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      10-09-2011, 07:01 AM   #1
edgar
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Credit approve!!! Help!

I am wondering whether BMW approves me for the loan. I don't have a job (full time college student), no co-signer, and no loan history before, although I have a good credit and own house (no loan and no payment).
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      10-09-2011, 09:02 AM   #2
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No job, doubt it.
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      10-09-2011, 09:12 AM   #3
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Unluckily.
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      10-09-2011, 06:30 PM   #4
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you have to find a way to prove "where are you going to pay for this car?".
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      10-09-2011, 07:33 PM   #5
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Smile

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Originally Posted by eatrach73 View Post
you have to find a way to prove "where are you going to pay for this car?".
any suggestion? what kind of way?
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      10-09-2011, 07:38 PM   #6
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No job, doubt it.
No job = No approval?
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      10-09-2011, 08:18 PM   #7
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I shall learn from this thread since I have no job as well.
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      10-09-2011, 08:32 PM   #8
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See if you can get a loan through your bank
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      10-10-2011, 12:19 AM   #9
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Pimpin ain't easy.

BMW NA will need to have proof on how you're going to make your payments since you don't have a job. Your bank might loan you money if you put your house as collateral. But, I'm sure they're going to ask you the same questions as well... GL.
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      10-10-2011, 04:06 AM   #10
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See if you can get a loan through your bank
this definitely won't happen. the bank WILL verify your employment. BMW Financing won't.
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      10-10-2011, 12:33 PM   #11
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Alternative may be to take out an equity line on your house since it's paid off. Bank may still want you to be employed though. And more importantly, it's probably not a good idea to leverage your house to buy a car whilst without employment.
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      10-10-2011, 01:17 PM   #12
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So someone bought you a house I'm guessing.

No reason anyone with no job should be worried about buying a $5000 car let alone a $60k car.
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      10-10-2011, 01:33 PM   #13
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I am still trying to find out how I can own a house that is paid off especially in California with no job. Someone tell me how to do this . Even if the house is paid off how do you pay property taxes with no job? I am sure there is more to this story.
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      10-10-2011, 01:49 PM   #14
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      10-10-2011, 04:37 PM   #15
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A possible answer would be that he's a college student (possible foreign?) and his parents bought him a house (may not be in his name?) to live in while going to school. It's pretty common. The big question, though, is why don't they just buy him the car with cash as well? Or maybe, he wants to buy it without their permission, so it has to be done out of his monthly allowance money.

Or could be an inheritance case, but then - buying the car cash should still be an option.

I'm leaning towards scenario A.
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      10-10-2011, 04:39 PM   #16
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Quote:
Originally Posted by spdy330 View Post
I am still trying to find out how I can own a house that is paid off especially in California with no job. Someone tell me how to do this . Even if the house is paid off how do you pay property taxes with no job? I am sure there is more to this story.
No story about that, parents bought the house, the house is under my name, however, they don't live in the US.
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      10-10-2011, 05:21 PM   #17
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claim a sugar mama as a source of income
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      10-10-2011, 05:23 PM   #18
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Edgar, unless you are putting 40% and above down, it is not going to fly. The source of income has to be documented, such as maybe bank deposits, or bank statements.
Do you receive fixed income from your parents? if so, is it done through a bank? Then, you might have a chance, because you can prove that your income is stable for the past year or two. But, you might need a big downpayment.
ANother thing, you can tell BMW that you have a collateral, which is your house.
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      10-10-2011, 05:27 PM   #19
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Quote:
Originally Posted by eisenb11 View Post
A possible answer would be that he's a college student (possible foreign?) and his parents bought him a house (may not be in his name?) to live in while going to school. It's pretty common. The big question, though, is why don't they just buy him the car with cash as well? Or maybe, he wants to buy it without their permission, so it has to be done out of his monthly allowance money.

Or could be an inheritance case, but then - buying the car cash should still be an option.

I'm leaning towards scenario A.
+1

Definitely in California you'll see this. Housing and school is cheap in the USA compared to many places overseas.

Parachute kids.
http://asianweek.com/070899/news_parachute.html
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      10-10-2011, 05:55 PM   #20
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Quote:
Originally Posted by eatrach73 View Post
Edgar, unless you are putting 40% and above down, it is not going to fly. The source of income has to be documented, such as maybe bank deposits, or bank statements.
Do you receive fixed income from your parents? if so, is it done through a bank? Then, you might have a chance, because you can prove that your income is stable for the past year or two. But, you might need a big downpayment.
ANother thing, you can tell BMW that you have a collateral, which is your house.
Thanks a lot.
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      10-10-2011, 06:13 PM   #21
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just declare an income or $4000/month... and tell the financing people that this is income from your parents. you will be approved... this worked for me when i bought my 328 (before i switched to my m3). i had no previous loan history before i bought my 328 5 yrs ago.
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      10-10-2011, 06:18 PM   #22
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1) Call parents
2) Say, "Hey mom and dad, can you deposit $70,000 USD in my account?"
3) Buy car
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