# Is this rate good? **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [January 2, 2007, 11:02am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433 "2007-01-02T11:02:03Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![KuZz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuzz/32/7349_2.png) [@KuZz](https://forums.speedlife.net/u/KuZz)\ **Post date:** [January 2, 2007, 11:02am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/1 "2007-01-02T11:02:03Z")
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 ---
**Author:** ![MaximaSE98](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maximase98/32/7600_2.png) [@MaximaSE98](https://forums.speedlife.net/u/MaximaSE98)\ **Post date:** [January 2, 2007, 11:07am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/2 "2007-01-02T11:07:11Z")
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 ---
**Author:** ![brent\_strong](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/brent_strong/32/7203_2.png) [@brent\_strong](https://forums.speedlife.net/u/brent_strong)\ **Post date:** [January 2, 2007, 11:10am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/3 "2007-01-02T11:10:12Z")
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. ---
**Author:** ![MaximaSE98](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maximase98/32/7600_2.png) [@MaximaSE98](https://forums.speedlife.net/u/MaximaSE98)\ **Post date:** [January 2, 2007, 11:11am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/4 "2007-01-02T11:11:45Z")
> [@brent\_strong](#): > > 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… ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 2, 2007, 11:21am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/5 "2007-01-02T11:21:15Z")
Rate sucks. My current used auto loan (f/ about 6 months ago) is 5.375% ---
**Author:** ![brent\_strong](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/brent_strong/32/7203_2.png) [@brent\_strong](https://forums.speedlife.net/u/brent_strong)\ **Post date:** [January 2, 2007, 11:26am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/6 "2007-01-02T11:26:12Z")
> [@MaximaSE98](#): > > MEH…the funny thing is its still was cheaper than my old car payment… You’re making some banker a very happy person though. ---
**Author:** ![MaximaSE98](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/maximase98/32/7600_2.png) [@MaximaSE98](https://forums.speedlife.net/u/MaximaSE98)\ **Post date:** [January 2, 2007, 11:36am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/7 "2007-01-02T11:36:38Z")
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… ---
**Author:** ![JaysGreenLX](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jaysgreenlx/32/7321_2.png) [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)\ **Post date:** [January 2, 2007, 11:48am UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/8 "2007-01-02T11:48:09Z")
Ew 9.3%? Mine is like 3.9% ---
**Author:** ![KuZz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuzz/32/7349_2.png) [@KuZz](https://forums.speedlife.net/u/KuZz)\ **Post date:** [January 2, 2007, 12:06pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/9 "2007-01-02T12:06:02Z")
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. ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [January 2, 2007, 12:08pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/10 "2007-01-02T12:08:11Z")
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 ---
**Author:** ![JaysGreenLX](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jaysgreenlx/32/7321_2.png) [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)\ **Post date:** [January 2, 2007, 12:08pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/11 "2007-01-02T12:08:24Z")
Most 10 year old cars shouldn’t be financed. ---
**Author:** ![auttiquattro](https://avatars.discourse-cdn.com/v4/letter/a/53a042/32.png) [@auttiquattro](https://forums.speedlife.net/u/auttiquattro)\ **Post date:** [January 2, 2007, 12:12pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/12 "2007-01-02T12:12:43Z")
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? ---
**Author:** ![KuZz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuzz/32/7349_2.png) [@KuZz](https://forums.speedlife.net/u/KuZz)\ **Post date:** [January 2, 2007, 12:25pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/13 "2007-01-02T12:25:36Z")
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. ---
**Author:** ![KuZz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuzz/32/7349_2.png) [@KuZz](https://forums.speedlife.net/u/KuZz)\ **Post date:** [January 2, 2007, 12:27pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/14 "2007-01-02T12:27:17Z")
> [@JaysGreenLX](#): > > Most 10 year old cars shouldn’t be financed. 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? ---
**Author:** ![Zer0DazE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/zer0daze/32/7624_2.png) [@Zer0DazE](https://forums.speedlife.net/u/Zer0DazE)\ **Post date:** [January 2, 2007, 12:35pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/15 "2007-01-02T12:35:47Z")
you should buy a newer car if you are financing it ---
**Author:** ![brent\_strong](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/brent_strong/32/7203_2.png) [@brent\_strong](https://forums.speedlife.net/u/brent_strong)\ **Post date:** [January 2, 2007, 12:49pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/16 "2007-01-02T12:49:45Z")
That’s somewhat steep for a 318is. ---
**Author:** ![auttiquattro](https://avatars.discourse-cdn.com/v4/letter/a/53a042/32.png) [@auttiquattro](https://forums.speedlife.net/u/auttiquattro)\ **Post date:** [January 2, 2007, 12:52pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/17 "2007-01-02T12:52:54Z")
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. ---
**Author:** ![KuZz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuzz/32/7349_2.png) [@KuZz](https://forums.speedlife.net/u/KuZz)\ **Post date:** [January 2, 2007, 12:54pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/18 "2007-01-02T12:54:08Z")
Really? I can’t find one any near that price with only 65k, especially a 5sp. ---
**Author:** ![MPD47](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mpd47/32/7383_2.png) [@MPD47](https://forums.speedlife.net/u/MPD47)\ **Post date:** [January 2, 2007, 1:00pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/19 "2007-01-02T13:00:23Z")
Let’s get to the real question here. Why in the hell are you paying $8k for a 318? ---
**Author:** ![auttiquattro](https://avatars.discourse-cdn.com/v4/letter/a/53a042/32.png) [@auttiquattro](https://forums.speedlife.net/u/auttiquattro)\ **Post date:** [January 2, 2007, 1:02pm UTC](https://forums.speedlife.net/t/is-this-rate-good/22433/20 "2007-01-02T13:02:18Z")
> [@MPD47](#): > > 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 🙂 [Next page](https://forums.speedlife.net/t/is-this-rate-good/22433.md?page=2)