Hi All,

Thinking about ordering an MCS in April or May and I'm trying to figure out if I will qualify for the 1.9% financing. Currently, I have a 753 credit score on Equifax and I am wondering if that is good enough. The car I built through the website would cost roughly 29k and I would be putting estimated 10k down which will include my trade in and cash. My annual salary is 48k a year.

Thanks.

 

Let me start by I dunno jack about auto financing, I arrange residential home mortgages. Based on the info you posted, I'm kind of cetain you'll be approved.

 

753? You're WAY more than qualified, that's an outstanding score, especially in the current economy.

Suggestion: at 1.9%, it doesn't make much sense to add cash to your trade. That rate is so low, you're better off financing as much of the purchase as you can, and putting your cash to work doing something else. Just a thought.

 

what is you high credit dollar amount? how long has credit been reported in your name? will this be the only auto loan in your name ?

 

Most I owe 6000 dollars on my college loan, 9 years roughly, and yes it will be my only auto loan.

Thanks.

 

I know we're all trying to help, but the questions you ask aren't pertinent, they're all contained in the 753 scoring.

 

I am not a MINI credit analyst, but as long as your revolving debt ratio is 40% or less and your DTI ratio(debt to income) is not out of whack, you should be fine.

 

Not to bust stones, but you are not correct here. I have customers with high 700 credit scores with very high debt to income ratios that do not qualify for loans, they just always make their payments on time and their revolving debt is low. Not being a buster, but I deal in credit every day!

 

If you do the BMW/ MINI financing promotion then note that you can only do the promotion which is in force when you take possession of your MINI.... NOT the deal that may be there when you ordered. In my case I ordered in Dec. '09 and took possession in late Feb '10. So the promotions changed 3 times.

I took the 3.9% with free option. For me that saved some $ over the life of the loan. Saved ~$600 vs the 1.9% with no option.

When I ordered, my MA did not ask for the slightest bit or credit information or even if I had a job... Just took my deposit and ordered....

 

I think you should be fine, it sounds like you're doing well financially. I'd also not put down any cash if you're doing a trade in, just save that.

 

I just ordered an MCS and was trying to decide if I should do the credit app now and go with the current promo for March/April which is the 1.9/3.9 with a free package or wait until the car gets delivered in May which may have a different promo. The salesman says the rates will probably be more aggressive for March/April than May. Anybody have any idea what the best thing to do would be?

 

You can do the credit application at any time to get a pre-approval. But you still must use the promotion available at delivery

I was not aware that you could actually purchase the car before it is built and delivered? My MA did not mention that as an option. I don't think I would do that even if I could. Who is responsible for insurance claims during the interim time? I think it would be a huge mess if for some reason you couldn't or wouldn't take delivery when it arrives.

It's anybodies guess about what the deal will be in May? My MA would not tell me beforehand - said I had to check the web site at the beginning of each month.
Here is what they did in past months.
(I think I remember correctly)
Dec '09 - 1.9%
Jan '10 - 4.9% + 1 option
Feb '10 - 1.9% OR 3.9 + 1 option
Mar-April 30 - 1.9% OR 2.9% + skip 1st 2 payments OR 3.9 + 1 option
(options are Auto or Premium or sport package only)

If I would have known then I might have gotten the Premium package as my free option instead of automatic transmission.
I was lucky that I had ordered one of the free options.