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Unread 10-18-2006, 09:28 PM   #1
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Default '00 BMW 3-Series (finance)

Ok, so I really want a BMW... It would be my first car, but not my first vehicle...

I want to get a motorcycle but with insurance being as high as it is for the age I am and for the city/state I live in, it would be ridiculous.

So the new plan? Get a BMW 3 Series, I want a 2000+, miles don't matter to me just as long as they're not ridiculously high (~50,000 is what i'm looking for).

I looked @ this car:

http://cgi.ebay.com/ebaymotors/BMW-M...QQcmdZViewItem

I couldn't believe that it was that low but then I looked @ the mileage and it's very close to 100,000 miles.

But back to the subject, I want to know how does a 17 year old (18 on may 23rd) go about getting a loan or whatever to buy a car from another person?

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Unread 10-18-2006, 11:00 PM   #2
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Originally Posted by lightsource View Post
Ok, so I really want a BMW... It would be my first car, but not my first vehicle...

I want to get a motorcycle but with insurance being as high as it is for the age I am and for the city/state I live in, it would be ridiculous.

So the new plan? Get a BMW 3 Series, I want a 2000+, miles don't matter to me just as long as they're not ridiculously high (~50,000 is what i'm looking for).

I looked @ this car:

http://cgi.ebay.com/ebaymotors/BMW-M...QQcmdZViewItem

I couldn't believe that it was that low but then I looked @ the mileage and it's very close to 100,000 miles.

But back to the subject, I want to know how does a 17 year old (18 on may 23rd) go about getting a loan or whatever to buy a car from another person?

It is very hard. You will have to go to a place like drivetime or get a cosigner. Places like drivetime will want 20 or more percent interest on the loan which sucks. Can someone cosign for you? If not you can start building credit as soon as you reach 18. Get a credit card and buy some small stuff like a x6850 Or what ever. Something you can sell off for cash works really well. It might take some time though. Good luck either way
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Unread 10-18-2006, 11:05 PM   #3
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It is very hard. You will have to go to a place like drivetime or get a cosigner. Places like drivetime will want 20 or more percent interest on the loan which sucks. Can someone cosign for you? If not you can start building credit as soon as you reach 18. Get a credit card and buy some small stuff like a x6850 Or what ever. Something you can sell off for cash works really well. It might take some time though. Good luck either way
Cosigner, yea my dad. He's 50 and his credit's badass.

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Unread 10-18-2006, 11:06 PM   #4
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Try to get one of your parents to cosign for you or at the very least a friend over 18 with good credit. Otherwise it will be next to impossible to get that kind of a loan. Start saving now for your downpayment so that you can get lower payments, don't need as big of a loan and you end up paying much less interest.

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Unread 10-18-2006, 11:07 PM   #5
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What kind of payments can you afford? How good is your father's credit (I don't need you to tell me his credit score but is it very high as in 750+ or just good)?

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Unread 10-18-2006, 11:10 PM   #6
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Yea, cosigner...

Well, umm, I think it's in the 830's

And as far as payments...

I'm thinking $400-600

I'm trying to get a job @ my school for 10p/h

Last edited by lightsource; 10-18-2006 at 11:13 PM.

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Unread 10-19-2006, 01:01 AM   #7
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A 6 year loan for a car that costs $26500 with 9% interest is $400 a month. With a 4 year loan it would be $600 a month. So you probably want to look at cars that price or lower to stay within your monthly payment goal.

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Unread 10-19-2006, 11:56 AM   #8
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One thing to note when it comes to European cars is the maintenance. You'll get charged a lot for anything you have a shop do because one, the parts are not cheap like Japanese parts are, and two, it's a BMW.

My bro had a 1994 325is, and parts/labor were rediculous. Now he has a 2001 Mercedes SLK320 AMG, and parts/labor are rediculous. A buddy of my as a 1986 Porche 944, parts/labor are rediculous.

So remember that on top of the monthly payment on the car, add in that any minor thing that goes wrong, you'll pay a lot for it just because it's a BMW. Just be sure you want to actually spend THAT much cash for a car. Yes, it's a nice car, but still, just a car.

But nonetheless, have your parents cosign the loan, and vuala.
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Unread 10-21-2006, 03:18 PM   #9
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Quote:
Originally Posted by lightsource View Post
Yea, cosigner...

Well, umm, I think it's in the 830's

And as far as payments...

I'm thinking $400-600

I'm trying to get a job @ my school for 10p/h
You're going to have to work a LOT to make those kinds of payments, don't forget that if you work incessantly you're not going to have much time to enjoy your bimmer.

Also...insurance. An insurance company isn't going to think that a 16/17 year old with a BMW coupe is going to be taking turns at normal speeds.
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Unread 10-29-2006, 02:52 PM   #10
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Getting a BMW as a starter car isn't a very smart choice, what if something goes wrong? Will you have enough to pay for the car damage and the monthly payment? consider getting something else, because there is a reason why young people dont drive BMW's.

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