austinholloman

So I am in the stages of buying a C43 and hit a snag last night. My credit is great when it comes to auto loans because I have never had a late and I just pain of two 25k or higher loans in full with in the past three months and also a third auto loan around 10k last month. No late payments or anything like that and I was able to buy a 37k car with nothing down no issue just a few days ago. So my question is this- I got online with bank of America because all my auto loans have been through these guys and tried to apply for a loan for a 98 C43 but was told by their site that they don't give auto loans for a cars older than 7 years of age... I didn't know this because this is the first older year model car I have purchased. Now, the owner of the car has an auto loan through chase on the car that he was able to get two years ago when the can was still ten years old, so I am guessing some banks will allow this and others will not? Do you all know of any good banks in the USA that will do loans of older autos? Or am I going to be better off just getting a personal loan from bank of America? I have tomorrow of the go bank shopping so I am just looking for some pointers. Thanks!

austinholloman

So thanks to good a good old fashion google search I found some more answers. Most major banks wont touch a car 5 year or 50k miles!? Wow, I had no idea. I also remembered just not that one of my loans for a 28K car I just paid off this year was through JP Morgan Chase not BOA and the current owner uses an Auto loan through them, so I am guess getting a loan with these guys would make things much more fluid, as far as title transfers and exchanging of funds. What do you guys think? Any luck with Chase and an older car loan?

trinitony

car loans = penfed.org

austinholloman

Great tip! Thank you sir! Did you have a relationship with these guys and comments?

KJI3jflarryfe93

It's bad for your households financial status to take these loans.
Buying cars with borrowed monie, ends up making the car more expensive in the end!
Reading about US economy in european newspapers says people have to go from their homes because they can't pay their mortgages,banks are repossesing peoples homes!
(Alex ***: Repo Man)
Taking new expensive loans seems to be a bad idea?
If you have monie in your pockets, dig deep see if you can find the whole sum ,then buy the car!
You actually don't own the car until you have paid it in full, your bank owns that car, you are just posing in it everytime you drive that fancy smancy C43.
Is it a normal behaviour to take expensive loans with huge monthly (%)percentage interests in USA when buying stuff?
Buying a house, a brand new car maybe yes, buying old stuff, well I dunno know?

If you can afford it buy it cash with your own money, makes it cheaper that way.

austinholloman

No that 8k at 2.7% over two year would do better in the CDs I have it in yielding much more than that. I don't want to use the cash if it comes out that financing saves me more money than pulling the cash out of high interest savings or a CD.... I do agree though. Americans have this stuff all wrong. Pretty sad when people loose their homes over this stuff. I don't have a balance on a single credit card longer than 30 days but that isn't the norm here. Most people do nothing in cash here in the states. Pretty scary that some people don't even own the meals they have all ready consumed and digested!

garcic43

try wellsfargo dealer services... they have great rates... and I got my c 43 with them.

FLYNAVY

I do most things in cash, but I did do part of my M3 purchase using a loan from USAA. Just made sense financially; previously had a good experience paying off my original loan for the C43 (25k back in the day) and I think it was a good balance for me, especially considering I'm trying to sidetrack a little hard cash towards finishing off my other car project, as well as build a home buying nest egg and rainy day fund. Anyway, they had no problem doing the loan for a 20 year old, 150k mile e30 M3, at a really good rate, but USAA is also a little bit more helpful generally than some other banks. If you are set on a C43, and cant reasonably afford to buy out in cash (fair enough), then I'd suggest shopping around.....I'd think there are some places that will entertain such a loan.

ob1kenobi

I too would pay cash for an old car like that but you can check on your local
credit union to see if you can get a loan there.
Good luck.

99CEEFOURTHREE

Honestly I wouldn't take out a loan on any old used car unless it is a collector.If you are unable to buy it cash,don't. Save up and then get your C43.Believe me the price won't be going up ANYTIME soon.Plus you will always be able to find one.Dont do it!!!!!!!!!!!!!!!!!! Loan that is.

austinholloman

I use USAA as my main checking and insurance because they are the BEST in the nation. Good idea. Ill call them first thing in the AM. Thank you sir!

Jovsky

That's another option to think about. If you get a personal loan and buy the C43 in cash with the money you received from the loan, then you gain ownership of the C43 and the Title is in your hands. Btw, does Bank of America require any collateral for a personal loan?

austinholloman

I haven't ever tried a personal loan for a car. I can always ask and see.

silence

use a credit card

I love how financially responsible ya'll are-

austinholloman

I used food stamps and wick but I get to go pick her up next weekend!

Jovsky

Congratualtions austinholloman on your purchase! Which one are you taking home? The black or the silver?

DRBC43AMG

Lets start the bets:
1 for the black

ECTurboGSX

Can I put my bet on my credit card or does it have to be cash??

Jovsky

LOL!!! Nice one!

Let's make it 2 for Black. How about you ECTurboGSX?

austinholloman

Once you go black... auto loan for 24 months at 2.7% with gap insurance and ttl it was $8800 and NADA says the car is worth $9275! I'm happy with everything. If all goes well with Tristan signing the paperwork and mailing it back this week, ill be in cali next weekend and driving her back to Dallas!

Jovsky

Cool! Congratulations! Hope everything will be in order. So it will be the black then...

austinholloman

The black was so much more car and Tristan has done a great job taking care of his C43. I felt a lot better after he told me to read all his posts of the forum so I have a good idea whats been done with the car. Everything is very clean and mostly modified the way I would have do it myself. I would have gone with stock E55 wheels but thats no big. I can't wait to take her for a 1400 mile test spin next weekend. If it breaks down, I know where he lives! haha

ARuss

nice %
In Russia it min 15-18 in a year

DRBC43AMG

Here it's 12-15%. Now you understand why bankers make lots of profits

ARuss

)))))

House? Min - max? Ofc if not secret ))))