SFexBOY

Instead of depleting my funds to buy a 2nd used car (used M3 about 10yrs old) or maybe even an E46 M3....i wanted to weigh my options and see if it would be a bad idea to take out a small loan to do so. I'd rather have a small monthly for a yr a two, than have to deal w/ shelling it all out at once.

For those of you who have, where did you get a your loan thru....and at what percentage would i be looking at? Thanks.

B56

I did. Temporarily until I sold my other car at the time. Once the car was sold, I paid it off. I dont like liens so this was a good option. If its an unsecured personal loan, expect to pay a high percentage rate.

Schumiusedtowin

whole amount. Keep handy cash for mods and service (-;

Banks have plenty to loan they just make it harder and you have to have good to very good credit, shop around different banks

RKA

The interest rates on unsecured personal loans is stupid high and always has been.

If you have an empty credit card that offers 0% for 12 months on one of their convenience checks, that might be a better way to go. But read the fine print to make sure you're not going to get smacked with fees. However if you need to apply for a mortgage, your job is not stable, or anything else where you need to keep your credit rating high or you might foresee depending on that line of credit, do NOT do it. At the end of that year, if you can't pay it off in full, move the balance to another credit card. I would only suggest this to someone disciplined with money. CC companies bank on people that aren't, and the rate at the end of that year is staggering in many cases.

Used car loans can be had through credit unions for under 5%, but on a 10 year old car, you'll have a hard time finding a bank to write the loan. I think mine actually might.

dubaudi1

Personal loans are unsecured so the interest rate is high as hell. Ballpark: 9 or 10% these days. That's if you can even convince a bank to approve you for any sort of unsecured credit instrument. good luck with that.
Getting a car loan directly from a bank isn't the best deal ever either. Rates are still high, in the 7-9% range. Best bet. Use the cash you have on hand. If parting with that cash will 'make or break' you...then don't buy the car...feel me?

SFexBOY

since i do have the available line, but I'm worried about companies raising their rates out of left field, like what was done w/ all my Citibank cards.

5speed6 v.2

Nope, and not a good idea.

SFexBOY

I would assume they can offer financing thru BMW financial at a relatively decent rate in comparison to a personal loan?

SFexBOY

for used vehicles?

When I purchased my CPO'd Audi thru Audi Financial (Valley National)....i had a 6% rate....considerably higher than new.

5speed6 v.2

..was available.