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      11-21-2009, 04:57 AM   #8
Lieutenant Colonel
zenderm3's Avatar

Drives: E36 M3 DY/2010 E92 M3
Join Date: Jun 2009
Location: Brisbane

iTrader: (0)

Originally Posted by artifice View Post
Did your bank decline you for any lower amounts. If you have credit scores of 800 if you have a mortgage or any other payments a month that do not quite match up to your income level they probably couldn't finance you at the amount you wanted. I would assume you would have been able to get about a 40k loan for a vehicle. At this time I would suggest you either: a, purchase a used 08 with about a 10k dp. Or b, purchase a used old cash truck to supplement your car until you decide to buy. After you secure your financng and then shop for the car it might be the more "sound" route. Plus, you could always sell the truck. Depriciation is killer in markets like this so becareful of your financial situation. If you plan on keeping the car indefintily or till you have kids that will take it, go new, I wouldn't go new bc you will lose 15-20k right when it gets titled plus I go through cars on a yearly basis.

So, my advice, buy a truck with your down payment money and wait to get the m. You did good by going to bank (hopefully credit union) because most dealers get a % off the top for financing through them from the bank the put you with. It is easy to get ahead of yourself when wanting to buy a car, just be patient and maybe even save until you have your dp that will satisfy your loans balance when buying the car.

Am I wrong or do most m drivers have a secondary vehicle?
Mate I don't have a secondary vehicle... but when I need one I have access to Mum and Dad's cars... so use that when required.
My ///M is in my garage .... and it is a beast!
2010 E92 M3 Space Grey | Fully Loaded
1996 E36 M3 Dakar Yellow - SOLD
2004 Honda Accord Euro - SOLD