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M3 Man
09-20-1999, 01:40 AM
how much do I need to earn annually in order to finance an E46 M3??<br>

DC
09-20-1999, 09:25 AM
Assuming a MSRP of $45,000 and $5,000 down.....<p>Payment would be $800 per month. If you have good credit and no other debt then you would qualify with as little as $2000 per month (40% debt ratio) in income.<p>That's about $24,000 - $25,000 per year.

stlblu328
09-20-1999, 02:11 PM
<i>: Assuming a MSRP of $45,000 and $5,000 down.....<p>: Payment would be $800 per month. If you have good credit and no other debt then you would qualify with as little as $2000 per month (40% debt ratio) in income.<p>: That's about $24,000 - $25,000 per year.<p></i><br>One of the key things in getting a loan, is actually payment history, if your last loan was only for 7K the next one will be 14K, banks and financial institutions like to see a pattern,<br>the first one is the hardest to get, even if you are making 100K a yr, you will have a tough time getting a loan for a 40K car as your first car.<p>Talk to any finance manager about this, they will give you all the details<br>stlblu32u8

..
09-20-1999, 07:17 PM
25k Assuming he is going to live in the car and eat the leather seats.<br><i> <p>Also don't forget about the insurance when talking about this 350 HP luxury sports coupe. <p>: Assuming a MSRP of $45,000 and $5,000 down.....<p>: Payment would be $800 per month. If you have good credit and no other debt then you would qualify with as little as $2000 per month (40% debt ratio) in income.<p>: That's about $24,000 - $25,000 per year.<p><br></i>

DC
09-20-1999, 09:11 PM
Actually, I am the Sales Manager of a Mortgage Brokerage Company and have also spent 6 years as a Bank Manager/Loan Officer...<p>A 40% Debt-to-Income ratio is completely satisfactory if he lives at home and has no other debt to service. He will still have around 30% of his gross income to play with after taxes and the car payment. If he is 19 with little or no credit history than he probably won't get the loan without a cosigner. If he is 21, a college graduate and renting an apartment then he will need more than $25,000 per year.<p>The important thing to remember is that each situation is different and different institutions have different lending criteria. If he wants the financing badly enough he will get it, but he might pay for it in rate.

$MoneyMan$
09-23-1999, 05:07 PM
<i>: how much do I need to earn annually in order to finance an E46 M3??<p></i>

M3 Man
09-24-1999, 12:06 AM
<i>: : how much do I need to earn annually in order to finance an E46 M3??<p></i>


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