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

[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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[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 :)

[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

[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]

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

[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.

[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.

[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! ;)

[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

[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...

[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?

[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!).

[brutus87]

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

[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.

[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.