12-11-2023, 12:11 PM | #1 |
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In Need of Help with Financing
Hey everyone.
A little background, I'm new to the US with a work visa. I have tier 1 credit with only 7 months of credit history. I own a home here without a mortgage. My M3 comp is sitting at the port and I'm trying to finalize financing. BMW FS rejected my loan application at $20,000 down with the previously mentioned information considered, due to limited credit history. They said the only way they'll accept me without a co-signer is if I put 50% of the car's value as a down payment. Worst case scenario I will do that, however that's an absurdly high amount of money to put as a down payment on a car. I'm looking to pick up investment properties next year, and that amount of money is better spent as a down payment on a condo. My question is, do you think there's wiggle room to aim for 35%-40% down if I threaten to go with a third party lender? Will BMW even allow me to use a third party lender/credit union? WWYD? |
12-11-2023, 12:42 PM | #2 |
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Up to you but the more you put down on a finance, the more you save in interest. I don't think 50% down is unreasonable and will save you a good amount of interest, especially at whatever interest rate you're going to get with limited history.
You can absolutely go with a 3rd party lender, but you can discuss with them if there's any wiggle room. Worst they'll say is no. |
12-11-2023, 03:05 PM | #3 |
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Up to you ^2 If you have to jump through hoops to get something it may not be meant for you *at that time*. Economy ain’t lookin so good either, may need that cash to stay flexible if shit hits the fan. Also wouldn’t additional leveraging reduce your chances of buying a condo?
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12-11-2023, 04:44 PM | #4 | |
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I can put $20,000 down or I can put $50,000 down if it really comes to it. I'd just rather not unload $50,000 all at once if I don't have to. I do appreciate the words of wisdom though |
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12-12-2023, 01:53 AM | #5 |
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Reach out to a local credit union near you. That would be my advice.
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12-12-2023, 10:14 AM | #6 |
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There are lots of ways to finance, but without a good credit history, you are looking at a higher interest rate. Look online to get some rates as a starting point, then plug those into a financial calculator and see how much interest you will be paying. That’s just money out the window. You can’t deduct it. I would put the $50k down. I have a 879 credit score and am putting about $40k down just because of the bad interest rates. You could also consider leasing the vehicle, then buying outright later on.
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12-12-2023, 11:25 AM | #7 | |
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12-12-2023, 01:47 PM | #8 | |
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