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      01-16-2020, 07:17 PM   #1
Cjames2018
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Credit score for M340i?

Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
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      01-16-2020, 07:25 PM   #2
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This is such an open ended question and very arbitrary. At the very least 700+ from most banks or credit unions. It really depends what you feel is a "good deal". If you have poor credit (not to be the fatherly figure waving his finger) but you need to work on that before even considering a car at this price point.
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      01-16-2020, 07:26 PM   #3
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Originally Posted by Burrcold View Post
This is such an open ended question and very arbitrary. At the very least 700+ from most banks or credit unions. It really depends what you feel is a "good deal". If you have poor credit (not to be the fatherly figure waving his finger) but you need to work on that before even considering a car at this price point.
That's what I was thinking, thanks!
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      01-16-2020, 09:15 PM   #4
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Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
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      01-16-2020, 09:18 PM   #5
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Quote:
Originally Posted by Gdiddy23 View Post
Quote:
Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
I'm going to sell my current car in a few months, and pay off the negative equity— releasing me from the loan. I'm also building my credit, I'm almost to 700s.
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      01-16-2020, 09:59 PM   #6
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Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Here is some information on BMW Financial Credit Scores on a FICO Forum.. theres interesting information under community in the forum on building credit and all stuff about credit, pretty informative info.

https://ficoforums.myfico.com/t5/Aut...l/td-p/5386890
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      01-17-2020, 08:08 AM   #7
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Originally Posted by Gdiddy23 View Post
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Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
I'm going to sell my current car in a few months, and pay off the negative equity— releasing me from the loan. I'm also building my credit, I'm almost to 700s.
That would help but Im guessing BMW FS will not give you a loan or approval for leasing an M340 unless you can show your income is significant enough to pay for the monthly payments and don't have a ton of debt.

They also look back at years of credit history and you won't have that due to your age.
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      01-17-2020, 08:19 AM   #8
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It's more than credit score that matters..
It's loan history, debt to service ratio. And Income.
I did sales and finance, had people with 700+ get declined because they only have a low limit credit card, have people with low 600s get approved because of good loan history. Also had high 500s approved too, Good with car loans but a little sloppy with other stuff, but there's tons of variables.
Bmw FS, is kind of easy to approve with, at least in Canada.
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      01-17-2020, 06:06 PM   #9
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Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
If you have to ask this, you probably shouldn't be getting one.
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      01-17-2020, 06:17 PM   #10
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Quote:
Originally Posted by Gdiddy23 View Post
Quote:
Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
Lmao I just noticed it's the same kid after you mentioned it.

His first post on him getting a new car was laughable after the points he made. Now all of a sudden he wants to pay it off then get himself an even more expensive car? Someone get his parents or are they just as stupid to encourage this behavior?

Can't knock sense and wisdom into these teens man.. don't waste you time posting, kid has no clue and won't learn from all the replies he got in this thread and the prior one. You also have little to no credit history, BMW won't lease you any car.
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      01-17-2020, 07:23 PM   #11
Cjames2018
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Quote:
Originally Posted by Gdiddy23 View Post
Quote:
Originally Posted by Cjames2018 View Post
Quote:
Originally Posted by Gdiddy23 View Post
Quote:
Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
I'm going to sell my current car in a few months, and pay off the negative equity— releasing me from the loan. I'm also building my credit, I'm almost to 700s.
That would help but Im guessing BMW FS will not give you a loan or approval for leasing an M340 unless you can show your income is significant enough to pay for the monthly payments and don't have a ton of debt.

They also look back at years of credit history and you won't have that due to your age.
My income is significant, at least for my age. I make $1,500 every paycheck, as a salary. I don't have to pay for housing for the next few years either.
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      01-17-2020, 07:32 PM   #12
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Quote:
Originally Posted by premier3is View Post
Quote:
Originally Posted by Gdiddy23 View Post
Quote:
Originally Posted by Cjames2018 View Post
Hi guys, I have a quick question. What do you feel is the minimum credit score to get a good deal on the 2020 M340i? Thanks!
Weren't you the one inquiring about getting a base 330i and having to roll in like $10k of negative equity and pay $6k cash all while still coming to a monthly of ~$800 payments to lease?

An M340i is going to be even more expensive...
Lmao I just noticed it's the same kid after you mentioned it.

His first post on him getting a new car was laughable after the points he made. Now all of a sudden he wants to pay it off then get himself an even more expensive car? Someone get his parents or are they just as stupid to encourage this behavior?

Can't knock sense and wisdom into these teens man.. don't waste you time posting, kid has no clue and won't learn from all the replies he got in this thread and the prior one. You also have little to no credit history, BMW won't lease you any car.
Bro, no one is forcing you to reply. I post here Bc i like to know more information on these things. My parents aren't stupid, they live in a million dollar home, and they have bought many BMWs, and Mercedes, and they are very familiar with the process at dealerships. Clearly, they are very established and successful, so IDK how they are "stupid". In no way am I insinuating that my parents are encouraging me to make any decision. I'm 19, and I make my own choices regardless, but I ask them for advice, the same way I ask this forum. There is no way for you to know what my parents tell me, besides what I put out there. Stop being so entitled to feel the need to try and be condescending to a stranger, this isn't Twitter... I'm here for knowledge, not for you to try and discourage me. I've made it very far on my own, and I'm not looking to make any random decisions. Sorry, I didn't realize me asking a question meant I was going to buy a car tomorrow, in your eyes. The car may be more expensive, but if I can afford it, then that's my choice, the same way if I choose to not get it, it's also my choice.

