finance an e30 M3?

[WlknGenius]

Financing an e30 m3 is not a good idea, but you can do it.

[newman]

I hope someone can get a loan for 30 grand when I decide to sell my E30. :(

[Charlie]

Financing an e30 m3 is not a good idea, but you can do it.

Why not? Good example cars are 15-20k. There's plenty of places that do "classic & collector" car loans. Go check the back of autoweek. They usually require a pretty decent down payment and credit checks. What's wrong with a couple % interest vs knocking out 20k cash from savings? I'd take the loan and stay liquid.

-Charlie

[Jonathan M3]

I took out a loan when I got mine back in '01. Paid it off in half the term and gave a great start to having good credit at a young age.

[naplesE30]

Why not? Good example cars are 15-20k. There's plenty of places that do "classic & collector" car loans. Go check the back of autoweek. They usually require a pretty decent down payment and credit checks. What's wrong with a couple % interest vs knocking out 20k cash from savings? I'd take the loan and stay liquid.

-Charlie

Because they are expensive to maintain correctly. Also the blue book on them is all messed up, so if you were to get in an accident you would prob end up upside down with your insurance settlement. That said I will be jealous of you if you buy one. Have you checked out s14.net? Great source for e30 M3 info and they are familiar with a lot of the m3's here. If you find one def post it on there with vin and they may know some history on the car.

[Alpine003]

Another option is to call your existing credit card company and see if they have any special auto loan programs.

I was able to get up to $30k for a credit card loan at 5% fixed interest rate for the entire life of the loan. This was a good way for me to buy older cars that were customized/specialty which didn't have the corresponding KBB value. At that time, typical used car loans were going for 8% so I made out decent.

Not to mention they want to milk you on the interest and spread out the payments over 10 years typically instead of the 5yr average. Obviously, you don't want to take 10 years to pay off but it's nice to have the option of paying the minimum here and there when money is tight on certain months.

The only thing to this is to not default on any month or else they can jack you and raise your interest like crazy. You have to be disciplined and have good payment habits.

[Alpine003]

Because they are expensive to maintain correctly. Also the blue book on them is all messed up, so if you were to get in an accident you would prob end up upside down with your insurance settlement. That said I will be jealous of you if you buy one. Have you checked out s14.net? Great source for e30 M3 info and they are familiar with a lot of the m3's here. If you find one def post it on there with vin and they may know some history on the car.

You can buy great examples of M3 these days that have been very well maintained that won't require further maintenance for awhile unless you are daily driving the thing 365 days/year.

As for insurance, that's what "stated or agreed value" option is for. Many if not all insurance companies offer this option. And if you are keeping the car as a Sunday driver, you can get collectors insurance through Hagerty or the like. As an example, I was insuring the M3 for under $200/yr with agreed value of 17k full coverage.

[D-rock]

wellsfargo

[naplesE30]

I guess it all depends on what you are going to be using the car for, your financial situation, and the peticular car. I would not want to finance a car that is going to be a sunday cruiser. I subscribe to eliminating as many expenses each month as opposed to creating them (but thats my situation). Hagerty is great for a car that is going to see limited miles. Also depends on your financial situation, for myself it wouldnt make sense. If you have the cash and you can earn 10% on it and a loan is 5% thats a no brainer. Any car you are looking at is going to have an ongoing cost to maintain,, these are 20yr old cars, most people dont want to be paying a loan on a car that will have additional costs. I know that right now any extra $ I can scrap together is going into the market while its still depressed.

[cramer]

I had a loan on mine.

Head to your local Credit Union. Interest rates at mine are the same for new or used cars (just over 5% currently).

[markseven]

If you finance it, don't track it unless you have HPDE insurance.

I would finance an E30 M3, btw.

[02stu]

Because they are expensive to maintain correctly. Also the blue book on them is all messed up, so if you were to get in an accident you would prob end up upside down with your insurance settlement. That said I will be jealous of you if you buy one. Have you checked out s14.net? Great source for e30 M3 info and they are familiar with a lot of the m3's here. If you find one def post it on there with vin and they may know some history on the car.

they are expensive to maintain but not nearly as expensive as an e46 M3 which would be about the same price to buy. Not to mention an e30 m3 would not depreciate. A good buddy of mine bought a nice e30 m3 from autotrader for 8,000 7 years ago. You could never buy on for that now.

[ShesRockinAdurty30]

JJ Best out of Mass does a lot of "classic" car loans. I'm pretty sure that the E30 would qualify. It doesn't hurt to ask... heads up though, before you start submitting you credit everywhere try to give the bank, in question, a quick synopsis of what you're trying to do... the more inquiries that you accumulate on your credit will, ultimately, have an adverse affect on your score. Best of luck!!

[Charlie]

Because they are expensive to maintain correctly. Also the blue book on them is all messed up, so if you were to get in an accident you would prob end up upside down with your insurance settlement. That said I will be jealous of you if you buy one. Have you checked out s14.net? Great source for e30 M3 info and they are familiar with a lot of the m3's here. If you find one def post it on there with vin and they may know some history on the car.

Been around and worked on S14-powered cars for 12-13 years, so yea, I'm aware.

As for the "insurance" argument. What's the difference between being upside down on the loan vs being out 20k cash? If you've got a nice e30 M3, you're doing an "agreed apon" value coverage plan anyway, not a standard policy.

-Charlie

[Eric Giles]

I have financed both of my E30 M3's. I really don't see it as a problem since depreciation has long since stopped, and in fact values are increasing for the most part. Not a thing wrong with financing in that type of situation.