Last post on Feb 11, 2008 at 2:44 PM
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#4 of 11 How to Finance high mileage BMW? Need Help..
Jul 08, 2007 (11:46 am)
I recently got into a jam and had to pay cash for an 02' 325i sedan with 74k miles. Love my car dont get me wrong but it was a last minute deal. Am I able to finance the car now even though I have paid for it out right and the title is in my name? Seems that many lenders will not finance cars over 60k miles. I want a loan to show that is a secured loan. If I use my credit card it will show as an unsecured loan which I don't want that to effect my credit report. I'm self employed so credit cards have to be available for the business. Any suggestions/advice would be helpful. Thanks.
#5 of 11 Re: How to Finance high mileage BMW? Need Help.. [peeka]
Jul 09, 2007 (6:13 am)
If I use my credit card it will show as an unsecured loan which I don't want that to effect my credit report.
Secured or unsecured has no bearing on your credit, they both effect it the same.
Go to your bank or credit union and tell them you want to borrow $xxxx and you want to put the BMW up as collateral. that will get you a better rate then a signature loan.
#6 of 11 Used vehicle loan for 72 months?
Jul 09, 2007 (10:45 am)
I am trying to find a lender who would be willing to loan money on a 2002 or 2003 BMW M3 with around 45,000 miles.
I have checked both e-loan and Capital One Auto Finance and neither of their websites lay out guidelines for what they will and will not finance.
I would be putting $5000 down. Total vehicle price (after down payment) would be around $23,000.
My credit rating is average.
Will I just need to move up to 60 months or will someone write a loan out for 72 months for such a scenario?
Thanks in advance.
#7 of 11 Re: Used vehicle loan for 72 months? [basscadet]
Jul 09, 2007 (7:46 pm)
Try Roadloans. They finance cars under around 60k miles. I don't know what their rates are. Sometimes Capital One will approve you depending on your credit rating. I applied and approved for 55k which I didn't need but they were circumstances that I need to meet. For example, the vehicle needed to be 20k miles or under. I only wanted 15k and was going to pay the difference with cash. Good luck.
#8 of 11 Re: Used vehicle loan for 72 months? [basscadet]
Jul 10, 2007 (1:18 am)
just make sure you have a lot of extra cash on hand -- say $8k or so -- in case something expensive needs to be fixed.
Or at least have an '01 Tacoma or something that you can drive while you sort out whatever ails the M3.
Don't get me wrong, they're great cars, but if this is what you'll rely on for transportation, and you're getting the loan-til-its-10-years-old because it's all you can afford, you are almost guaranteed to be in trouble a few years down the road.
Or two weeks from now. It's really just a matter of when, not if.
If it's your toy and you have alternatives for transportation, have at it.
Feb 11, 2008 (2:44 pm)
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