Financing a car

[FVM3]

I started a thread about my buddy wants to get the m3 with no prove of income. Now he got bad chance to qualify for leasing so he is looking for purchase. Now he's getting a new one, with 50% down , any good chances? Do you guys have any bank or credit union that may qualify him? He can show the past 3 months bank statement but he is likely not paying tax. The credit score is a bit over 700, which may be useless but just for the side note.

[JusCruzin]

Has he tried BMWFS already? If he's putting 50% down, I would think his chances of approval are high notwithstanding the lack of proof of income. Remember that BMWFS's rates will always be better than those of a third party lender, so he should try BMWFS first.

[FVM3]

Originally Posted by JusCruzin

Has he tried BMWFS already? If he's putting 50% down, I would think his chances of approval are high notwithstanding the lack of proof of income. Remember that BMWFS's rates will always be better than those of a third party lender, so he should try BMWFS first.

We called the dealer and SA told us that he needs prove of income

[bdn3d]

I am in Finance and although I do mortgages, the no income loans no longer exsist. Only chance he has is probably with the bank he banks with. If he is self employed or has some sort of income other than a salary or w2 income the bank can look at his 12 months bank statments and see a flow of money. They maybe able to use an avg. and qualify him off of that. Only other options are a co signer, an unsecured loan (high rate) or a credit card if the limit is high enough.

Good luck.

[FVM3]

Originally Posted by bdn3d

I am in Finance and although I do mortgages, the no income loans no longer exsist. Only chance he has is probably with the bank he banks with. If he is self employed or has some sort of income other than a salary or w2 income the bank can look at his 12 months bank statments and see a flow of money. They maybe able to use an avg. and qualify him off of that. Only other options are a co signer, an unsecured loan (high rate) or a credit card if the limit is high enough.

Good luck.

Is there any credit union or something. I would like to help my buddy , he got some cash but stuck now due to no prove of income

[rabman5]

He needs proof of income. Any bank/credit union wants to know how they will get their money back.

[Juan.sidarta]

I had the same problem, no real income. But I showed them that money was going into my bank every month. So for my 328i Coupe, I had 13k down and financed the remaining with BMWFS. I bought it at $26200 + taxes, etc. It got approved But my bank statement stated that I had 100k+ flowing in and out over that year. So maybe that helped? But Other than that, I really didn't have an income statement and it worked.

[cloud8r]

Is he employed? If so, a simple employment check with income verification by the creditor is usually enough with a credit score of 735 . Sometimes even with a score a bit less than that too. they basically contact the employer and verify that he is employed and makes what he says he does.

[clayk]

Is his above 700 score a real credit score.. ie with paid car loans, ect.? If so there are many banks that wouldn't require proof of income. Different story if he is a 700 but with only student loans or something like that. Where is he located?

[carchrism5]

Originally Posted by JusCruzin

Has he tried BMWFS already? If he's putting 50% down, I would think his chances of approval are high notwithstanding the lack of proof of income. Remember that BMWFS's rates will always be better than those of a third party lender, so he should try BMWFS first.

That is not true. Talk to some of the CA's because they often have local banks they use that give them a kick-back when they secure a loan. I'm not saying it is always lower, but sometimes it is.