Finance an E36 M3.

[sin11234]

I have been a fanatic for a while now, and i was wondering if anyone know's off any dealers with the paticular car (e36 M) perferably on the east coast which does financing on these cars and please not just a cosmos black link, i'm sick of seeing so many cosmos black e36's for sale. I have done my fair share of searching and cant come up with the car i want to finance maybe something like a 1999 technoviolet/magma under 130k miles cloth interior C: kthnxbye.


Thank you fellow Bimmer Family.:buttrock

Help por favor...

[M3racer007]

I dont think they would finance a car that old. you would have better luck financing something newer like a e46 m3 . But those are a tad more pricey...

[ksidlosky]

Your going to have to go through your bank to finance it, and honestly I would look for a private seller that has plenty of records.

I made the mistake of buying one with no records at all. I paid 5k for it and within the same month dumped about 2k into preventative maintenance.

[sin11234]

Your going to have to go through your bank to finance it, and honestly I would look for a private seller that has plenty of records.

I made the mistake of buying one with no records at all. I paid 5k for it and within the same month dumped about 2k into preventative maintenance.


The Maintenance aspect is what everyone mentions from friends to family and i really appreciate the feedback:buttrock, I hope not to get into an e46 again i honestly found the e36 to be a better vehicle in my prefrence. I guess im going to keep my inline skates for alittile while longer....:devillook unless do you guys ever hear of a private buyer and seller on a payment plan? maybe wrote by the bank?

[WCM3]

Just get a personal loan..no need to do an auto. The loan will come at a higher interest rate but it's the only way you will be able to finance a car over 10 years old. Just try to pay back the principal as quick as you can and make sure there aren't any early payoff charges.

[Ragnorak]

There's really no way you'll get payments from a private seller. The only chance you might have is buying from one of those "buy here pay here" dealers. However, they always tend to be really shady.

Your best bet, as they said, is a personal loan. Although if you have no collateral or credit history, it might be hard to finance. Plus your rates are going to be pretty high.

And good luck finding that color combo. Techno/magma is rare and with lower miles you can expect to pay 9-11K.

[ksidlosky]

I financed mine, but I also have good job security and excellent credit. A credit union also helps, when I was doing the loan paper work the bank asked me why the car was so cheap. So the value is there I guess it really depends on your bank, I would start there first and see if you can get approved for any type of loan.

I would also advise avoiding buy here pay here places. Like rag said, most of there cars are pretty crappy. And they usually have a remote kill switch installed, not something I want to deal with.

Also with a bank say you can't make a payment they will help you, as for the other guys just shut your car off.

Edit: I had bought mine from a private seller, like I said, really depends on your bank.

[2ruble]

If you've had an account at a bank for several years, they're pretty likely to give you a personal loan. They'll look at your account history, and basically give you a loan based on that, if you have a credit card through them (even for $100) you're likely to get upwards of $10k. Like they said, it'll be a higher interest rate, but most banks don't have an early pay penalty, so anything over the minimum will be beneficial to you. Plus if you 'can't' afford full coverage insurance, by having a personal loan you can get liability.
In regards to buy here pay here, not all those cars are crap, it depends on what dealership you go to; the remote kill is on pretty much all of them though. They will work with you though, if you're going to be late, CALL THEM, and they'll give you a grace period. If you've 'forgotten' to pay, they'll cut it off, but they have a 24 hour number you can call and get a temporary code to enter and get the car back on for 48 hours.
It is possible to make payments to a private party, IF they're willing to do so, but a contract WILL be written, unless they're stupid, to ensure that if for some reason you stop payments, they get the car back. Which any piece of paper that both parties sign is a legally binding document.
Good luck...

[SlimKlim]

I financed mine, but I also have good job security and excellent credit. A credit union also helps, when I was doing the loan paper work the bank asked me why the car was so cheap. So the value is there I guess it really depends on your bank, I would start there first and see if you can get approved for any type of loan.

I would also advise avoiding buy here pay here places. Like rag said, most of there cars are pretty crappy. And they usually have a remote kill switch installed, not something I want to deal with.

Also with a bank say you can't make a payment they will help you, as for the other guys just shut your car off.

Edit: I had bought mine from a private seller, like I said, really depends on your bank.

A lot of CUs won't offer an auto loan for anything more than 7 years old. The only one I know of that doesn't have an age restriction is Navy Federal, because that's who my GF finances her 2000 E39 with and she has a super low rate, competitive with what another CU would do on a 2005+.

Apparently Navy Federal has open season enrollment events where anyone can join regardless of military affiliation. The OP might have luck doing that or finding another regional CU without an age restriction. Then he can get a lower rate than a personal loan.

[EpDarks]

If you need a loan for a 10+ year old BMW then you can't afford it.

Save your cash and wait...

