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New Member
Riz1
Posts: 1
Registered: ‎10-20-2009

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
johnson_long
Posts: 163
Registered: ‎08-27-2008

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?"

 

 

 


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