BMW Finance Refinance?

Motastic · 01-11-2012, 02:26 PM

Long story short, I was 23 and financed the BMW. I put a good down payment but since it was my first car financed, it was at 7.9% APR. I have been making extra $50 a month in payment and also paid on time.

I have an 07 e92, some people had suggested called bmw financial and telling them to refinance. Is that possible? Also What do I have to tell them?

any advice would be helpful

Express · 01-11-2012, 02:33 PM

call and ask?

gogunbaba · 01-11-2012, 06:19 PM

assuming that your credit score is higher then what it used to be when you financed your car, you should be able to refinance. If BMW doesn't do it, you will certainly find another vendor to do it. If BMW refuses your offer, I suggest you to go to your local credit union. FICO score over 750 will get you 2-3% APR.

Motastic · 01-13-2012, 11:08 AM

but if its an 07, i heard they are not offering that good of a rate on an older car

TotalPower · 01-13-2012, 01:46 PM

3 payments have to be made, $7,500 left to pay, and account in good standing will yeild 4.9% for the highest credit score.

I currently have 3.9% so my rates would go up...lame...you on the other hand could save some cash!

Cb4h · 01-13-2012, 05:22 PM

US Bank has 3.9 I think for anything over 36 months and 2.9 for up to 36 months. I just got that with an 07 RX350

Mysecondwife · 01-13-2012, 10:39 PM

Why bother with BMW...you should be able to shop around anD find much better rates. Any military affiliation, if so USAA has tremendous rates. Capital Auto isn't too bad either. Do you have a lengthy credit history? If not, that is probably what is hurting your rate.

bmwaddict · 01-14-2012, 01:46 AM

What is lengthy for you guys? 2 years is ok?

Quote:

Originally Posted by Mysecondwife

Why bother with BMW...you should be able to shop around anD find much better rates. Any military affiliation, if so USAA has tremendous rates. Capital Auto isn't too bad either. Do you have a lengthy credit history? If not, that is probably what is hurting your rate.

Mysecondwife · 01-14-2012, 10:07 AM

Quote:

Originally Posted by bmwaddict

What is lengthy for you guys? 2 years is ok?

Usually 3 yrs is a good measure of lengthy credit history.

bmwaddict · 01-14-2012, 11:14 PM

ok thank you.

Quote:

Originally Posted by Mysecondwife

Usually 3 yrs is a good measure of lengthy credit history.

bmwkbiker · 01-16-2012, 10:01 PM

I expect you can get at better deal at a local credit union or say penfed or USAA if you are eligible. (Anyone can become eligible at penfed for 10 to $20 bucks).

loobie · 01-16-2012, 10:14 PM

very easy to do. call them and they will make an offer or try another bank

positiveions · 01-17-2012, 12:06 AM

some of the credit union has 2.49%, and yes you can refinance.

lazlow442 · 01-17-2012, 10:48 AM

I just went through the whole financing thing about a month ago. I was trying to get my loan through BMW but denied me because I didn't have enough credit history (22 years old) even though my credit score was 790. I got my loan through Bank of America with 1.79 APR. You can apply for a loan on their webpage and they call you back almost immediately after you apply.

e92328i998 · 01-24-2012, 08:09 AM

Pentagon Federal Credit Union has used car rates at 1.99 as long as its under 4 years. If you have ever given blood you qualify to join.

