Question for car sales people-?

Bad credit question. car loan and car sales people please answer?

• okay. here is the deal. i, like many others, got crushed when the US housing bubble burst a few years ago. i filed chapter 7 bankruptcy 4 years ago. since then i have restarted my life with a new job and pay my bills and make more than i did before. but my credit is still screwed for another 6 years or so. that is the background. now here is the question. can i get a car loan with this scenario: i want to get a mini cooper S. 2011. it is roughly 25,000. mini, which is owned by bmw, does an interesting financing (i think it's called motorist choice) where i pay the first 3 years similar to lease payments and then you get a normal car loan to cover the substantially lowered (because of 3 years of payments) remainder cost. now i have like $15,000 in cash. using their payment calculator thing it says with putting the max of $10,500 down i will pay like $48 a month for 3 years. this would give me tons of time to save enough to just pay cash for the remainder loan at the end of 3 years if i want to do that or just get a traditional loan for the remainder. so is it likely that i can get approved for this loan? i will be covering most of the amount so it seems pretty low risk for the loan company right? or do the factor in the plan of having to get a traditional loan in 3 years? also, i drive my cars for a long time (current car has been since 2000). so please don't tell me that this is a bad idea to possibly pay on a loan for 7 years if i don't pay it off at the end and get a normal 4 year loan to pay it. i would love a mini sales rep or bmw sales rep to answer that has experience with bmw finance. if this is a completely dumb and they will never approve the loan i would like to know now before i get laughed out of the dealership. thank you so much for taking the time to answer this.

• Answer:

  You do not have to use their finance company. I would go to your bank or credit union and go thru the loan with them. You could go the 3 year route and pay that amount. While you are paying for 3 years, you can save your money and pay the loan off in 3 years easily OR you can refinance the balance. I personally would take the 3 year loan. You can easily save to pay the balance off. I don't see a problem unless you do not put money aside by then. You won't get laughed at by the dealership. Trust me.