BMW Finance?

ronan.barton

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!

System

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

Car finance is generally easier to get as they just take the car back if you dont pay

bazzyb

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

bengalknights wrote: »

Car finance is generally easier to get as they just take the car back if you dont pay

^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

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

Mobeer wrote: »

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.

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.