1995 540i bmw engine check light on , ive checked the oil AND coolant everything is fine , the engine is running good so what could be the possible problem ? i would not like to go to the bmw dealership too get ripped off.

Why would you think a Bmw dealer would rip you off, they are in business like every other shop to take care of their customers, if they didn't, they wouldn't be in business very long. As far as the check engine light, it could be hundreds of things, none of which can be fixed or diagnosed for Free.

You need to take the car to someone (dealer?) that has a scanner that can check the engine light code.

get rid of the Big Money Wasted car and buy a new one with a warranty. seriously it could be anything. at least you know dealerships rip people off. you wouldn't believe the number of people who only take their car to the dealer to get worked on.