I’m looking to buy a 97 BMW 318is in near perfect condition with low miles, I need a loan around $8k. So far the best loan I can get for a car this old is from capitalone at 9.3%. I have a good credit score, I’m guessing the age of the car is killing this one. Does that seem about average or high for this car? The car is 5sp/4cyc w. 65k on it. Great condition. Let me know what you guys think. Thanks
man my interest rate is way high cause i have horrible credit…i wish i could get 9.3…although i am going to try and refinance
You shouldn’t be financing something if you have to pay >20%. 9.3% isn’t terrible, but it certainly isn’t that good. I’d keep shopping for a better rate.
MEH…the funny thing is its still was cheaper than my old car payment…
Rate sucks.
My current used auto loan (f/ about 6 months ago) is 5.375%
You’re making some banker a very happy person though.
somone needs to be happy…actually every year I apply thru my insurance agent for a refinance…but i only had the car a year last yr when i did it so I might have better luck this year…
It’s 9.3 because it’s a 10 year old car… on a newer car I could get like 5.5, anything before 2000 the rate jumps, banks dont want to finance old cars. Rates are a lot higher then a few years ago too.
I could get a classic car loan(read older than 25 years old), 72-month for 5.5-6.8%, your rate sucks or your credit sucks
shit according to my credit union you would fall under a tier 4 credit history
Most 10 year old cars shouldn’t be financed.
capitalones rates blow. For a good credit person they gave me a 9% on a 2003, I went with Bank of America and got a 5.5%
edit: are you going through a dealer or private sale?
It’s through a dealer, 9.3 was via CapitalOne. My credit score is 727 as of today which is fine for a loan, a credit union just offered me 8.2 so clearly I have more shopping to do. Any other places you guys would recommend let me know.
I agree on that for the most part.
$8500 for a 97 BMW 318is in mint condition, loaded, w/ 65k isn’t bad though, what do you guys think?
you should buy a newer car if you are financing it
I personally wouldn’t buy an older car again. When you think about how long your loan will be the car will be 13-14 years old when its paid off.
Really? I can’t find one any near that price with only 65k, especially a 5sp.
Let’s get to the real question here. Why in the hell are you paying $8k for a 318?
Thank you. I didn’t want to be the one to say it 