01-16-2020, 07:17 PM | #1 |
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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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01-16-2020, 09:15 PM | #4 | |
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An M340i is going to be even more expensive...
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01-16-2020, 09:18 PM | #5 | ||
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01-16-2020, 09:59 PM | #6 | |
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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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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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01-17-2020, 06:17 PM | #10 | ||
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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 | ||||
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01-17-2020, 07:32 PM | #12 | |||
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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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01-17-2020, 08:07 PM | #15 | ||
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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:
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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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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01-17-2020, 09:57 PM | #20 | |
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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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09-28-2021, 10:55 AM | #22 |
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Regardless of what errors the poster may or may not be making, a colleague of my wife's was on a three year work visa here in the States and she got approved to lease a BMW with zero credit history.
She leased a 5er (cannot remember specific model) and to this day I have no idea how or why BMWFS approved her. Even the dealer was amazed, they said that BMWFS sometimes works in mysterious ways. However, she made all the payments and returned the car right before she returned to Italy. |
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