Which bank/credit union is the easiest to get finanaced

[FVM3]

Buddy of mine recently almost bought an 2008 M3, $45,000 OTD with $13,000 down pay. Only problem is he doesnt have really good credit but he's making decent money. Wanna help him out, any idea?

[immiketoo]

Tell him to get better credit?

Seriously, unless he goes to a bank that he's been with for years, he's gonna pay through the nose on interest rate. He's probably better off with a cosigner.

[gatorfast]

Try penfed credit union. Takes a few minutes over the phone to get approved and they have very low rates. Could be a little different for your buddy with bad credit but worth a try...

[767IJP]

When I was a kid I made good cash but I blew it all over the place. A bad credit score is basically a maturity check. Live within your means and pay off your debt THEN go and buy the depreciating asset. Believe me I did this. Tell him to buy a house. One he can afford. His credit will be healed in no time and he'll learn to live within himself. Then all of a sudden he'll give the term "credit score" no mind at all.

I WAS your buddy once. It was a brand spanking new Porsche that got me. I survived but it was a dumb move.

[SergioPark]

Usually a dealership will have some sub-prime lenders they work with for car loans. Honestly though, your bud is better off waiting. If his credit is that bad, he is going to pay way too much in interest, even with a cosigner. The M3 is nice, but not nice enough to pay high interest right now, especially since money is so cheap these days (at least in the states).

[luis_m3]

Yeah, tell him to invest his money somewhere else...

[guzman97]

Originally Posted by 767IJP

When I was a kid I made good cash but I blew it all over the place. A bad credit score is basically a maturity check. Live within your means and pay off your debt THEN go and buy the depreciating asset. Believe me I did this. Tell him to buy a house. One he can afford. His credit will be healed in no time and he'll learn to live within himself. Then all of a sudden he'll give the term "credit score" no mind at all.

I WAS your buddy once. It was a brand spanking new Porsche that got me. I survived but it was a dumb move.

That's really good advice. I had not thought about it that way.

[Nine]

What is the cause of his bad credit, is it:
A: Lack of credit, ie no credit cards, primarily using cash?
B: unpaid debt/poor ratio?

[MisterM3]

tell him to buy a M(azda) 3

[FVM3]

He doesnt have bad credit just because he has been to the states for couple years,problem is the credit history too fresh. He is making 5k with no loan/any payment

[checkmate]

Originally Posted by christopherchenm

He doesnt have bad credit just because he has been to the states for couple years,problem is the credit history too fresh. He is making 5k with no loan/any payment

Tell your buddy to apply for a credit card. It certainly helps if you have an established line of credit.