Bad Credit Car Loan

I own a 1995 Maxima worth about $12K. Have title, excellent condition, all options.

I would like to get the cheapest BMW 323i Coupe - lists for $28K, figure sunroof and tax $33K.

I had a Chapter 13 a fews yrs back.
Can I get a loan?

I'd need to borrtow about $21K.
Would they do it. I make $75K.

 

You are not going to get a BMW for $33K total. $28K is just the base price. With sun roof, state tax and don't forget luxury tax, this so called $28K car will run you near $40K. I know, I own two BMW's. Also, although the new BMW's come with 30K or 3 yr service (free oil changes basically) when you hit that $30K, that simple oil change will run you in the hundreds. The maintence on the vehicle, although not as often as any other car, will run you into near $900.00 for a tune up.

With your past finance issues you are better set at sticking with your maxima and running it to the ground. Why give up a decent car for more (bigger)debt?

 

I think the dealer will be able to work with you. You may just pay higher on an interest rate. Your base model with tax is around the price you're expecting. As far as luxury tax is concerned, there is none if the car is less than $37K. I bought my 323 around $35K and no luxury taxes. As far as maintenance, don't worry too much about that. Car comes with a 4 year 50000 mile warranty. Almost no out of pocket expense for that time. Oil change is around $75 at BMW dealer or around $40 elsewhere if you don't mind servicing from other places.