ideas on getting financing for an e30

[brodee]

Why not consider a brand new E46?
If you sell your current E30, that will cover the down payment on a base line 2004 325.
Then you can make monthly lease payments for the next 2-4 years on a brand new BMW that will never need anything. Brakes, oil changes, belts, and other wear/tear items are now covered under a lease.

Without getting into how bad an idea leasing is, don't forget about the cost of insurance. If you are under 25 and a single male your insurance on an e46 would be more than your payments, not worth it. Even a new civic would have higher insurance than an e30. Texas insurance is a different game than any other state, believe me, I work for an insurance agency.

Do your self a favor like everyone else said and find a nice 325 for a price you can afford without a loan and then put liability only on it and put the rest of your money in the bank for mods or something nicer later on.

[86325e]

Whats all wrong with the car you have? I'm sure you can fix it all for under 10K and give it more power.

[PrinceE30]

I think if you get one thing out of this post, it should be this:

Don't take out a loan unless you REALLY have to. REALLY have to means you're buying a house, upgrading a house, need it to start a small business, etc. These are all endevours that will make you money in the end. Being that car LOSE money at a incredible rate, it would be a very poor investment and a dumb idea to take out a loan for a 15 year old car. VERY bad idea.

If you can afford car payments, you can afford to either keep your current car running or get a cheap 325i and maintain that car well. Don't be greedy. This is a time in your life when bills and loans can really screw you over.

-Prince

[bimmerphile]

OK, let's think about these numbers. You said that over the next 5-6 years, you can't save up 10k....


...but if you have a personal loan for 10k, over the next 60 months (which is the longest term you're going to be able to get a personal loan for), you will be paying both what you'd be saving up the 10k for, AND interest (which as Ryan mentioned is huge).


That's just not going to work, dude.

[///M42 sport]

Ya'll have convinced me, ;) I'm gonna take my time to buy another daily within my budget.

As for if/when I get accepted to Med school, but the time I finish I'll already be >100k in debt so fuck it, I'm gonna get me an mtechnic and enjoyment in life a little. haha.
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Fn Platform