BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > New and Preowned M3 Pricing, Ordering, Tracking / European Delivery / Dealer Reviews
 
BPM
Post Reply
 
Thread Tools Search this Thread
      09-27-2012, 01:09 AM   #1
fongpi
Jedi Poltergeist
39
Rep
171
Posts

Drives: 2011 BMW M3 6MT ZCP
Join Date: Mar 2012
Location: Southern California

iTrader: (0)

PenFed only gave me $30K for a loan, advice on getting the rest?

As you may know, PenFed has super low rates right now. I applied a few days ago for a used car, and they only approved me for $30K! I have a credit score over 720 but according to them, it's because of "past or present" delinquency. Since two banks aren't willing or able to split one title, does anyone have any suggestion on where I can get another $20K? I've done so much research that I would hate to abandon the current deal I've found!
Appreciate 0
      09-27-2012, 01:13 AM   #2
Aquariu///M
Captain
Aquariu///M's Avatar
60
Rep
854
Posts

Drives: 2016 F80 M3
Join Date: May 2010
Location: Diamond Bar

iTrader: (6)

Just take the rate from BMW financial and bite the interest for a while and refinance..
Not much difference, you can get 4% easy with 720 score.
Appreciate 0
      09-27-2012, 01:37 AM   #3
tbone28
vvvvvvvvvvvvvv
tbone28's Avatar
United_States
332
Rep
2,304
Posts

Drives: ^^^^^
Join Date: May 2012
Location: Bay Area, CA

iTrader: (18)

Try western fed credit union. 1.99%
Appreciate 0
      09-27-2012, 01:43 AM   #4
NoM3ForMe
Major
NoM3ForMe's Avatar
United_States
37
Rep
1,440
Posts

Drives: '10 Legacy, '07 Kia Sorrento
Join Date: Aug 2008
Location: ...location, location?

iTrader: (0)

Quote:
Originally Posted by tbone28 View Post
Try western fed credit union. 1.99%
^^ This.
__________________
try { Life.Live(); } catch (Experience exp) { Console.WriteLine(exp.ToString(); } finally { Brian.Dispose(); }
"There are only 10 kinds of people in the world; those that read binary, and those that don't."
Appreciate 0
      09-27-2012, 02:23 AM   #5
izzyM2
Major
izzyM2's Avatar
641
Rep
1,207
Posts

Drives: 24’M2/21ID.4/21’MacanGTS
Join Date: Sep 2012
Location: SoCal

iTrader: (4)

What about a BRZ instead?
Appreciate 0
      09-27-2012, 02:58 AM   #6
JC919
Lieutenant Colonel
United_States
72
Rep
1,804
Posts

Drives: CSL
Join Date: Sep 2008
Location: Aberdeen, Scotland

iTrader: (0)

Put your $30k towards drugs and turn it into $300k.
__________________
[SIGPIC][/SIGPIC]
2007 GT3 Clubsport w/CGT buckets in Scotland
2003 CSL, SG, Alcon BBK SOLD
2002 M5, SSII/Blk and bone stock. In storage back home in TX
2008 M3, AW/Blk 6MT, lots of track stuff SOLD
Appreciate 0
      09-27-2012, 05:55 AM   #7
DemonEye
Private First Class
DemonEye's Avatar
United_States
6
Rep
107
Posts

Drives: 2012 M3 Coupe ESS VT2-625
Join Date: Jul 2011
Location: Charlotte, NC

iTrader: (0)

Garage List
2010 135i Coupe  [0.00]
2012 M3 Coupe  [0.00]
Join a credit union as a few others have suggested. I had a 2.9% rate through a bank and just joined a local credit union and refinanced at 1.9%.
Appreciate 0
      09-27-2012, 06:01 AM   #8
fbmbirds
New Member
1
Rep
6
Posts

Drives: BMW 325is
Join Date: Sep 2012
Location: Surf City NC

iTrader: (0)

Usaa 1.20% Apr
Appreciate 0
      09-27-2012, 08:43 AM   #9
davesaddiction
is fast cars
davesaddiction's Avatar
United_States
391
Rep
2,137
Posts

Drives: '08 E90 M3 6MT SSII BPM Stg II
Join Date: May 2012
Location: Oklahoma

iTrader: (0)

