Help Mike pick a car!

[Dave]

may I ask how you intend to get 5% on an E36?

[.RJ]

I got 4.9% on my ITR... Credit unions own.

[Maengelito]

the apr on the m3 can possibly be around 4%-6% or so, but getting a 60 month loan on a car thats 6-8 years old might be the harder thing.

[Mike]

Ya, credit union.

[Dave]

sorry, all my loans are through credit union. 60 month loan on an older car (>5 years) is nearly impossible, as well as that low of an interest rate. My initial loan was 3 years at 11.25, but that was b/c I had no credit. I refinanced it last year, but it still had to be 3 years, but I got it down to 8.25 b/c I had established myself. There was still no way they would offer a long term loan, nor a low APR.
If you can get a OBDII E36 at 4% without any kind of inside help or anything, I will change where I do business. As for the way you are planning this financing, it looks good b/c you can probably get those terms on a G35, but you might want to plan on a 3 year, 9% loan on the M3 to make an equal comparo.

And yes, I realize you got a low APR on your ITR, RJ, but it is a '00, which would be considered fairly low risk in the car financing world, especially if you had pretty decent credit.

[Mike]

Little known thing, rates really don't mean jack. Having sold cars and seeing how many people are put off by rates, it is actually kind of funny. The difference between a 4% loan and say a 9% loan is only like $25/mo for a 13k loan... Certainly not something to not buy a car over, and that is a pretty drastic difference in rates that we're comparing.

In summary, I'm worry FAR less about my APR than the actual car and final sale price... I really don't even care

[Evan]

$25/ mo is a significant amount of money over the life of the loan.

Thats the problem with car salesmen, they try to sell a monthly payment, not the cost of the vehilcle, which is horseshit.

[.RJ]

Even the length of the loan is significant. On my car i'd save over $1500 by doing a 36 month loan rather than a 60 month.

[Mike]

$25/ mo is a significant amount of money over the life of the loan.

Yes, but my example was 4% vs 9%. That is a significant difference. When people see 6% and don't want to buy because they want that 4% it's stupid. The difference would be like $6/mo... If you lose sleep over $6/mo you shou;ldn't be buying a new car in the first place

[Maengelito]

just go buy your fucking G35 and call it a day! oh yeah and let me drive it a time or three...

[Dave]

I don't worry about the APR too much either. I didn't even flinch at my 11.25, at that IS pretty steep. However, there is a drastic difference between payments on a 60-month and 36-month loan.

[Mike]

So I'm in the heavy research phase and just stumbled across the E39 (97-??) 5-series. Does anyone have any opinions or factual information regarding the 540 of those years?

Pros:
Price, 15-20 for fairly low mileage and lots of options
BIG, can easily fit passengers in the back
Not as fanboy/riceboy played out as the M3
V8 mofo!!!
Looks so hot with some deep-dish wheelz
6 seconds 0->60, it's no slouch

Cons:
I wonder why it has depreciated so quickly (50k new, now sub-20)
I know nothing about the motor or its reliability
It's kinda of "old man"
It's a pig, 3900lbs
V8 mofo!!! (bad gas mileage)

[Dave]

It's a pig, 3900lbs

Thats what my mkIII weighs. wheeeeee :roll: Fucking pig of a car. Don't even consider it until you can take one out and drive the piss out of it and make sure it handles like you want it to.

[Mike]

Chan any advice on the 540?

[JackoliciousLegs]

hah. old man car. pimp tho. 18-23mpg? Not quite what I'd look for in a DD. Expensive repairs I'm sure.

[Ryan T]

I got 4.1% on my integra...mom working at the bank ownz

[Chris]

I love the 540's and have driven one with the sports package and 6 speed manual. Its fast and handles well. Its not going to be razor sharp like the M3 for handling, but thats what your hatch is for. If you think you can manage the expenses for gas and tires (although they may be similar in price to M3 tires), I woiuld at least test drive one. What I like about them is their stealth- they look similar to a regular 5 series but have subtle qualities and the go-fast goodies.

[Mike]

back from the dead bitches! currently looking at (used):

acura tsx
acura tl-s
lexus is300
mazda 6

i'll probably never buy another car though, just wanted to keep y'all in the loop of what's on my indecisive mind

[JohnC]

acura tsx
lexus is300

Either of those would be fun. Chad's got a 6, haven't heard much about it recently though...

[.RJ]

M3 you fag