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Used Vehicle Financing

Kirstie_HKirstie_H Posts: 10,896
Share tips & advice for getting the best rate on used vehicles.

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  • My mother and I recently applied for a joint loan on eloan.com to buy a used car from a dealer, and was given a rate of 8.84%. Actually at first they tried to offer 9.04% but I said that was much higher than I expected. She lowered it to 8.84% but even that seems really high. Both of us have good credit, however my mother is currently going though some issues of identity theft. She's in the process of getting them sorted out but I'm wondering now if that somehow effected our rate. Am I right in saying that 8.84% is pretty high for a 60 month loan of $11,500?
  • peekapeeka Posts: 3
    I recently got into a jam and had to pay cash for an 02' 325i sedan with 74k miles. Love my car dont get me wrong but it was a last minute deal. Am I able to finance the car now even though I have paid for it out right and the title is in my name? Seems that many lenders will not finance cars over 60k miles. I want a loan to show that is a secured loan. If I use my credit card it will show as an unsecured loan which I don't want that to effect my credit report. I'm self employed so credit cards have to be available for the business. Any suggestions/advice would be helpful. Thanks.
  • joel0622joel0622 Posts: 3,302
    If I use my credit card it will show as an unsecured loan which I don't want that to effect my credit report.

    Secured or unsecured has no bearing on your credit, they both effect it the same.

    Go to your bank or credit union and tell them you want to borrow $xxxx and you want to put the BMW up as collateral. that will get you a better rate then a signature loan.
  • basscadetbasscadet Posts: 146
    I am trying to find a lender who would be willing to loan money on a 2002 or 2003 BMW M3 with around 45,000 miles.

    I have checked both e-loan and Capital One Auto Finance and neither of their websites lay out guidelines for what they will and will not finance.

    I would be putting $5000 down. Total vehicle price (after down payment) would be around $23,000.

    My credit rating is average.

    Will I just need to move up to 60 months or will someone write a loan out for 72 months for such a scenario?

    Thanks in advance.
  • peekapeeka Posts: 3
    Try Roadloans. They finance cars under around 60k miles. I don't know what their rates are. Sometimes Capital One will approve you depending on your credit rating. I applied and approved for 55k which I didn't need but they were circumstances that I need to meet. For example, the vehicle needed to be 20k miles or under. I only wanted 15k and was going to pay the difference with cash. Good luck.
  • steine13steine13 Posts: 2,411
    just make sure you have a lot of extra cash on hand -- say $8k or so -- in case something expensive needs to be fixed.

    Or at least have an '01 Tacoma or something that you can drive while you sort out whatever ails the M3.

    Don't get me wrong, they're great cars, but if this is what you'll rely on for transportation, and you're getting the loan-til-its-10-years-old because it's all you can afford, you are almost guaranteed to be in trouble a few years down the road.

    Or two weeks from now. It's really just a matter of when, not if.

    If it's your toy and you have alternatives for transportation, have at it.

    -Mathias
  • Karen_CMKaren_CM Posts: 5,018
    A national newspaper is looking to speak to consumers who have had a tougher time getting a car loan recently. Please respond no later than Feb. 15 with your daytime contact information to Chintan Talati at ctalati@edmunds.com.

    Community Manager If you have any questions or concerns about the Forums, send me an email, karen@edmunds.com, or click on my screen name to send a personal message.

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