[LagWagon]

If you need a loan for a 10+ year old BMW then you can't afford it.

Save your cash and wait...

That is not true. If you would rather make payments than simply drop 8k on a car you would go for a loan. I paid cash for my M3 but I wish I would have made payments on a slightly nicer one

[EpDarks]

If it's such a good idea, why don't banks offer loans?

[2ruble]

banks do offer loans... just not by the name that you're talking about... banks have their own insurance they can put on a car loan... and if something happens to that car due to 'age' and you stop paying, they come get the car... versus if you get a personal loan for say '8K' and buy 95 m3 with 100k on it... cars is yours, versus saving up and getting one...
nothing wrong with what you're saying (save and buy)
nothing wrong with what we're saying (personal loan and buy)
it's buyer's choice...

[EpDarks]

Do you have any idea what the interest rates are on personal loans? I do, because I used to be a personal banker, so I'm not pulling numbers out of my ass. 9-12%++++

Please give us one example of a BIG bank that does loans on cars over 10 years old. Whatever you are talking about with banks and insurance, you lost me...

If you don't have $7k to buy the M3; it's unlikely you have the cash flow to maintain, insure, and modify it.

[13bpower]

Montel will help you finance an E30.

http://www.ibeg2differ.com/wp-content/uploads/2010/03/Montel.jpg

[sin11234]

Do you have any idea what the interest rates are on personal loans? I do, because I used to be a personal banker, so I'm not pulling numbers out of my ass. 9-12%++++

Please give us one example of a BIG bank that does loans on cars over 10 years old. Whatever you are talking about with banks and insurance, you lost me...

If you don't have $7k to buy the M3; it's unlikely you have the cash flow to maintain, insure, and modify it.


In my case i just started a job and i've alwasy wanted an e36, The job will help me to pay it off and mod but i dont want to pay off a car that i can return if the motor is shot if it was on a payment plan.

[LagWagon]

You pay against the interest and the rate does not matter, I currently have two lines of credit and I do not feel the hurt of interest because I make 2 to 3 payments monthly well above the normal monthly minimum.

Your argument only truly matters if you pay at the rate they tell you to pay. Pay more and as much as you can, whenever you can, and it doesn't make any difference. (Or whatever difference it makes is negligible)

I've done personal loans where I've paid off 80+% in a week and then chipped away at the rest.

[sin11234]

You pay against the interest and the rate does not matter, I currently have two lines of credit and I do not feel the hurt of interest because I make 2 to 3 payments monthly well above the normal monthly minimum.

Your argument only truly matters if you pay at the rate they tell you to pay. Pay more and as much as you can, whenever you can, and it doesn't make any difference. (Or whatever difference it makes is negligible)

I've done personal loans where I've paid off 80+% in a week and then chipped away at the rest.


Lag wagon, you are my hero!:buttrock

[M3BimmerBilly]

If you need a loan for a 10+ year old BMW then you can't afford it.

Save your cash and wait...

Ding ding ding.

[swedes60r]

or use paypal and a year 0% credit card to finance it.

I paid for my car through my paypal account which was linked to my credit card. I paid some of the car in cash, and paid the rest via my paypal account which charged it to my credit card. I just got the credit card and lied on the app saying I had an income of 150k a year s oI got a card with a 15k limit and 0% interest for the first year. There was a service charge by paypal for 3 or 5% of the amount but since I have no interest on the "loan", it wasn't a huge issue.

So I now have this massivce credit card debt, but I just need to make monthly payments to stay at 0% interest for the next year. I'm paying way above my monthly payment each month and should have it all paid off it six months, and then I'll cancel the card.

The "catch" with this payment method is the seller has to be cool with accepting paypal and if you fuck up and miss a monthly payment, your interest rate goes from 0% to 20%.

I graduated recently so had no money to upfront pay for a car but knew that I'd make decent at my job so I did this method.

[M3in]

Do you have any idea what the interest rates are on personal loans? I do, because I used to be a personal banker, so I'm not pulling numbers out of my ass. 9-12%++++

Please give us one example of a BIG bank that does loans on cars over 10 years old. Whatever you are talking about with banks and insurance, you lost me...

If you don't have $7k to buy the M3; it's unlikely you have the cash flow to maintain, insure, and modify it.

Youre going to get killed by interest on anything older than 2006. I believe it jumps from ~3.5% to ~9%. For an e36, never mind an M3 having had one and knowing what they demand I would wait until you have the cash to buy it, and the cash to pay for replacement parts.

