Financing an E55 with value over KBB.
11-15-2018, 09:29 AM
#26
Interest is so cheap these days it seems ridiculous to pay cash for anything
Credit unions will give you ~3% financing
online savings accounts will give you 2% interest
finance the car, park your money in an account for direct deposit
or if you can't pay 100% cash, you're only looking at like $1400 in interest assuming a 48mo loan at 3.75% on an $18,000 car
so you're paying 29$ a month not to have to front 18,000 dollars
Doesn't seem like a big deal IMO
Credit unions will give you ~3% financing
online savings accounts will give you 2% interest
finance the car, park your money in an account for direct deposit
or if you can't pay 100% cash, you're only looking at like $1400 in interest assuming a 48mo loan at 3.75% on an $18,000 car
so you're paying 29$ a month not to have to front 18,000 dollars
Doesn't seem like a big deal IMO
Last edited by work_truck; 11-15-2018 at 09:32 AM.
11-15-2018, 03:04 PM
#27
MBWorld Fanatic!
It's not a big deal. Financing to divert money into better investments is never a bad thing. Not having the cash to support the maintenance and repairs of the car is. Some people will account for this, others won't- I am sure we can all think of an example of two.
11-15-2018, 03:05 PM
#28
Thats something I think (hope) everyone will agree on!
11-15-2018, 09:54 PM
#29
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1999 C43 AMG, 2005 E55 Wagon
I financed mine, no regrets. I don't finance anything unless it's A: a dire need or B: something I plan on never getting rid of, so I don't mind paying a little interest on top to accomplish a dream (like having an E55 wagon)
I can easily afford the maintenance and I DIY the vast majority of it, no regrets.
Don't buy a 13-16 year old AMG unless you can afford potential and probable maintenance items. At this age, expect to at least have to shell out a couple grand on a transmission or replace all airmatic components within the first 2-3 years of ownership.
I can easily afford the maintenance and I DIY the vast majority of it, no regrets.
Don't buy a 13-16 year old AMG unless you can afford potential and probable maintenance items. At this age, expect to at least have to shell out a couple grand on a transmission or replace all airmatic components within the first 2-3 years of ownership.
11-16-2018, 06:50 PM
#30
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2001 E320 Wagon, 2006 LBZ Silverado, 2007 E63 (sold), 2001 E55 (sold)
That's the problem. If someone has to finance the car because they don't have the cash available to buy one, I'm guessing they may not have the cash available to correctly repair the car when issues do arrive.
Choosing to finance the car when you could pay cash is a totally different story.
11-16-2018, 07:02 PM
#31
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1999 C43 AMG, 2005 E55 Wagon
That's the problem. If someone has to finance the car because they don't have the cash available to buy one, I'm guessing they may not have the cash available to correctly repair the car when issues do arrive.
Choosing to finance the car when you could pay cash is a totally different story.
Choosing to finance the car when you could pay cash is a totally different story.
The w211 E55 has a very interesting overlap when it comes to used cars. It is luxurious. It is attractive. It has a perceived (but not necessarily correct) namebrand pedigree, which is doubled by the "AMG" badge on the back. It's still very fast. But here are the 2 most important details: it's reliable and it's cheap.
The kind of people who can have $10-20k on hand for a used car are rarely looking for anything over 5 years old. They're rolling that $10k into a down payment on an E63S, M5, 911, etc. The E55 is one of the very few cars at its age that's good enough to justify financing. A 13 year old 911 Turbo ticks all the same boxes except one: it costs triple what an E55 does.
12-05-2018, 08:32 PM
#33
Member
Financing/extended warranty
I purchased an e63 recently (2007). I was able to put in cash, but I also purchased an extended warranty to cover repairs that I knew would happen. The driver behind partial financing is that the extended warranty is usually cheaper than other outfits, and your credit union will back you.
12-06-2018, 12:38 AM
#34
MBWorld Fanatic!
You can't always finance 3rd party sales(CL) and its an OLD car so you can't get a LOAN...That's why CASH IS KING.
you guys must be dealership hunting..
you guys must be dealership hunting..
12-06-2018, 09:59 PM
#35
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1999 C43 AMG, 2005 E55 Wagon
It's already stated clearly above that we're not talking about standard auto loans.
12-10-2018, 10:48 AM
#36
I used PenFed for all of my auto loans. Have never had a problem with getting the amount needed. Payed cash for the e55 so cannot help you on that one in regards to them giving financing value
12-10-2018, 10:53 AM
#37
It might have been established that YOU aren't talking about standard auto loans, but maybe the OP was. Maybe Das Geld was responding to the person who made the thread and asked the question, not you.
12-10-2018, 11:37 AM
#38
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'99 and '05 E55 AMG
You guys need to read the following thread. The OP purchased a used S-class; he could afford the payments but not the repairs. He got a bit antagonistic about the advice he was getting and by 50 posts in the thread took off! That thread should be stickied for the entire forum! Hilarious and I keep it bookmarked. 
https://mbworld.org/forums/s-class-w...irst-gear.html
https://mbworld.org/forums/s-class-w...irst-gear.html
12-10-2018, 03:42 PM
#39
MBWorld Fanatic!
You guys need to read the following thread. The OP purchased a used S-class; he could afford the payments but not the repairs. He got a bit antagonistic about the advice he was getting and by 50 posts in the thread took off! That thread should be stickied for the entire forum! Hilarious and I keep it bookmarked.
https://mbworld.org/forums/s-class-w...irst-gear.html
https://mbworld.org/forums/s-class-w...irst-gear.html
12-11-2018, 08:40 PM
#40
Junior Member
We use Navy Federal Credit Union for all of our cars. But we have used USAA before as well. NFCU will finance pretty much anything except cars with a salvage title. I agree about the insurance warning... If you can, get agreed-upon coverage from Hagerty because normal insurance plans will not give you over book value for your car.
