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  • FIRST POST
    • ronan.barton
    • By ronan.barton 9th Jul 17, 5:29 PM
    • 5Posts
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    ronan.barton
    BMW Finance?
    • #1
    • 9th Jul 17, 5:29 PM
    BMW Finance? 9th Jul 17 at 5:29 PM
    Hi all, A quick question I have seen a few posts but all are quite old.

    I am 21 and have quite a poor credit score from not having much credit, my question to you all is have you ever had experience with BMW and what is there minimum credit score?

    I have an okay job, 24k + a year plus I live at home so no other costs!
Page 1
    • Tarambor
    • By Tarambor 9th Jul 17, 6:46 PM
    • 1,319 Posts
    • 906 Thanks
    Tarambor
    • #2
    • 9th Jul 17, 6:46 PM
    • #2
    • 9th Jul 17, 6:46 PM
    No lender uses credit scores from the credit reference agencies, it is basically a meaningless number. All they use is the contents of your file and then they generate their own score from that.

    Your living at home with your parents actually is a negative as you basically have no incentive to repay, it isn't like you have anything to lose.
    • bengalknights
    • By bengalknights 9th Jul 17, 6:55 PM
    • 4,140 Posts
    • 1,511 Thanks
    bengalknights
    • #3
    • 9th Jul 17, 6:55 PM
    • #3
    • 9th Jul 17, 6:55 PM
    Car finance is generally easier to get as they just take the car back if you dont pay
    • bazzyb
    • By bazzyb 9th Jul 17, 7:49 PM
    • 1,034 Posts
    • 3,182 Thanks
    bazzyb
    • #4
    • 9th Jul 17, 7:49 PM
    • #4
    • 9th Jul 17, 7:49 PM
    What do you mean by not much credit? What do you have, and do you have any late/missed payments or worse?

    If you're looking at getting good finance through Alphera (BMW) then I would assume you're looking at a new or nearly new car? If so, it may help to let us know:
    What car are you looking to get
    What is the price
    What finance package are you looking at (e.g. HP/PCP)
    What is the insurance group of the car

    These will have far more impact on the decision than your credit history alone - especially if you have what lenders would refer to as a 'thin' credit file.
    • neilmcl
    • By neilmcl 9th Jul 17, 7:57 PM
    • 10,142 Posts
    • 7,092 Thanks
    neilmcl
    • #5
    • 9th Jul 17, 7:57 PM
    • #5
    • 9th Jul 17, 7:57 PM
    Car finance is generally easier to get as they just take the car back if you dont pay
    Originally posted by bengalknights
    ^This. It's the very fact the car stays the property of the finance co. up and until you settle the finance is generally why car finance is fairly easy to get.
    • Mobeer
    • By Mobeer 9th Jul 17, 8:06 PM
    • 1,701 Posts
    • 4,379 Thanks
    Mobeer
    • #6
    • 9th Jul 17, 8:06 PM
    • #6
    • 9th Jul 17, 8:06 PM
    For BMW PCP on a new car, they will make their own credit score for you and do not look at scores from credit reference agencies.

    They ask questions including:
    - personal details
    - your address (and previous)
    - married\single
    - homeowner\tenant
    - job, time in occupation, time with employer
    - income, rent\mortgage, school fees
    - bank details, time with bank

    Weirdly I was advised that the questions on salary and outgoings need not be completed because the answers are not used, which seemed very odd.
    • neilmcl
    • By neilmcl 9th Jul 17, 8:34 PM
    • 10,142 Posts
    • 7,092 Thanks
    neilmcl
    • #7
    • 9th Jul 17, 8:34 PM
    • #7
    • 9th Jul 17, 8:34 PM
    For BMW PCP on a new car, they will make their own credit score for you and do not look at scores from credit reference agencies.

    They ask questions including:
    - personal details
    - your address (and previous)
    - married\single
    - homeowner\tenant
    - job, time in occupation, time with employer
    - income, rent\mortgage, school fees
    - bank details, time with bank

    Weirdly I was advised that the questions on salary and outgoings need not be completed because the answers are not used, which seemed very odd.
    Originally posted by Mobeer
    The only information I had to give them was name, address, homeowner and whether I was employed/self-employed. They've never asked me questions about income etc. In fact it was as easy as getting a mobile phone contract.
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