Car Finance Acceptance Question

CAG_8888

SeanG79 wrote: »

Are you sure that will be their response?

If searches are clean (no late payments, defaults or CCJ's) and listed on the electoral roll with other credit managed responsibly, Alphera (BMW Finance) have a rather large appetite for risk and will most likely approve the finance.

OP doesn't mention the amount of deposit + part-ex vs. finance as this will be taken into consideration.

It's a 26% deposit to ticket price ratio.

SeanG79

CAG_8888 wrote: »

It's a 26% deposit to ticket price ratio.

With that sort of deposit, the LTV should be slightly in the favour of the bank, I would expect Alphera (BMW Finance) to approve this deal without too much fuss provided the credit searches are clean.

SeanG79

Innovate wrote: »

BMW has a large appetite for Risk you say Sean!!

What a load of tripe!!

Unless you can prove this I'm sticking with you are talking 5hite

Well can you prove this is not the case?

You can replace the word risk with lend if it makes you feel better, but in the broader sense of the paragraph the appetite to lend or appetite for risk are the same thing considering I clearly mentioned the fact that the searches would need to be clean and listed with existing credit managed responsibly prior to that...

As for proof see the post at 1:53pm where they have approved finance for a mini for a person with NO income!

BJV

Some car finance companies will ask for salary details and some will not.

This is normally as the cars are financed on Hire purchase which means if you stop paying they will simply carry out repossession.

markstevo

My missus bought a car from BMW on hp.last sept....never once asked for her salary ( which did surprise me) put down no deposit and walked away with a 12k 1 year old BMW 2 days later.......

bigadaj

Just wondering what interest rate is being quoted, from the first post repayment of capital excluding any interest would take five years, so adding interest would suggest a term of maybe seven years? Seems a long time to be financing a constantly depreciating asset.

Acia

car finance quote i received for a kia car had 2.5% and 4.6% quoted, so baring in mind my post below this thread i won't have much of a chance !

CherlokHomes

Every BMW loses its money but there's certain ones that won't take a battering so much particularly the M engined cars and I don't mean M-sport neither.
Also the big engined diesels hold there money a little better too.
So depending what you're getting for your 27k I can't see you getting neither of these.

Your 27k car you're buying just flick through the AT and see how much they are going for on a 2 or 3 year old model.

CAG_8888

All done and dusted. Accepted on the finance with no questions asked.

SeanG79

CAG_8888 wrote: »

All done and dusted. Accepted on the finance with no questions asked.

Thanks for coming back to update. I thought that would be the case.

Good luck with the car.