How to finance an old car...say...an m3?

[mikejungle]

So I'm wondering how I could finance an old car...or where I can find a dealer that sells older cars.

I can't really walk down to the local carmax and ask for an e30 m3, so where can I look?

And what should I consider before buying one?
I know little about money, I've got a new job that pays 42k, and I've had a credit card since 2009, which I don't have any outstanding balance on and have paid on time (not always in full, but now that I have a job, I'm good).
But I was wondering if I should even be considering spending half my income on a car. I don't think it'd be the wisest financial decision, but with all my money being poured into my current e30, I feel like it'd be better spent on a better car.

I would never spend my money on a new car, because they depreciate, but the m3's going nowhere but up, and it's been my dream car for years.

Anyway, if you guys could give me advice, that'd be great.

Thanks

oh, btw, I'm 27 and I have a girlfriend, but she's still in college, so we're not planning on pumping out babies anytime soon.
I thought about a house, but I don't have nearly enough money AND I don't know whether or not I'm gonna settle down in San Diego.

I also put this thread in this forum, cuz although financial discussion may belong in the other general forum, I thought this forum could better help me figure out where to find them at all.

[Charlie]

http://www.hagerty.com/finance/finance_index.aspx

Hagerty has a number of options and companies they deal with for collector cars. Although, to be honest, 27 with what appears to be fuck-all for credit history, good luck with financing 20k on an 20+ year old car.

-Charlie

[mikejungle]

yeah, it's what I was afraid of.
But I thought maybe with proof of employment at a stable job, i'd have a little more leverage than i did before

[audiquattrot]

i would just save until u can buy it outright. Payments on an old car that will need repairs doesn't sound logical. With that said, my Credit Union (Rutgers Alumni)....can finance any age vehicle. Their only thing is, they will only loan up to what the car is book valued at.

[Inline Sex]

Are you military by chance? Navy Federal CU lends on cars with no age or mileage restrictions, just based on NADA value.

[DrJosh]

You could do a personal loan. That way the car is in your name.

[Inline Sex]

You need stellar credit for personal loans.

You could do a personal loan. That way the car is in your name.

[mikejungle]

I guess just saving up the money so I can buy it outright is the wisest decision...as long as they don't appreciate appreciably in the next year or two, it's feasible.

I'll just have to put up with my reg e30 for now

[cale]

Financing a 20k e30 definitely isn't a very wise decision, then again neither is financing any vehicle. If you were halfway there I'd say go for it, but financing the full price isnt very responsible.

[Butler]

My friend got a classic car loan to finance his E30 M3. Look in to it, I don't know much more than that.

[samiam3356]

wells fargo dealer services can do it but you would have to go through a dealer and they would have to have a great realtionship with them. I got a guy financing on a 90 nsx before with 10k down. They aren't in the book anymore so you will have to get them to use mmr(manheim market report) as a guide. PM if you want more info

[F34R]

Just get a large sum of it or just save for a year and buy it when you have the money. Good things come to those that wait.

[mikejungle]

My original fear was that, by the time I was at a place in life where i could just buy it outright, the price would have appreciated much more and that I wouldn't be able to buy it, because I'd have a family.

Calculating it out, it seems that with aggressive saving, I'd be able to afford one in about 1.5-2.5 years.

[delatlanta1281]

Financing a 20k e30 definitely isn't a very wise decision, then again neither is financing any vehicle. If you were halfway there I'd say go for it, but financing the full price isnt very responsible.

Not totally true. In an e30 M3's case, you could finance it with a reliable, paid off, daily driver. I would do that, if there werent 5 freaking cars in my driveway already. But then again, I can afford to do so.

[brutus87]

Just be a stripper, that way, you'll know you earned that M3 dolla for dolla.