In Reply to: BMW financing is on a tier system.... posted by Arrwin on September 20, 1999 at 23:21:18:
: : : : Anyone know what BMW Finance is asking for rates. If you have the info, please give the breakdown for 3, 4, and 5 years.
: : : : Thanks,
: : : : Mike
: : : My dealer gave me the rate of 7.4%.
: : BMWFS wouldn't approve me for enough money or at a competitive interest rate. I only wanted to borrow enough to pay for a bit less than 2/3 of the car (about 20k). Carfinance.com approved me in minutes for more $ than I asked for and at 6.99% (though that was a few months ago and their rate is higher now). Since they're part of NationsBank/BankAmerica/Bank of Borg, and my main checking account is with NationsBank, I can view my car loan in NationsBank Online over the net. I haven't tried it yet, but I'm pretty sure I can pay car loan payments over the net by just transfering money from checking/savings into carloan. If that weren't convenient enough, the office building I work in has a NationsBank on the first floor, so I paid my first payment in the lobby on the way out to lunch.
: My dealer told me that BMW financing is on a tier system, which depends on your income, credit history, etc. I got approved for a 8.25% which I think is decent considering I live in NYC. Carfinanc.com approved me for 7.3%, but for less money.
I have perfect credit, no debt other than a home mortgage (and even that was only for about half the amount I was approved for while home shopping...and that was several years ago when my income was smaller), dual incomes, no kids.
On a $34K car, if $14k is put down, then the car will likely be worth more than the loan for the duration of the loan. Since the lender gets to have the car as collateral, where's the risk? Still, BMWFS only wanted to loan me about $12k IIRC.