Bad Credit Car Loan

Discussion in 'Credit Talk' started by Anonymous, Sep 4, 2000.

  1. Anonymous

    Anonymous Guest

    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.
  2. dogman

    dogman Well-Known Member

    Why do it at all? Your car should run another few yrs.
    Save the bux. I bet BMW would do it at a high price. Dogman
  3. alison

    alison Guest

    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?
  4. T

    T Guest

    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.
  5. dave

    dave Well-Known Member

    I'm also a great believer in running old cars into the ground. My 92 Nissan has 160,000 miles, purrs around town with ease and on long trips too. I love not having payments and having to buy the collision/comprehensive that the lender would require.
  6. Sorin

    Sorin Well-Known Member

    Hehe, think about my 207K miles, 92 Toyota.
    Great bang for the buck !:))

    Anyway, i'm planning to get a new car in
    about 6-9 months... what do you guys think?
    Having a 20 months spotless credit history with about 4-5 current credit accounts plus
    a paid personal loan would do for a car loan?
    I'm thinking of a 12-15k loan and a 10k down

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