I was thankful for the advice on my last post, as it was very insightful. Now, you're just doing too much, and for no reason.
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      01-17-2020, 07:35 PM   #13
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Yep, million dollar homes and luxury car owners are always a key trait of people making good financial decisions.
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      01-17-2020, 07:37 PM   #14
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Yep, million dollar homes and luxury car owners are always a key trait of people making good financial decisions.
If you want to group people into one category, and make a generalization, then I guess.
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      01-17-2020, 08:07 PM   #15
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Bro, no one is forcing you to reply. I post here Bc i like to know more information on these things. My parents aren't stupid, they live in a million dollar home, and they have bought many BMWs, and Mercedes, and they are very familiar with the process at dealerships. Clearly, they are very established and successful, so IDK how they are "stupid". In no way am I insinuating that my parents are encouraging me to make any decision. I'm 19, and I make my own choices regardless, but I ask them for advice, the same way I ask this forum. There is no way for you to know what my parents tell me, besides what I put out there. Stop being so entitled to feel the need to try and be condescending to a stranger, this isn't Twitter... I'm here for knowledge, not for you to try and discourage me. I've made it very far on my own, and I'm not looking to make any random decisions. Sorry, I didn't realize me asking a question meant I was going to buy a car tomorrow, in your eyes. The car may be more expensive, but if I can afford it, then that's my choice, the same way if I choose to not get it, it's also my choice.

I was thankful for the advice on my last post, as it was very insightful. Now, you're just doing too much, and for no reason.
First off, I am not your 'bRO'. Second, because your parents live in a 'million dollar home' and have 'BMW's & Mercedes' doesn't make them any financially smarter than a person who is living in a home half that price driving a Toyota. I've seen plenty of millionaires lose their homes and cars, so don't sit there in the comfort of your mommy and daddys home thinking you're sheltered under some delusional umbrella.

Third, from your post prior where you asked about having like 10k in negative equity rolled over and then paying a 6k down payment for an 800+ monthly on a 330i was almost sickening, it was clear you have no leasing knowledge. Plenty of us gave you solid advice, yet you chose to ignore it (which is totally fine) and now trying to get a M340i asking us whats a good credit score. I wonder how fucked you'll get on your next 'deal'. Atleast do some research before posting silly questions.


Quote:
Originally Posted by Cjames2018 View Post
My income is significant, at least for my age. I make $1,500 every paycheck, as a salary. I don't have to pay for housing for the next few years either.
Ahh, lets see. At your age, I will assume this is semi-monthly before tax. Hell, lets even say after tax to make it easier. 3k monthly. If you are financially smart, you wouldn't spend no more than 10% of your monthly income on your vehicle ($300). Want to double it to 20% (which is high)? that's 600 a month on a car. Keep in mind I am assuming this is 3k monthly AFTER tax...

You are 19, no credit history with a low income. You are clearly delusional if you think you can afford it.


Good luck kid. I hope you make the right choices.
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      01-17-2020, 08:23 PM   #16
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I don't have much to add except maybe wait a few more years to get the M340i, say 3 years. You're very young, try not to spend too much of your income on car. The 330i is a very capable car. I know life is short and is no guarantee to any of us but a 330i in M Sport trim is a nice car.
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      01-17-2020, 08:47 PM   #17
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I don't have much to add except maybe wait a few more years to get the M340i, say 3 years. You're very young, try not to spend too much of your income on car. The 330i is a very capable car. I know life is short and is no guarantee to any of us but a 330i in M Sport trim is a nice car.
A fully loaded 330i will cost more than a base m340i, so neither vehicles are a right choice at his age given the factors listed and mentioned. Even a base 330i for like 41k for him isn't wise.
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      01-17-2020, 09:33 PM   #18
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You have a point, but I thought the parents were helping. I know lots of youngsters parents fund the initial bimmer lease. If he's on his own then certainly this is a poor financial decision considering the income.
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      01-17-2020, 09:37 PM   #19
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I don't have much to add except maybe wait a few more years to get the M340i, say 3 years. You're very young, try not to spend too much of your income on car. The 330i is a very capable car. I know life is short and is no guarantee to any of us but a 330i in M Sport trim is a nice car.
Thank you for the advice!
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      01-17-2020, 09:57 PM   #20
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Yep, million dollar homes and luxury car owners are always a key trait of people making good financial decisions.
to be fair, this is basically a normal sized house in a lot of large metro areas.

A million dollars in SF or LA is like a 3 bedroom house in an ok part of town if even.

But yeah, OP being 19, even really having to ask this question to begin with, definitely is on the ... you're about to make a terrible financial decision road.
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      01-18-2020, 01:43 PM   #21
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Check out David Ramsey on youtube food for thought...

Last edited by WXdrivefun; 01-18-2020 at 02:07 PM..
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