[2ruble]

+1 lagwagon
-10 to epdarks about the loans...
+1 bill (if the guy doesn't have this 'new job')
no point in getting angry or arguementative... Like wagon said, if you actually follow the "9-12%" then yeah, not a good idea... I took a personal loan to get my first m3, and my loan when I got it was only 8.4%, which I ignored, my payments were $86/month, of which I paid $200/month... made no difference to me as I was making enough to save that in a few months, but had a problem with buying stuff on site... So then got the loan, put some money towards the loan, then wheels, suspension, tires, McCoy's tune, etc... Anyway, the bank was Wachovia that I took the loan out from, and all I had at the time was a checking account through them (for about seven years) and a secured card from some no name whatever company... Wachovia cut a little chunk off the end when I had 'two payments' left, of which I was going to do $200 and then the remaining $123... all they made me pay was the $200...
And in regards to personal loan numbers, that's fine if you used to do personal banking, so you may know what numbers are now, and knew what numbers were then... if you go to american general/citifinancial/uncle vito's loan office, then yeah, you'll have an astronomical rate... but you usually get better rates at the bank... especially in this economy... why you think mortgages went from a national average of about 6.5-7.5 down to 3-4... and I wasn't a broker...

in regards to insurance... if you get a personal loan (no collateral/lien against the car) you don't HAVE to have full coverage insurance, because you own the title... so you can save monthly by paying for liability...

[rabbitt]

A lot of CUs won't offer an auto loan for anything more than 7 years old. The only one I know of that doesn't have an age restriction is Navy Federal, because that's who my GF finances her 2000 E39 with and she has a super low rate, competitive with what another CU would do on a 2005+.

Apparently Navy Federal has open season enrollment events where anyone can join regardless of military affiliation. The OP might have luck doing that or finding another regional CU without an age restriction. Then he can get a lower rate than a personal loan.

Actually... Navy Federal has a 7 year age restriction. You can occasionally get an older car through them, but not very often, and usually (but not always) at a higher interest rate. I've dealt with them a few tines. I had to go through ally financial instead of navy federal for my 05 m3 due to it being too close to the 7 year cutoff... Pain in the ass that was...

[sin11234]

+1 lagwagon
-10 to epdarks about the loans...
+1 bill (if the guy doesn't have this 'new job')
no point in getting angry or arguementative... Like wagon said, if you actually follow the "9-12%" then yeah, not a good idea... I took a personal loan to get my first m3, and my loan when I got it was only 8.4%, which I ignored, my payments were $86/month, of which I paid $200/month... made no difference to me as I was making enough to save that in a few months, but had a problem with buying stuff on site... So then got the loan, put some money towards the loan, then wheels, suspension, tires, McCoy's tune, etc... Anyway, the bank was Wachovia that I took the loan out from, and all I had at the time was a checking account through them (for about seven years) and a secured card from some no name whatever company... Wachovia cut a little chunk off the end when I had 'two payments' left, of which I was going to do $200 and then the remaining $123... all they made me pay was the $200...
And in regards to personal loan numbers, that's fine if you used to do personal banking, so you may know what numbers are now, and knew what numbers were then... if you go to american general/citifinancial/uncle vito's loan office, then yeah, you'll have an astronomical rate... but you usually get better rates at the bank... especially in this economy... why you think mortgages went from a national average of about 6.5-7.5 down to 3-4... and I wasn't a broker...

in regards to insurance... if you get a personal loan (no collateral/lien against the car) you don't HAVE to have full coverage insurance, because you own the title... so you can save monthly by paying for liability...

So this book of a comment is "Do not pay the minmum rather overpay and interest rates will be fixed":redspot

[2ruble]

pretty much... and the insurance thing... I run on sometimes....
everything you overpay goes directly to the principal.... just make sure to not get one that has an early payoff penalty

[sin11234]

pretty much... and the insurance thing... I run on sometimes....
everything you overpay goes directly to the principal.... just make sure to not get one that has an early payoff penalty


you would figure they would want an early payoff.:confused

[2ruble]

if you're over paying, and you can pay early, that's less money they're making in return.
$8K@20%= they're $8K back plus $1,600...
you pay off early... they don't get all that $1,600... unless they have an early pay off penalty...

[BKC]

My credit union will only loan up to $8650 on a 95 M3. Interest is 6.5%. The car I'm looking at is $12.5k. I don't mind making up the rest with cash. I could pay cash for the whole thing but a $200 car payment is better to me than withdrawing $12,500 from my savings. I like cash on hand (makes me feel good). I know that's not what a financial guru would say though!

2ruble, please sell me the white e30!

[RyChicago]

If you need a loan for a 10+ year old BMW then you can't afford it.

Save your cash and wait...

^^^ Plan A

Plan B:
https://www.cash4gold.com/wp-content/themes/theme_cash4gold_black/images/aff_everybodys_doing_it_hammer.jpg

[sin11234]

My credit union will only loan up to $8650 on a 95 M3. Interest is 6.5%. The car I'm looking at is $12.5k. I don't mind making up the rest with cash. I could pay cash for the whole thing but a $200 car payment is better to me than withdrawing $12,500 from my savings. I like cash on hand (makes me feel good). I know that's not what a financial guru would say though!

