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BMW 3-Series (E90 E92) Forum
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Financing A Used Car
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05-05-2010, 01:29 AM | #1 |
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Financing A Used Car
Hi,
Some bad news...my 135i was totaled last year. I am now ready to buy a new car. I don't know what to get...I kind of still want the 135i but getting it the second time is wierd and idk if I will be able to afford it now. Anyway, I was looking into a porsche cayman s 2006 for like 34,000. I never bought a used car and was wondering how financing works and how I can get the best rate, credit is no problem. I was also thinking about leasing a 2010 328i Msport, but I want something more unique...135i will be missed. |
05-05-2010, 09:30 AM | #3 |
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Go to a local bank and take out an auto loan; find one w/ a good rate on used cars.
For me I would be going to San Diego Credit Union or Navy Federal since they offer low rates. I was contemplating selling my car and getting a used Cayman S about a month ago. A lot of BMWs are not fun to drive.
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05-05-2010, 10:13 AM | #4 |
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Another difference from a new car is that the term length available is shorter. For instance some banks wont let you do 6 years on an 06.
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05-05-2010, 10:36 AM | #5 |
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if you want a used car donate 20 bucks to [i forgot the charitys name on the site] on penfed loans and then after that you can qualify for a loan. they have the lowest loans at 3.99 percent. [if they're what they were a few months ago].
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05-05-2010, 11:14 AM | #6 | |
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05-05-2010, 02:20 PM | #7 |
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Thanks for the advice guys, im having second thoughts about it maybe ill just save my money and get a gti as a daily driver their lease is 279 a month. These are hard economic times...
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05-05-2010, 02:22 PM | #8 | |
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......You're like me I guess...not following the advice that you give out to people....I always say to my friends buy crap cars, buy real estate and invest but I end up doing the opposite and cutting in all the rest and buy nice cars.
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Originally Posted by corneredbeast
An engine from a Z06 Corvette. A differential from a Vespa. Damn Quote:
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05-05-2010, 02:43 PM | #9 | |
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I think it's okay to buy nice cars, for some people it's a passion. However I think of cars as expensive toys. There is a time and place to purchase them. When I was 20 years old, I had some money saved up, and at the time I really wanted to buy a 300zx. I was going to pull the trigger on one, but realized in time that it would be a very bad investment. I could of bought one, struggled to make the payment, and enjoyed the car. Instead I invested into my education, drove an old Taurus, and created a career for myself. I'm not 20 years old anymore, and I have the economic freedom to be able to maintain my financial needs, my financial future, and that of my families. The total value of all the cars I own represents a fraction of a percentage of my assets. Totally different situations.
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05-05-2010, 02:44 PM | #10 |
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Good choice.
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05-05-2010, 04:18 PM | #11 | ||
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Quote:
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Originally Posted by corneredbeast
An engine from a Z06 Corvette. A differential from a Vespa. Damn Quote:
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05-05-2010, 04:45 PM | #12 |
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Yep - those divorces are expensive!
Your advice is spot on!
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05-05-2010, 04:58 PM | #13 |
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Get a clunker and save up for an M1 (assuming it ever appears). If it doesn't arrive by 2012, you'll have money in the bank and can rethink it.
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05-05-2010, 05:07 PM | #14 |
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Did she leave you because you got the M3?
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