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      10-02-2012, 12:41 AM   #78
fongpi
Jedi Poltergeist
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Drives: 2011 BMW M3 6MT ZCP
Join Date: Mar 2012
Location: Southern California

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Quote:
Originally Posted by fuzzybam View Post
125k and just graduated? Are you living in SF proper or one of the outlying areas? If it is the former I bet that had some play on why they would not loan you the money.
SF Proper
Quote:
Originally Posted by Maloney View Post
When are you moving out of your parents?
Already out!
Quote:
Originally Posted by LarThaL View Post
Part of the purpose in getting a used car is to get something that one can afford without stretching it. Sounds like you are stretching it. It's one thing if one is poor and is taking a loan to get a used car just to provide basic transportation. This is something done out of genuine need. But to take out a hefty loan to buy a used M3? Sounds like you should be looking at a different car.
You must be ballin'
Quote:
Originally Posted by truths2k05 View Post
I was waiting for all the financial guru's here to eat crow. Why is it every time someone comes here for financial advice all these idiots tell that person that they can't afford it, or how they pay cash. If you guys were truly financially savvy you would leverage by borrowing at low interests rates so that your money wouldn't be tied up on one thing.

125k a year with zero obligations he can drive a Porsche if he likes. I guarantee that if you pay cash for everything as the idiots have suggested, you will never have an ounce credit. Learn what Donald Trump learned the hard way, always use money that isn't yours to get the deal done. And never borrow what you don't have the ability to repay.
Thanks for understanding!
Quote:
Originally Posted by Team Plutonium View Post
Paying cash, or financing... it doesn't really matter to this thread. OP can't afford an M3 - it's that simple. If you have an issue finding the money to lease or buy a car you should be shopping in a different price class. No shame in that.

You won't be able to enjoy the M3 if you have to stretch yourself in order to be able to afford it. Buy a GTI, or a 135i and enjoy that car, and sleep well at night.

Just wait... I'm 40 and clearly in the older percentile on this board, but I often feel that younger folks have the need to reach higher when it comes to cars, watches, toys, etc... than our generation did. If the last 12 years taught us anything it is to get out of debt ASAP, and then buy the toys.

Just my 2 cents...
I don't have any debt, that's the part of not having credit history. You see, you have debt and pay it off over time to grow your credit.