Established Contributor
shane82388
Posts: 979
Registered: ‎07-16-2010
Financing a 1999 M3

i've found a 1999 M3 that i really want, and the price is pretty good at $8500. Its basically a mint condition, museum pice...

 

I just was wodnering what the way to go about getting financing for a car this old though?

 

Any tips?

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Financing a 1999 M3
Talk to a credit union regarding their loan process (if they have one) for "collectibles cars"

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trumpet-205
Posts: 2,494
Registered: ‎11-11-2010
Re: Financing a 1999 M3

Your best bet is to talk to local credit union. Be prepare that most lenders will refuse to finance car that is 10+ years old. You may end up putting it on personal loan instead.

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New Contributor
gul1
Posts: 73
Registered: ‎04-23-2011
Re: Financing a 1999 M3

Try a credit union. We financed a 98 Ford Expedition last year and got a decent rate with a credit union. It's a 30 month loan.

Established Contributor
shane82388
Posts: 979
Registered: ‎07-16-2010
Re: Financing a 1999 M3

that sound perfect.

 

just out of curiousity, where are you located and what credit union did u go through? Wonder if there is one around here...

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000
Established Member
davefromca
Posts: 13
Registered: ‎10-22-2012
Re: Financing a 1999 M3

Hit up Google. Found a couple of credit unions by me. 

Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
Re: Financing a 1999 M3

I know from my dealership days that Wells Fargo Dealer Services will finance older units like this through authorized dealers.

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Established Contributor
shane82388
Posts: 979
Registered: ‎07-16-2010
Re: Financing a 1999 M3

Im having a hard time finding dealers with the car i want...

 

My friend owns the exact car i want Black/Black 1993 M3 with lowish miles in MINT condition...he rides his motorcylce almost exclusively now and said he would sell it for $8500 to me if was interested...

 

Is there any suggestions for getting a loan for a private party transaction or is it only likely to be approved through a dealership? Do banks like Wells Fargo even do private party loans, especially for older cars?

 

My scores are in the Mid 600's but i have about 50-60% utilization which would certainly be paid down to at least 30% or so before i applied for anything...

 

I have about 3 years without any late payments and have aquired good new lines of credit since then (AMEX GREEN, CHASE FREEDOM, BARCLAYS, etc)....

 

 

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000