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

[Eric]

I was able to finance an E30 M3 through my bank because the E30 M3 is considered a classic car by hagerty. I think the bank was willing to loan up to 17k on the M3. Unfortunately the deal didn't follow through :(

On the same note, I did have the option to finance my E28 M5 because it also is considered a classic. I think the bank offered up to $15k on the M5.


If you bank is unwilling to work with you, then find another bank (credit unions FTW!).

[mikejungle]

I've always heard that credit unions were superior...can you give me a quick rundown of reasons why?

How does a bank or credit union judge whether or not you get a loan or not? purely credit or on your history with them?

And without divulging too much, can you tell me what your credit history was like?

[devon.818]

Whatever you make in a week is what your car payment should be! Period! Never want to be in the situation of being spread out too thin...

[slow_rotary]

Got to penfed.org I got my 94 rx7 financed there for a low 2.9 percent. They are awesome over there all my cars have always been financed with them. I recently refinanced the rx7 and its now 1.9 percent from them!!

btw this was with no down payment at all.

Sent from my MB860 using Tapatalk

[e30rapidic]

First e30 was financed in 1987, the second was finance in 1993.

no way would I finance an e30 now.

wait..put it on an airlines credit card to get the points, then transfer to different cards offering 0% APR until its paid off! ;)

[blefevre]

Save your money. Given your brief history of your finances (income/no house), I would never dream of financing an E30 M3 in your situation. What if the S14 explodes the next day and you are still paying $500+ a month on a car that now needs a few grand in work. Ugh. Financing really old cars makes me nervous just thinking about it.

As soon as your GF graduates you will be buying a house anyways and she will make you sell the M3. Just wait.

EDIT: My opinion aside. You will probably have a hard time finding decent financing. Banks will look at your credit score and income/debt ratio. You don't have a house so you can't go to that bank to give you a deal. Credit unions are GREAT when your company has working relation with them. Does your company have a "company credit union" they use. That will be your best bet.

[mikejungle]

Huh...so you think I won't be able to get and keep one...ever?
That's sorta depressing...

I figured that since I don't have a family yet, it'd be the best time to buy one. I won't exactly be able to spend all that money when I have kids.

Save your money. Given your brief history of your finances (income/no house), I would never dream of financing an E30 M3 in your situation. What if the S14 explodes the next day and you are still paying $500+ a month on a car that now needs a few grand in work. Ugh. Financing really old cars makes me nervous just thinking about it.

As soon as your GF graduates you will be buying a house anyways and she will make you sell the M3. Just wait.

EDIT: My opinion aside. You will probably have a hard time finding decent financing. Banks will look at your credit score and income/debt ratio. You don't have a house so you can't go to that bank to give you a deal. Credit unions are GREAT when your company has working relation with them. Does your company have a "company credit union" they use. That will be your best bet.

[Charlie]

Whatever you make in a week is what your car payment should be! Period! Never want to be in the situation of being spread out too thin...

..really?

Damn, I should be driving much more baller rides than I am now..

-Charlie

[blefevre]

I guess it depends if you want a house in the next few years. I would (did) buy a house while rates are stupid low. The amount of money you will save in the long run will end up buying you a M3 without financing it. However, if you are content with renting then that point doesn't have much meaning.

I'm not saying you can't ever get one, it just isn't a "smart" choice. But then again most FUN choices aren't the smartest ones :)

[Charlie]

Financing a 20k e30 definitely isn't a very wise decision, then again neither is financing any vehicle.

Now, I know this is a forum where the average car price is in the $1500 range, but care to elaborate?

You're really telling me blowing 20-25k liquid cash is better than the 0-0.9% 60 month rates most places offer now?

-Charlie

[mikejungle]

I know that material desires shouldn't take precedent in my life, and I try to plan and live my life responsibly and rationally...but the m3 is just...muah

maybe i should ditch the idea of getting one :T

I guess it depends if you want a house in the next few years. I would (did) buy a house while rates are stupid low. The amount of money you will save in the long run will end up buying you a M3 without financing it. However, if you are content with renting then that point doesn't have much meaning.

I'm not saying you can't ever get one, it just isn't a "smart" choice. But then again most FUN choices aren't the smartest ones :)

[diawilliams]

I think you can go for a online used car dealer and to buy a used car you can contact the local banks or finance companies to get finance for a used car. But the interest rates is vary bank to bank.
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