01-11-2012, 02:26 PM	#1
Motastic Major 86 Rep 1,356 Posts Drives: E92 335! Join Date: Apr 2011 Location: Arlington, TX iTrader: (4)	BMW Finance Refinance? Long story short, I was 23 and financed the BMW. I put a good down payment but since it was my first car financed, it was at 7.9% APR. I have been making extra $50 a month in payment and also paid on time. I have an 07 e92, some people had suggested called bmw financial and telling them to refinance. Is that possible? Also What do I have to tell them? any advice would be helpful
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01-11-2012, 02:33 PM	#2
Express Major General 369 Rep 8,693 Posts Drives: 06 330i Join Date: Dec 2008 Location: The Promise Land iTrader: (17) Garage List 2006 BMW 330i [8.30]	call and ask?
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01-11-2012, 06:19 PM	#3
gogunbaba Second Lieutenant 65 Rep 247 Posts Drives: 15 M3, 15 X5M, 06 E46 M3 ZCP Join Date: Nov 2010 Location: Atlanta iTrader: (7)	assuming that your credit score is higher then what it used to be when you financed your car, you should be able to refinance. If BMW doesn't do it, you will certainly find another vendor to do it. If BMW refuses your offer, I suggest you to go to your local credit union. FICO score over 750 will get you 2-3% APR.
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01-13-2012, 11:08 AM	#4
Motastic Major 86 Rep 1,356 Posts Drives: E92 335! Join Date: Apr 2011 Location: Arlington, TX iTrader: (4)	but if its an 07, i heard they are not offering that good of a rate on an older car
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01-13-2012, 01:46 PM	#5
TotalPower Lieutenant 32 Rep 480 Posts Drives: 2011 335is Vert AW Join Date: Dec 2009 Location: San Diego iTrader: (0)	3 payments have to be made, $7,500 left to pay, and account in good standing will yeild 4.9% for the highest credit score. I currently have 3.9% so my rates would go up...lame...you on the other hand could save some cash!
	Appreciate 0 Quote

01-13-2012, 05:22 PM	#6
Cb4h Private 2 Rep 58 Posts Drives: 2010 328 Coupe Join Date: Jul 2011 Location: Tennessee iTrader: (0)	US Bank has 3.9 I think for anything over 36 months and 2.9 for up to 36 months. I just got that with an 07 RX350
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01-13-2012, 10:39 PM	#7
Mysecondwife AF Officer 6 Rep 51 Posts Drives: '11 335xi M Sport/Black-Black Join Date: Oct 2010 Location: Beavercreek, OH iTrader: (0) Garage List 2023 BMW X4 M40i [9.00] 2008 BMW Z4 E85 [9.00] 2021 BMW M235i [9.17] 2011 BMW 335i xDrive [0.00]	Why bother with BMW...you should be able to shop around anD find much better rates. Any military affiliation, if so USAA has tremendous rates. Capital Auto isn't too bad either. Do you have a lengthy credit history? If not, that is probably what is hurting your rate. __________________ 2011 335i xDrive/BSM on Black/6AT/M Sport/Performance Edition/Premium & Cold WX Packages/Nav/Paddle Shifters 2009 328i xDrive/Titanium Silver on Black/6MT/Sport, Convenience, Premium & Cold WX Packages
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01-16-2012, 10:01 PM	#11
bmwkbiker Private 2 Rep 97 Posts Drives: 335i E93 Join Date: Aug 2009 Location: SF Bay area iTrader: (2)	I expect you can get at better deal at a local credit union or say penfed or USAA if you are eligible. (Anyone can become eligible at penfed for 10 to $20 bucks).
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01-16-2012, 10:14 PM	#12
loobie Private First Class 4 Rep 192 Posts Drives: 2012 535xi Join Date: Nov 2011 Location: Massachusetts iTrader: (2)	very easy to do. call them and they will make an offer or try another bank
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01-17-2012, 12:06 AM	#13
positiveions Lieutenant General 961 Rep 11,722 Posts Drives: 19 Tacoma, 16 Golf wagon Join Date: Sep 2007 Location: Upland, CA iTrader: (2) Garage List 2019 Toyota Tacoma [0.00] 2016 VW Golf Sports ... [0.00] 1998 BMW M3 [0.00] 1990 BMW 325is [0.00]	some of the credit union has 2.49%, and yes you can refinance.
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01-17-2012, 10:48 AM	#14
lazlow442 Enlisted Member 2 Rep 34 Posts Drives: 2008 328xi Coupe Join Date: Dec 2011 Location: CT iTrader: (0) Garage List 2008 BMW 328xi Coupe [0.00]	I just went through the whole financing thing about a month ago. I was trying to get my loan through BMW but denied me because I didn't have enough credit history (22 years old) even though my credit score was 790. I got my loan through Bank of America with 1.79 APR. You can apply for a loan on their webpage and they call you back almost immediately after you apply.
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01-24-2012, 08:09 AM	#15
e92328i998 Second Lieutenant 32 Rep 205 Posts Drives: Tahoe, M3, X5D Join Date: Sep 2006 Location: Raleigh, NC iTrader: (0)	Pentagon Federal Credit Union has used car rates at 1.99 as long as its under 4 years. If you have ever given blood you qualify to join.
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