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  • Finance options...

    Does anyone know of a finance company that understands the true market value of these cars? As expected, everyone is giving me static because the book value is so low on them. :grr: Please help. I'm dying to get into an E30!!! They're so ---> :cool:.

  • #2
    Get appraised

    Originally posted by SewickleyBMW
    Does anyone know of a finance company that understands the true market value of these cars?
    You can take the car to places to get appraised. Then you can finance the appraised value. Ask the finance company about their approved locations to get the car appraised.

    Hope things work out for you...

    P.S. UCLA is 8-0!!!

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    • #3
      www.capitaloneautofinance.com is where you want to go. They don't care what it is you buy, how many miles it has, or how old it is. As long as you meet their criteria, and the loan is for a minimum of $7500, they will finance you up to 72 months. I am not ashamed to admit that I have used them for a few older car purchases, with the most recent being my '88 M3. Even though interest rates have slightly increased, it makes for a relatively low monthly note on an E30 M3.

      You can apply online and they will notify you of acceptance within an hour or so via email. They will even overnight you a blank check for whatever you want to purchase. I am not affiliated in any way-just a very satisfied customer!
      Eric Giles
      '07 X5 4.8i
      '01 325i
      sigpic

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      • #4
        Capitol One, for me. Dunno how screwed I would be with insurance (GEICO), but I got a good rate on the loan with Capitol and they didn't ask questions as to what vehicle, year, etc.... Plus, it was all done online and took less than two weeks to get the $$$
        Christopher

        www.brmmotorsports.com

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        • #5
          I do not think so...

          You will still need to appraise the car.

          Look at it; the car being financed is collateral for the bank and why would they loan you more than what the car is worth?

          I donít know how Eric did itÖ. But I would bet that if you got approved for say $30,000 and try buying a E30 M3 for a full amount and you WILL be asked to get the car appraised because the KBB value doesnít match.

          Try Hagerty Auto Finance... No affiliation what-so-ever

          3rd Edit: You better be have very good FICO for Hagerty.
          Last edited by ///Mous3; 10-29-2005, 07:21 PM.

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          • #6
            home equity loan if you own, that will probably give you the best rate for an older car

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            • #7
              Originally posted by 1990m3
              home equity loan if you own, that will probably give you the best rate for an older car
              I do own my home, but have never considered an equity loan. What is the basic criteria for getting one?

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              • #8
                Re: I do not think so...

                Originally posted by ///Mous3
                You will still need to appraise the car.

                Look at it; the car being financed is collateral for the bank and why would they loan you more than what the car is worth?

                I donít know how Eric did itÖ. But I would bet that if you got approved for say $30,000 and try buying a E30 M3 for a full amount and you WILL be asked to get the car appraised because the KBB value doesnít match.

                Try Hagerty Auto Finance... No affiliation what-so-ever

                3rd Edit: You better be have very good FICO for Hagerty.
                hagerty says the car has to be 25 years or older to qualify :rolleyes:

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                • #9
                  SewickleyBMW,

                  If you own your home you should have no problem getting an equity line. This is absolutely the way to go as the interst rate will be the lowest rate out there, much, much lower than an auto loan and you will have the benefit of being able to right off the interest for tax purposes.

                  If you need help or have questions.... PM me, My wife is a mortgage loan officer with 15 years experience.

                  Good Luck!

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                  • #10
                    Call Capital One, or better yet, do it online. It's a fast decision and the check is on your doorstep the next day if you pay for the overnight.

                    The car is not really collateral for the loan, even though they hold the title. Capital One is lending based on your credit score and income.

                    They send the check based on what you tell them the purchase price is, no questions asked. Both my brother and I have borrowed more than the purchase price from CO to pay for shipping, upgrades, whatever.

                    Would they question 30K for an M3? Maybe...but if you have a 750 credit score and mucho income they WANT to lend you money.

                    Regarding rates, a home equity loan is not always better. My HE loan is prime -1, so it's 5.75% now AND it has the risk of continuing to go up as prime is adjusted. My Capital One M3 loan is 5.6% and fixed for 3 years.
                    Todd
                    '91 M3
                    '71 911
                    '90 Gli

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                    • #11
                      I did mine a few years ago with Capital one auto Finance.. It was an easy process. Got the check in about 3 days. Went with the seller to an UPS store and faxed all the paperwork to Capital one.. Easy as heck.. Will do again if I had to,,

                      Good Luck...
                      Richie
                      In an Embassy Somewhere..

                      91 M3 - SOLD but not forgotten (to J.R. Nagy)
                      03 Land Cruiser with the works
                      06 Royal Enfield 350

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                      • #12
                        +1 for Capital One.
                        www.ubertechnik.com

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                        • #13
                          I used ELOAN when I purchased my M3. They were fast, gave me a 5% interest, which isn't too bad. I was authorized quite a bit of money, which I did not use. The only requirements were a clear title, and I had to purchase from a dealer, which limited some of my choices. Overall I was very happy with their service. As far as Geico, I use them and don't pay a whole lot of money. The policy for my two cars for 6 months is about 600 dollars.

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