of course the online calculators will work. They aren't BS. It's all very simple math. And are you really asking for people's credit scores?

Your buddy with the $72K Mercedes. I used an online calculator:

$72,000 vehicle price
$20,000 down payment
6.25% sales tax (what I pay in Texas)
2.9% APR
72 month loan
Monthly payment: $855.92

I'm not adding in doc fees and other fees, but you get the picture. A dealer can spit your EXACT payment out once he's ran your credit in a heartbeat. It's all they do.
Thanks. Do you think there's a chance that they'll not approve me since I have no credit at all (I was told that's the exact same as having bad credit lol) I'm ready for a sky rocket high interest rate, that's fine. But I'm just worried they won't prove me although it's almost impossible to not get approved in a dealer lol. I'm just being paranoid.
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      03-15-2017, 11:47 AM   #6
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You'll likely get as many different responses as there are options here. I don't have the specifics in front of me, but in general I ended around (2016 X5 Msport, "almost all" the options)

Down payment = ~$3000 (traded in 2004 Acura MDX)
Monthly payment ~$1250...I rounded up and simply pay $1300
Credit score - I don't recall the exact number, but I was in either the top or second highest tier from BMW's scoring method.
Terms = 0.9%, 72 months

Lots of logic, emotion and theory around financing vs. paying cash. Since we keep our cars for a LONG time (MDX = 12 years @170 K miles; CRV I just traded was 10 years @ 200K miles), the cost to finance spread over that time is relatively small. We drive way too many miles to make leasing a viable alternative.

the conundrum of credit = "you need to have credit to get credit". My daughter's BF just purchased a new Acura...wanted to get the 0.9% they were offering, but since he has no student loans, no home loans, no credit cards.....they turned him down. He pulls out his checkbook and writes a $35k check for his car.

BMW seems to be fairly aggressive on their financing, both directly and via leasing. If you're looking to establish credit, you could also talk with whichever bank you're using for checking and routine banking, assuming you've had a long term relationship with them.

my 2c worth
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      03-15-2017, 01:35 PM   #7
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Quote:
Originally Posted by CaptainJ103 View Post
Thanks. Do you think there's a chance that they'll not approve me since I have no credit at all (I was told that's the exact same as having bad credit lol) I'm ready for a sky rocket high interest rate, that's fine. But I'm just worried they won't prove me although it's almost impossible to not get approved in a dealer lol. I'm just being paranoid.
Hate to assume, but you sound young. If you have no credit, it's indeed worse than not having any credit at all. You won't get approved for a loan like this, unless you have a very large amount to put down. And if they do approve you via a sky-high interest rate, then you need to run for the hills, be smart about it, and simple not get a vehicle this expensive. I've had friends find themselves upside down on a loan before and it's UGLY.

I recently bought a third BMW and was approved for 0% over 72 months with zero down. But I'm probably a few years older than you, and I've had time to build up my credit. I had to buy my first truck cash (cost me $34K) when I was 24 because I didn't qualify for a loan. I drove that truck for nearly 10 years and sold it for a pretty penny, so it ended up being a solid "investment" for me.

My advice, and this is how I did it: go to your bank, and get yourself a credit card that you need to secure yourself with $500 down. You essentially give the bank $500, and they give you a $500 credit line. Use that card for everything, but don't go over 50% of the credit line before paying it off again. That means you can pay it off multiple times over the course of a month. After a year, call the bank and ask for $2,000 credit line. Continue this until you start being able to qualify for other things.

Best of luck!
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      03-15-2017, 02:18 PM   #8
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Quote:
Originally Posted by P1et View Post
Hate to assume, but you sound young. If you have no credit, it's indeed worse than not having any credit at all. You won't get approved for a loan like this, unless you have a very large amount to put down. And if they do approve you via a sky-high interest rate, then you need to run for the hills, be smart about it, and simple not get a vehicle this expensive. I've had friends find themselves upside down on a loan before and it's UGLY.

I recently bought a third BMW and was approved for 0% over 72 months with zero down. But I'm probably a few years older than you, and I've had time to build up my credit. I had to buy my first truck cash (cost me $34K) when I was 24 because I didn't qualify for a loan. I drove that truck for nearly 10 years and sold it for a pretty penny, so it ended up being a solid "investment" for me.

My advice, and this is how I did it: go to your bank, and get yourself a credit card that you need to secure yourself with $500 down. You essentially give the bank $500, and they give you a $500 credit line. Use that card for everything, but don't go over 50% of the credit line before paying it off again. That means you can pay it off multiple times over the course of a month. After a year, call the bank and ask for $2,000 credit line. Continue this until you start being able to qualify for other things.

Best of luck!

Good advice, this is.

For me an Amex worked super. Pay it off at the end of each month, build credit.
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      03-15-2017, 02:55 PM   #9
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The only thing you need to ask about is interest rates in order to make sure that you get one competitive in the market for your credit score and loan duration. The rest is math that can be done on an internet calculator.

I have excellent credit. When I go car shopping, I generally just Google prevailing rates, find the best one (credit unions are pretty reliable to show the best possible rate available) and demand that I get that rate. It makes shopping really easy since I don't have to worry about pre-arranging financing or anything. I just tell the dealer what I want and they get it for me (even if their partner banks can't match the rate, the dealer can buy it down).

My X5 loan is about 2% over 60 months. Got it about a year ago. Unfortunately, BMW wasn't offering any financing specials at the time. 0% or 0.9% would have been awesome.
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      03-15-2017, 03:09 PM   #10
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A quick rule of thumb to estimate what would be 'affordable': assuming a 60 month loan term at a single digit interest rate, your monthly payment would be about $19 for every thousand financed. This isn't exact but it will get you into the right ballpark.

In the example above, if you put $20K down on a $70K car and financed $50K over 60 months, your monthly payment would be something in the $950 range. Similarly, if you wanted to keep your monthly payment to something around $600, then the most you could finance would be about $31K.

Assuming that an A4 can be had reasonably loaded for $50K after taxes, tags, etc., then you'd need a down payment of about $19K to get to your monthly payment goal.
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      03-15-2017, 04:15 PM   #11
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If you don't think you can afford it then maybe the better option is to reconsider leasing it and only worry about paying 2/3 or 1/2 of the value of the car depending on your lease agreement and terms. Build your credit that way. Either way you are about to get raped with no credit scores.
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      03-15-2017, 08:09 PM   #12
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You can go preowned if you really want to get an X5. There are lots of options out there and save more if you're willing to go for one with slightly higher mileage.
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      03-15-2017, 09:39 PM   #13
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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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      03-16-2017, 12:18 AM   #14
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Quote:
Originally Posted by NikonMan View Post
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!

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.
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