Financing an E55 with value over KBB.
#1
Financing an E55 with value over KBB.
I have found a couple of E55's that I really like and in clean condition but are in the $18k-20k range. The only thing stopping me from getting one of these E55s is that I am having a hard time finding a credit union/bank that will finance them. I have excellent credit, its just that since they are older cars, most banks wont touch them. I have found a credit union that is willing give me a loan but only based on NADA values which are in the $13k range at most for one of these that I found going for $18k-20k. Have any of you guys found a bank/credit union that Is willing to work with cars that are older and priced above book values?
#3
Member
Banks usually wont touch cars older then 10 years or over 100k miles. You just need to find a credit union that will do it for you. When I sold my E55 over "market value" the buyer went through Penfed Credit union and they did the loan for him on my 05. Give them a try.
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2007 Mercedes E63 AMG
if you're lucky they'll give you what the KBB value is and you'll have to cover the rest...
beyond that you'll need to find another banking institution or request a personal loan. the difference between a personal loan and auto loan is that the personal loan will hold a higher interest rate. Also, they won't hold onto the title of the vehicle, you will.
beyond that you'll need to find another banking institution or request a personal loan. the difference between a personal loan and auto loan is that the personal loan will hold a higher interest rate. Also, they won't hold onto the title of the vehicle, you will.
#5
Senior Member
also be advised...if you buy at say, $18k, and a week later you (heaven forbid) total it? Insurance will only pay what their third party appraisal service appraises the car for. And I can guarantee it wont appraise through them for $18k..
#6
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Credit union is the answer you’re looking for here. I financed mine a month ago through my local credit union. Even though they valued it at around $13k they financed more than that. Purchase price was just under $20k. I did buy GAP insurance through the credit union to cover my butt in the event I do have something happen. Also great rates.
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#10
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If you have decent credit you should have no problem getting the loan through them.
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1999 C43 AMG, 2005 E55 Wagon
I financed an E55 wagon that was a good $5k over KBB.
I used lending club, because banks won't touch a car that old for financing, especially over KBB.
I had to pay slightly higher interest rate than a traditional auto loan (4%) but it's completely unsecured and I have the title to the car.
Edit: I recommend them for weird, older car purchases like this. They make a decision and deposit the money straight into your bank account within 24 hours. I was able to cut a certified check for the car about a day after I first found the listing.
I used lending club, because banks won't touch a car that old for financing, especially over KBB.
I had to pay slightly higher interest rate than a traditional auto loan (4%) but it's completely unsecured and I have the title to the car.
Edit: I recommend them for weird, older car purchases like this. They make a decision and deposit the money straight into your bank account within 24 hours. I was able to cut a certified check for the car about a day after I first found the listing.
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#14
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BECU (boeing employee credit union) set me right up when I overpaid for my car when it came up on Ebay during my off-season. To deal with insurance issues, I got a declared-value policy through progressive. I don't like that outfit much but the car is insured for more than I paid for it. And when I got rear-bumper-tapped in the parking lot, they didn't balk at all with the whole replacing of the bumper cover with the same EV12 item direct from Brabus it came to me with.
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2008 E350 4Matic, 2011 E350 4matic
Yeah, same thing here too. I paid cash for my E350 and I always felt I couldn't afford an E55/E63, but maybe I'm just too cheap to spend that kind of money. It just sounds like OP doesn't even have much of a down payment. If the car is 18k, you could at least finance the 13k book value so that means the OP has less than 5k to put down? The repair expenses for common things like airmatic and the brakes are typically well over 1k. Also when book is 13k, that's also a great negotiating tool, offer 14k, say it's 1k over book. When they say no, wait a few days and make the same offer again and maybe they'll come down more.
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#18
If you meet those requirements... These cars are awesome
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2001 E320 Wagon, 2006 LBZ Silverado, 2007 E63 (sold), 2001 E55 (sold)
If I had to depend on the dealer or pay an indy shop to do the work I would not consider owning an E55 or E63. They're a great value for someone that can DIY or has a hook up like I do.
I bought my E63 for a lot more than $18k in cash and it was 9 years old.
You guys want to know why I'm going to be selling it? I really want a VW Bug (preferably a Baja w/ a Subaru swap) for some reason. I like the E63, but I've had it for a couple of years and am bored with it. Time for something else.
Last edited by Strigoi; 11-14-2018 at 07:14 PM.
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2012 CLS63
...and this.
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If interested pm me and I will see if I can get you his number.
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2001 E320 Wagon, 2006 LBZ Silverado, 2007 E63 (sold), 2001 E55 (sold)
https://sfbay.craigslist.org/eby/cto...724516865.html
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2007 E63
I generally agree. To provide a counterpoint though....I could afford to pay for mine in cash (plus maintenance and repairs) but I chose to finance mine when I bought it last year. I was able to get an extremely good 2.49% on it and I put zero down. But the main reason I did it was because I figured the likelihood that this car was going to get into an accident (and possibly totalled) was greater than average because I chose to drive it year round including the winter.
If I had paid cash I knew the insurance payout would have likely been abysmal. With GAP insurance, the whole thing would just be paid off.
If I had paid cash I knew the insurance payout would have likely been abysmal. With GAP insurance, the whole thing would just be paid off.
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2001 E320 Wagon, 2006 LBZ Silverado, 2007 E63 (sold), 2001 E55 (sold)
I generally agree. To provide a counterpoint though....I could afford to pay for mine in cash (plus maintenance and repairs) but I chose to finance mine when I bought it last year. I was able to get an extremely good 2.49% on it and I put zero down. But the main reason I did it was because I figured the likelihood that this car was going to get into an accident (and possibly totalled) was greater than average because I chose to drive it year round including the winter.
If I had paid cash I knew the insurance payout would have likely been abysmal. With GAP insurance, the whole thing would just be paid off.
If I had paid cash I knew the insurance payout would have likely been abysmal. With GAP insurance, the whole thing would just be paid off.