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|3-Series (E46, E90) Chat relating to the BMW 3-Series from 1999 to Current. Models include: BMW 316i, BMW 318i, BMW 318Ci, BMW 320i, BMW 323i, BMW 325i, BMW 330i, BMW 328 Ci, BMW 328i, BMW 325i/xi, BMW 330Ci, BMW 320d, BMW 330d, BMW 335d.|
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Your income is $2k a month? I say no stinking way.
To get the rate announced by BMW, your credit score might be good enough, although they may be looking for a 750 or 760. Canceling your credit cards will not help at all. In fact, most of the time, that can only hurt your credit.
As a rule of thumb, you shouldn't spend more than 8% of your gross monthly income on car payments. For you, that would be $160. Rules of thumb aside, lets look at the numbers. That rate is for a 36-month term at most. That would make your payments around $1400/mo, which represents 75% of your monthly income. Even if that $2k you mention is your monthly take-home after-tax money, that still only leaves $600 for gas, insurance (since you mention having no bills/rent, I assume you live at home, which tells me you are young, which in term tells me your insurance on that car will be anywhere from $200 up to around $500/mo, depending on how young you are and what your driving record is), and uh, I don't know, money to spend wherever. your new shiny car will take you. No financier will ever give you a loan for a car if the car payment is more than around 30% of your income. Also, take into consideration that BMW Financial Services may demand 20% down payment ($8,800).
So.... I would not do it.
By the way, when I said I would not do it, I meant to say that even if you decided to do it, you would not qualify for that loan.
Man, this is why we have so many forclosures. Everyone wants to keep up with the Jones family. Live within your means. You by no way should be buying this car.
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