Dealer financing... How much do they lend?

mccannable · 12-31-2014, 07:13 PM

I just bought another car and was wondering what point do they say no to lending. I have good credit and a decent job but they have never verifed my income. So if I want to by a 100k car do they verify? I am not buying one I was just wondering.

MrPrena · 12-31-2014, 07:33 PM

They will look att debt/income ratio, payment history, time, etc.
When someone has a good credit, and have a good history of payment with certain banks, they usually will approve it within certain amount.

markus037 · 12-31-2014, 07:39 PM

its all up to the bank. if you make $50k a year then chances are you are going to have a hard time getting a loan for a $100k car. also depends on if you are financing how much the car is actually worth.

E39lolz · 12-31-2014, 08:30 PM

Was this at a BMW dealership? BMWFS did not verify my income when I was approved. Basically I could have had any car on the lot up to maybe $70-80k but my wife and I were already settled on the e84. Credit is key and having a consigner can usually get you over the hump.

mccannable · 12-31-2014, 09:15 PM

It was bmwfs. We have a mini loan through them too. I could have said I made 200k a year they never Verified, but no one ever has including Penfed. I bought an e84 so it was cheap. Just wondering if I wanted an m3 if they would have checked.

BMW F22 · 12-31-2014, 09:20 PM

They usually don't check. Normally they just go off of your credit, the company you work for and your position. If you were to put $200k as a customer service rep at McDonald's no one is going to believe you. There could be a database where they could do a quick check as well, who knows.

mccannable · 12-31-2014, 09:23 PM

How did you know I worked at McDonald's?

BMW F22 · 12-31-2014, 10:03 PM

Quote:

Originally Posted by mccannable

How did you know I worked at McDonald's?

You have Big Mac written all over you.

12-31-2014, 07:13 PM	#1
mccannable First Lieutenant 209 Rep 347 Posts Drives: 2014 X1 Join Date: Jan 2012 Location: central fl iTrader: (2)	Dealer financing... How much do they lend? I just bought another car and was wondering what point do they say no to lending. I have good credit and a decent job but they have never verifed my income. So if I want to by a 100k car do they verify? I am not buying one I was just wondering.
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12-31-2014, 07:33 PM	#2
MrPrena Captain 1590 Rep 803 Posts Drives: BMW Hyundai Nissan Join Date: Jan 2014 Location: TB iTrader: (0)	They will look att debt/income ratio, payment history, time, etc. When someone has a good credit, and have a good history of payment with certain banks, they usually will approve it within certain amount. __________________ Beware of Jeff Oliver the fraud at Highland Expedition Outfitters (aka HEO or HEOutfitters) located in Cosby TN.
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12-31-2014, 07:39 PM	#3
markus037 Lieutenant 74 Rep 417 Posts Drives: Alpine White 2010 328Xi Join Date: Jan 2014 Location: Pottstown, PA iTrader: (0)	its all up to the bank. if you make $50k a year then chances are you are going to have a hard time getting a loan for a $100k car. also depends on if you are financing how much the car is actually worth. __________________ ASE Master Certified PA Safety and Emissions inspector
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12-31-2014, 08:30 PM	#4
E39lolz Private 11 Rep 87 Posts Drives: '13 x1 xDrive35i, '13 Mustang Join Date: Apr 2013 Location: Miami, FL iTrader: (0)	Was this at a BMW dealership? BMWFS did not verify my income when I was approved. Basically I could have had any car on the lot up to maybe $70-80k but my wife and I were already settled on the e84. Credit is key and having a consigner can usually get you over the hump. __________________ Current: '13 x1 xDrive35i, '13 Mustang V6 Past:87 528eA, 87 528e/5, 92 525i/5, 92 535iA, 99 528iA Sport, 01 525i/5 Sport, 01 M5, 03 325xi
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12-31-2014, 09:15 PM	#5
mccannable First Lieutenant 209 Rep 347 Posts Drives: 2014 X1 Join Date: Jan 2012 Location: central fl iTrader: (2)	It was bmwfs. We have a mini loan through them too. I could have said I made 200k a year they never Verified, but no one ever has including Penfed. I bought an e84 so it was cheap. Just wondering if I wanted an m3 if they would have checked.
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12-31-2014, 09:20 PM	#6
BMW F22 Major General 3661 Rep 9,783 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	They usually don't check. Normally they just go off of your credit, the company you work for and your position. If you were to put $200k as a customer service rep at McDonald's no one is going to believe you. There could be a database where they could do a quick check as well, who knows.
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12-31-2014, 09:23 PM	#7
mccannable First Lieutenant 209 Rep 347 Posts Drives: 2014 X1 Join Date: Jan 2012 Location: central fl iTrader: (2)	How did you know I worked at McDonald's?
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