|
|
07-26-2017, 05:59 PM | #1 |
Major General
2682
Rep 6,315
Posts |
Questions about financing and loans
I'm interested in a car at a used car dealer. It says rates starting from 4.49%. I have a credit score of 701 an I am 19 years old. I'm in Quebec province. Is it possible to get a better rate elsewhere? What should I be searching for, should I call up all major banks or do I need to stick with specefic car loan companies? If you did finance your purchase, which company did you use? Bank, dealer? Etc.
Thanks for the info! |
07-26-2017, 06:15 PM | #2 |
Major
1040
Rep 1,216
Posts |
I used a credit union for all mine and always got 2% on my financing with a slightly higher credit score but my debt to income ratio is pretty good which is a factor. Credit score only plays a role. Going directly to the source you should be able to do better on the interest rate cause the dealer will tack on points to make money on the back end. Not sure how it is up there but I assume it's similar
__________________
2011.5 E90 M3
LeMans Blue |
Appreciate
0
|
07-26-2017, 06:27 PM | #3 |
General
64446
Rep 24,916
Posts |
1-Work first
2-Work for the money 3-Make money 4-Save money 5-Buy car Car would be a lot cheaper !
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
Appreciate
0
|
07-26-2017, 06:30 PM | #4 |
Major General
2682
Rep 6,315
Posts |
Yes I know... that was my original plan but figuring since I have a guaranteed job/income (Government Canda) I figured why not. I do have a big down payment ready for it though, about 45% of the cost.
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 06:37 PM | #5 | |
General
64446
Rep 24,916
Posts |
Quote:
While you drive the car , she will cost non-stop ! About what car are you talking about ?
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
|
Appreciate
0
|
07-26-2017, 06:38 PM | #6 |
Major
1040
Rep 1,216
Posts |
I actually disagree to an extent. With a good interest rate there's no reason not to use it and keep liquid cash. Obviously if you have all the money to buy a car and still have a good deal of liquid cash then of course but I utilize financing whenever possible when it makes sense.
__________________
2011.5 E90 M3
LeMans Blue |
Appreciate
0
|
07-26-2017, 06:40 PM | #7 | |
Major General
2682
Rep 6,315
Posts |
Quote:
Well... I didn't mention it explicitly but we are on M3 post, so if you wana take a guess So I do already have money planned for rod bearings change. Also, the car comes with a warraty until may 2019. Not sure yet of the details of it but I'll check that in detail. |
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 06:42 PM | #8 | |
Major General
2682
Rep 6,315
Posts |
Quote:
I'm just not sure if it's a good deal or not. I don't know what's the average. |
|
Appreciate
0
|
07-26-2017, 06:52 PM | #9 | |
General
64446
Rep 24,916
Posts |
Quote:
Bearings...Yeah , you got that right . It's actually a pain in the a$$. But maybe it's not necessary , depends how she sounds, the miles she ran and her oil change history. Warranty is good in your situation . Is this a BMW warranty ? And are the bearings covered in the warranty ? Can you post a link to the car ?
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
|
Appreciate
0
|
07-26-2017, 06:53 PM | #10 |
General
64446
Rep 24,916
Posts |
Google is your friend..
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
Appreciate
0
|
07-26-2017, 06:54 PM | #11 |
Major
1040
Rep 1,216
Posts |
This is all opinion so take with a grain of salt. If you have little debt, good income and a decent credit score you should be able to do better. Do you have credit unions in Canada? If so, find one and go directly to them, apply for desired amount. This is purely my opinion and differs from others. No one is right or wrong just based on your view
__________________
2011.5 E90 M3
LeMans Blue |
Appreciate
1
TheMidnightNarwhal2682.00 |
07-26-2017, 07:11 PM | #12 | |
Major General
2682
Rep 6,315
Posts |
Quote:
How much a month would you say you need of spare change? Looking around from my deductions I have enough but more opinions is always great. It has all the maintenance records. I called all BMW dealerships and it's regular stuf like oil, one was a valve cover I believe. Nothing on throttle actuator unfortunetely. I don't know, pretty sure it's used dealer warranty. Don't know yet. Didn't check car in person yet since it's about 3 hours away. Here is link |
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 07:38 PM | #13 |
Major General
2682
Rep 6,315
Posts |
Also I do DIY mostly every regular maintenance things. Won't daily the car.