2ruble, please sell me the white e30!


Thats exactly why i dont want to pay outright, if its on a payment plan the car can be returned if the motor blows, better then an outright sale and losing my investment, no?:shifty

and for those who think i cant afford it i have sneakers worth more then your borbet's, wanna trade your e36 for a collection of sneakers lol.

[BKC]

Never heard of returning a car after you've agreed to buy it. If it goes TU its yours and you still have to make the payments. Unless you have a warranty. But even then you still keep the car. Maybe I'm missing something?

[sin11234]

Never heard of returning a car after you've agreed to buy it. If it goes TU its yours and you still have to make the payments. Unless you have a warranty. But even then you still keep the car. Maybe I'm missing something?


yes warranty and it doesnt matter how far the line you get if car is shot you get the money back....not to hard to comprehend.NOW let me ask

anyone on here have they'e E36 at a dealership for sale?....or would consider a payment plan in contract of coarse.:)

[BKC]

So you can take it to the track, blow the motor and return it? Where is this place? I wanna buy mine there too! That would make dealer prices almost worth it.

BTW, I'm not being a smart-ass. Sorry if I came across that way.

[sin11234]

So you can take it to the track, blow the motor and return it? Where is this place? I wanna buy mine there too! That would make dealer prices almost worth it.

BTW, I'm not being a smart-ass. Sorry if I came across that way.


Haha if this was one of those "Oh shnap i needz an E-dirtysix on I o U son shhhiet comics'' for OT id include and ask for a thrifter trade, being that watch is what jay z represents and pays 35k for.


ALL SERIOUSNESS....anyone in for a few g now for an e36 m, then sign to a payment plan through your bank of choice and would include notirization which makes it a binding contract and legal document.

[RyChicago]

Haha if this was one of those "Oh shnap i needz an E-dirtysix on I o U son shhhiet comics'' for OT id include and ask for a thrifter trade, being that watch is what jay z represents and pays 35k for.


ALL SERIOUSNESS....anyone in for a few g now for an e36 m, then sign to a payment plan through your bank of choice and would include notirization which makes it a binding contract and legal document.

This isn't value city furniture d-wad - no one in his/her right mind would sell something to a stranger in exchange for a private promissory note. What planet are you from?

And when you use phrases like "through your bank of choice and would include notirization which makes it a binding contract and legal document" it makes you sound a lot more like a deposed Nigerian prince and a lot less like a rational person that has a firm grasp on normal society.

FYI - anyone without a felony can be an notary public. Getting their stamp on something is a certain level of proof of you are who you say you are. It doesn't turn your handwritten IOUs into a "binding contract" Judge Judy.

Now go figure this out on your own and stop harassing these poor people with your executive non-binding arbitration proposal agreements and what not.

We look forward to welcoming you to the US once you arrive Prince.

[Spacemonkey391]

Get a personal loan like a bunch of other people said. I got a 7k loan from TD bank because I wanted to put a euro swap in it. The loan was a fixed rate at 9% yes it's a little high but it was worth it because there are no pre payment penalties and I get to build my credit. And no one will do a private sale with an I owe you.

[BKC]

Unless it's your mom.

[sin11234]

This isn't value city furniture d-wad - no one in his/her right mind would sell something to a stranger in exchange for a private promissory note. What planet are you from?

And when you use phrases like "through your bank of choice and would include notirization which makes it a binding contract and legal document" it makes you sound a lot more like a deposed Nigerian prince and a lot less like a rational person that has a firm grasp on normal society.

FYI - anyone without a felony can be an notary public. Getting their stamp on something is a certain level of proof of you are who you say you are. It doesn't turn your handwritten IOUs into a "binding contract" Judge Judy.

Now go figure this out on your own and stop harassing these poor people with your executive non-binding arbitration proposal agreements and what not.

We look forward to welcoming you to the US once you arrive Prince.

wow i love the effort you put into a reply, your mother must be proud, On another note a personal note is a must then i suppose.


Get a personal loan like a bunch of other people said. I got a 7k loan from TD bank because I wanted to put a euro swap in it. The loan was a fixed rate at 9% yes it's a little high but it was worth it because there are no pre payment penalties and I get to build my credit. And no one will do a private sale with an I owe you.



not an I O U, i have 3k so far and im so eager to get a coupe i cant wait for a few more checks to come in, thats all....anyone on here have their e36 at a dealer for sale ill talk a dealer into financing an older car which private dealers usualy dont like to do but will.

[RyChicago]

^^^

If you'd put half that effort into making something happen instead of posting more of the same, all our mothers would be proud.