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I want to get an auto loan.

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Anonymous
Not applicable

Re: I want to get an auto loan.


@Anonymous wrote:

Will cost a lot for up keep for a 10-11 year old BMW. Ur old car is 20 years old. Why would u want to buy another "new" car that's already 11 years old?? After tax and all seem u will be spending almost 10k on it. I would rather buy a new one now if can't afford a new one I'll rather buy like a new civic or something where can drive and not worry about repair bills


I didn't want to lecture, but this is why I was asking.

Message 11 of 15
Anonymous
Not applicable

Re: I want to get an auto loan.

When I went to Carmax and wanted a bmw, they had a few I liked. BUT my salesman said not to do it and look at Japanese cars since I want to keep it another 10 years and drive it to 200k+ miles. His salesman friend also came out and told me about the cost of ownership, he drives them all the time and warned me not to do it, stick with Japanese. I went with a Lexus instead. I spent less and the salesman was directly responsible and good with it.

Long story short German cars don't last as long, repair bills are crazy high. I understand wanting one badly but you could drive off the lot and something breaks and it WILL cost a lot to fix. Your good deal can turn bad very quickly.

The only way I'd ever do a BMW after hearing the repeated cost of maintenance stories is to lease new.
Message 12 of 15
Anonymous
Not applicable

Re: I want to get an auto loan.

 

 

Check out PennFed... low interest rates on new and use... 

Im shocked no one suggested that already... 

 

 

Message 13 of 15
Grafton88
Established Contributor

Re: I want to get an auto loan.

Have you checked out leases on a new BMW?  They offer pretty good deals and with your scores I believe you would be in the top tier for rates.

 

http://www.bmwusa.com/bmw/special-offers

 

They offer 3 year deals and the new BMWs have a 4 year warrenty.

Message 14 of 15
RonM21
Valued Contributor

Re: I want to get an auto loan.

I like Bellalina's suggestion of PenFed or even any Cu. The rates tend to be better.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 15 of 15
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