Quote:
Originally Posted by fbmbirds View Post
Usaa 1.20% Apr
Wow! I was super-pleased with the 3% deal I got (buying used).
__________________
Daddy's Rocket Sled!
Clarkson: "It is... pretty much perfect... Why don't I have one of these cars?"
Harris: "The saloon is definitely the M3 of choice."
Appreciate 0
      09-27-2012, 08:43 AM   #10
dmk08
Gone Fishin’
dmk08's Avatar
United_States
7315
Rep
12,125
Posts

Drives: Walks
Join Date: Jul 2012
Location: Atlanta

iTrader: (19)

Strait cash homie.
Appreciate 0
      09-27-2012, 08:47 AM   #11
THE TECH
BimmerPost Supporting Vendor
THE TECH's Avatar
307
Rep
13,093
Posts


Drives: BPMsport 2012 E92 M3
Join Date: Jun 2011
Location: Kansas

iTrader: (45)

Garage List
Sounds like you should clear up your credit issues before worrying about buying a car. It appears that no matter what financial institution you try to use, they will likely all give you the same answer.
Appreciate 0
      09-27-2012, 08:49 AM   #12
SamS
Banned
United_States
866
Rep
6,248
Posts

Drives: Tesla M3 Perf + '18 X3 M40i
Join Date: Jul 2010
Location: Dallas, TX

iTrader: (0)

Quote:
Originally Posted by dmk08 View Post
Strait cash homie.
This.

Quote:
Originally Posted by fbmbirds View Post
Usaa 1.20% Apr
That's the rate if you use their car-buying service.

Plus the OP has questionable credit, so he's not going to get the lowest rates that USAA is offering for their short (36mo) loans.
Appreciate 0
      09-27-2012, 09:28 AM   #13
surlynkid
Major
surlynkid's Avatar
113
Rep
1,470
Posts

Drives: 2013 E92 M3
Join Date: Apr 2012
Location: League City, TX

iTrader: (1)

Garage List
is the deliquency past or present? if it is present, fix it. bottom line (if the deliquency is true) is that you created a problem that will simply cost you higher interest for a while. good credit with no uh-ohs is worth a lot.

i went the "straight cash homie" route. so much easier. buy what you can afford.
Appreciate 0
      09-27-2012, 10:08 AM   #14
M Pulse
First Lieutenant
M Pulse's Avatar
Canada
101
Rep
360
Posts

Drives: '17 F82
Join Date: Jul 2012
Location: Canada

iTrader: (1)

As others have stated... it sounds like your credit history is questionable & perhaps that's a sign that the M3 is out of your league at the moment.

Focus on re-building your credit history or if there is an error get that cleared up first before you apply for another loan. I believe everytime a lender does a credit lookup it has a negative impact on your overall score... it shows that you're constantly looking for credit and it sets off warning bells for other lenders.

Bottom line, get the issues sorted out with your credit history before you apply for another loan.
Appreciate 0
      09-27-2012, 11:12 AM   #15
mdosu
Banned
No_Country
312
Rep
8,496
Posts

Drives: Double Vanos'd Civic-M3
Join Date: Oct 2009
Location: San Francisco

iTrader: (6)

can you afford the car? sorry, someone had to ask it....
Appreciate 0
      09-27-2012, 11:18 AM   #16
mdosu
Banned
No_Country
312
Rep
8,496
Posts

Drives: Double Vanos'd Civic-M3
Join Date: Oct 2009
Location: San Francisco

iTrader: (6)

Quote:
Originally Posted by M Pulse View Post
I believe everytime a lender does a credit lookup it has a negative impact on your overall score... it shows that you're constantly looking for credit and it sets off warning bells for other lenders.

.
there are "hard pulls" and "soft pulls". Hard pulls are when you apply for credit limit increase or a house or car loan. Soft pulls are when lenders look at your history (unsolicited) to spam you with loan offers, or for consumer services that require contracts or longer term committments (apartment, cell phone, internet, Macy's store card)


Hard pulls effect your credit for a temporary amount of time depending on how many pulls are made in a certain time frame. Basically, you don't want to go to 10 dealers and ask for a $30k loan each and run the credit check each time within a week. But this resets over time.

soft pulls have no effect on credit.