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 07:46 PM | #14 | |
General
64446
Rep 24,916
Posts |
Quote:
From your link... Price looks +/- right for the build year and miles/km . It says it has a sunroof , but from the pics I can see the roof is black (maybe it's a black wrap) A black roof means with a E92 it has a carbon roof and with a carbon roof a sunroof is not possible . If you have no carbon roof , you will regret it ! The interior pics.. I saw the black Novillo leather and steering wheel is done with some shiny stuff (produkt) , while our leather actually looks matte from the factory . I saw the passenger seat has several scratches in the leather and the driver seat has a big scratch in the leather . Side bolsters show also wear on the leather . And personal I think you can better see the car first in person , also for a test drive.. The driver seat...
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
|
Appreciate
1
TheMidnightNarwhal2682.00 |
07-26-2017, 08:10 PM | #15 | |
Major General
2682
Rep 6,315
Posts |
Quote:
I think it's jujst reflection, no wrap on roof. Honnestly yeah at first I wanted carbon roof but after reading some posts it doesn't seem to really matter much. It's not that big of a difference. And for the price this is the only car I can find. My ony issue is there is now BMW dealer nearby for PPI. The BMW independent dealer that is in the area is the one I'm buying the car from, they have a shop to. I do plan on doing inspection back in my town by a guy I now who is pretty good. But it has some warranty so it might not be to much of shooting in the foot you know. Nice find I did not spot the seats. The shiny on the leather I know, I'm a big fan of auto detailing and got the right products at home. My dream M3 wouljd be white with carbon roof in 6spd but it's very hard to find and space gray is still pretty nice and growing on me. Yeah just gotta plan it since it's 3 hours away. |
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 08:17 PM | #16 | |
General
64446
Rep 24,916
Posts |
Quote:
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
|
Appreciate
1
TheMidnightNarwhal2682.00 |
07-26-2017, 08:18 PM | #17 |
Major
1395
Rep 1,301
Posts |
4.49% is a bit high but not outrageous. Since you have enough to pay off 45% of the car up front, you're really not financing all that much. I guess it depends on how fast you're planning on paying the car off. Obviously the faster you pay it off the less you pay on interest. Having said that you should also find out if they will allow you make double payments, that way if you find yourself with extra saving down the road you can pay it off even faster.
Also do you have a line of credit with your bank? If you do, check to see what the rate is as it might be less than 4.49%. If that's the case borrow from line of credit because that is something you can always pay off as fast as you want/can. Personally I wouldn't stretch yourself out too much financially on a car because it is always a depreciating asset. |
Appreciate
0
|
07-26-2017, 08:25 PM | #18 |
Major General
2682
Rep 6,315
Posts |
|
Appreciate
1
///M Power-Belgium64446.00 |
07-26-2017, 08:33 PM | #19 | |
Major General
2682
Rep 6,315
Posts |
Quote:
But yes, originally my plan was to finance it longest a can while also having good rate and certainly pay it off before the loan ends. But as my mother pointed out, I don't know yet if I can pay off the loan withotu having the interest or I can only pay off loan with interest ,in which case there won't much of a point really. No I do not. I will call my bank and ask them options and like you said for credit line and check that out to. I totally understand. I'm just looking at having something fun that's isn't crazy expensive. A M3 fits that IMO. I won't even daily it. I take the bus to go to work because of traffic. M3 does well if I want to try it out at a track, fun car, can go out with friends. Originally I wanted a Focus RS but I said F that, at 20k more expensive and I always really wanted a sweet 2 door M3 Lol I know it might not seem like a good comparaison at all I know I agree. But I digress |
|
Appreciate
0
|
07-27-2017, 07:31 AM | #21 | |
General
64446
Rep 24,916
Posts |
Quote:
1- Try to contact the previous owner of the car and request more info about the car. 2- Check the history from the keyfob.
__________________
"MAX VERSTAPPEN" IS THE 2021+2022+2023 F1 WORLD CHAMPION - #UnLeashTheLion
BPM DEV-Tune & DCT Software-Tune & Servotronic & coding ///Alpine HID Angeleyes ///Oem.exhaust mod. |
|
Appreciate
0
|
07-27-2017, 09:59 AM | #22 | |
Major General
2682
Rep 6,315
Posts |
Quote:
I had a 330ci before and I used it to go to work once. Man, all the fun was gone due to traffic. I left the next day at 5am and then it was fun hahaha. |
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|