Credit Card Center Advertiser Disclosure

New Member
Posts: 1
Registered: ‎10-20-2009
0 Kudos

What auto loan for a 10 year old car/private party transaction?

Hi guys do you have any suggestions or recommendations onto which auto loan lender would be okay with a car that's 10 years old?  It's a 2000 BMW M5 with 26k miles $20k.  It's in excellent condition as when these cars came out it was at over $70k msrp.  I'm just trying to achieve my dream of finally owning one.  I'm looking to put down about $5-7k and finanace the rest.  So any opinions/recommendations that which can do this and will give out a decent rate?   thanks a bunch
Regular Contributor
Posts: 163
Registered: ‎08-27-2008
0 Kudos

Re: What auto loan for a 10 year old car/private party transaction?

One of the local credit unions in Charlotte does offer financing for older vehicles, However, they only offer a  36 month payment plan at 9.9%.


The other issue you'llface is the maintenannce costs on these things,    Something goes wrong with it, your dream will quickly turn into a nightmare,


You never know what the next mile will bring with these things,, My old Ford truck was running fine back in the summer of '08, It had 240-k on it and I was pulling my third pallet of concrete back from Lowes when it bent a rod, no warning, it just started knocking,,,badly,


Also are you planning on using it as a daily driver? If so, that's going to drive your market value down if you need to unload it ,,


They are nice looking cars, but you need to ask yourself, "Do I really need a 10 year old Beemer and the headaches that'll come with it?"




Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.