OP sounds like even if you're at 720, you need to check all 3 major credit provider records to see if there are mistaken items that need to be clear. Also a 720 credit score doesn't mean you "make a lot of money", so to speak. 720 is good, but not steller. If they feel like you barely make say 70k a year, plus your rent/mortgage committments, plus past history, why would they loan you 60k+ today at <2%? I wouldn't, you're not even "liquid" in this case.

Last edited by mdosu; 09-27-2012 at 11:24 AM..
Appreciate 0
      09-27-2012, 11:22 AM   #17
BMW Fanatic
Banned
Canada
135
Rep
3,293
Posts

Drives: slow
Join Date: Jul 2009
Location: Calgary

iTrader: (11)

Don't buy the car. Wait until you have the $$ saved as opposed to getting it via credit.

Also, not sure if true but I heard through the grapevine that the more places you go ask for loans etc, the more your credit score is affected (not in a good way) and the 'inquiries' won't leave your file for 36-60 months.
Appreciate 0
      09-27-2012, 11:23 AM   #18
konaforever
Second Lieutenant
United_States
5
Rep
243
Posts

Drives: 2009 Red GTR
Join Date: Feb 2008
Location: Boston, MA

iTrader: (0)

Quote:
Originally Posted by M Pulse View Post
As others have stated... it sounds like your credit history is questionable & perhaps that's a sign that the M3 is out of your league at the moment.

Focus on re-building your credit history or if there is an error get that cleared up first before you apply for another loan. I believe everytime a lender does a credit lookup it has a negative impact on your overall score... it shows that you're constantly looking for credit and it sets off warning bells for other lenders.

Bottom line, get the issues sorted out with your credit history before you apply for another loan.
I wouldn't say his credit history is questionable. 720 is a good score. They approved him, so it could be other issues such as previous loan amounts or credit obligations. If your previous high loan was 20-30k, they're more hesitant to approve for 60k, since that's twice the amount you've ever been approved for. Some banks are more conservative about that then others.
Appreciate 0
      09-27-2012, 11:46 AM   #19
jonbig12
New Member
0
Rep
13
Posts

Drives: 09 370z
Join Date: Jul 2012
Location: Denver, CO

iTrader: (0)

Quote:
Originally Posted by fongpi
As you may know, PenFed has super low rates right now. I applied a few days ago for a used car, and they only approved me for $30K! I have a credit score over 720 but according to them, it's because of "past or present" delinquency. Since two banks aren't willing or able to split one title, does anyone have any suggestion on where I can get another $20K? I've done so much research that I would hate to abandon the current deal I've found!
It’s odd that they are telling you “past or present delinquencies” are preventing you from be qualified for more money. How much money you are qualified for is typically a function of your debt-to-income ratio. Any past credit difficulties have already been factored in by your credit score, and unless you have a recent bankruptcy, or repo of some sort the analysis is usually left to the credit bureaus. Regarding the scenario you suggested, I doubt any institution is going to give you “the other $20k” as it were. You will need to find another lender who will give you the full amount which may or may not be difficult. You may have to pay a higher rate to ultimately get what you want.

Regarding the credit inquiries, there are indeed soft and hard pulls. However the credit bureaus give you a 30 day “shopping period” in which you can have up to 10 inquiries for the same purpose and they will all be looked at as one inquiry. You typically are not punished for doing your due diligence as a consumer.

If it were me I would simply get the car you want and refinance it later
Appreciate 0
      09-27-2012, 01:29 PM   #20
Transfer
Major General
Transfer's Avatar
5243
Rep
5,874
Posts

Drives: Bronco Wildtrak, Tesla MYP
Join Date: Mar 2010
Location: Issaquah, WA

iTrader: (1)

I think it's funny that 3-5% interest rates are like a sin these days.
Appreciate 0
      09-27-2012, 03:03 PM   #21
bga23
Dirty old man
59
Rep
493
Posts

Drives: 2021 718 Cayman GTS 4.0
Join Date: Jun 2012
Location: Nashville, TN

iTrader: (0)

What's your monthly income/expenses? They may have felt you couldn't afford larger payment.
Appreciate 0
      09-27-2012, 03:41 PM   #22
48Laws
Banned
705
Rep
1,908
Posts

Drives: '15 F80, '18 991.2 GTS
Join Date: Nov 2010
Location: East Coast

iTrader: (0)

$30K with some cash can get you a nice new 3 Series non-m.
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 03:28 AM.




m3post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST