I couldn't get the 40 grands brand new BMW with 20 grands put down in cash?

Question

I went to BMW dealership yesterday to get my dream car BMW 128i convertible. The car was priced 40 grands, i put down 20 grands and asked the guy check my creadit to finance the rest. Later on he came back and said my creadit is not qualified. He explained that happend because i never due with any big stuff like finance car, my max creadit line only 1.300( my creadit score is 655). But watsover, i can't believe they refuse me even though i willing to pay the half price. Could somebody gimme some advice how i can get the car in this sistuation? Any respose would appreciate

Answer 1

with half down, you should be able to secure financing somewhere.  Its a lot of money to loan to someone with no major credit record though.  Do you have a cosigner?  Someone who will sign onto the loan with you?  If you can get a co-signer, that will help to establish the loan.  then, in aout a year, you should be able to refinance the car under your name only to get theirs off.

You may also want to check with an online lender.  Check with lendingtree.com, eloan.com and capitalone.com.  Apply with one of them and get a pre-approval.  You may need to contact them to explain exacty what you are planning to do.  But almost everyone I have referred to them has reported a good experience

Good luck

Answer 2

if you got turned down, you dont have the credit history.  Thats it, no car for you unless you pay cash for the whole thing.  Plus I highly doubt you put 20k down in cash, you have to fill out government paperwork to ensure you are not laundering that money.