Auto loan question...

FSETH · #1 04-07-2011, 02:20 PM

Does anybody have a recommendation where I can get a used auto loan for a car older than 7 years? I am looking for an e46 M3 and I would prefer not to have to rule out anything older than model year 2004 because there are a few really low mileage 01-03 models around. For example, I just came across a pristine 2001 model with 29,xxx miles on an M3 forum.

Binder full of records and all.

E-Loan has decent rates, but they only lend on vehicles up to 7 years old. Any help or direction would be appreciated.

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Quicksilver · #2 04-07-2011, 04:25 PM

How about a credit union? Some people have them at work.

FSETH · #3 04-07-2011, 04:47 PM

Quote:

Originally Posted by Quicksilver

How about a credit union? Some people have them at work.

I work at a small company and have no experience with credit unions. I will have to look at some and see if joining is a possibility. Thanks for the tip.

Does anybody have knowledge of this credit union? You can join for a small donation if you are not military affiliated.

https://www.penfed.org/index.asp

vegasX5 · #4 04-08-2011, 10:54 PM

I know many credit unions make auto loans on cars up to 10 years old, so it would definitely be worth looking into. I had my car loan through a CU and their rates were by far the best in town when I moved here.

Meiac09 · #5 04-08-2011, 11:17 PM

I've heard of PenFed before. I do my banking/insurance through USAA and in general they're a lot better than Bank of America. I think there are plenty that you can just join, locally too. I'd ask around down there though, for best results.

FSETH · #6 04-08-2011, 11:49 PM

Thanks for the advice, guys. Going to look into some local credit unions as well as a few national ones this week. I wish I didn't have to get a loan, but it seems that low mileage e46 M3's have held their value pretty well.

FSETH · #7 05-22-2011, 12:18 PM

Thanks again for the help guys. I went with Penfed.org and ended up getting a 2.49% rate. Pretty hard to beat that when financing a 7 year old car, imo. If anyone is interested in getting a loan or refinancing a current one, you may want to look into PenFed.

vegasX5 · #8 05-24-2011, 01:35 PM

Quote:

Originally Posted by FSETH

Thanks again for the help guys. I went with Penfed.org and ended up getting a 2.49% rate. Pretty hard to beat that when financing a 7 year old car, imo. If anyone is interested in getting a loan or refinancing a current one, you may want to look into PenFed.

I checked out their site and it looks like they have great rates. What did you end up buying? Was it difficult to open your account with them btw?

FSETH · #9 05-24-2011, 09:55 PM

Quote:

Originally Posted by vegasX5

I checked out their site and it looks like they have great rates. What did you end up buying? Was it difficult to open your account with them btw?

2004 e46 M3.

http://www.xoutpost.com/bmw-sav-foru...out-ti-me.html

If you aren't a member of or affiliated with the military, you can make a $15 or $20 donation to the National Military Family Association or Voices for America's Troops. I made the donation and put $20 in an account with them. Very easy. Their site actually walks you through becomming a member. Here is a link to that secion of the site. Choose "None of the above" at the bottom to continue.

https://netmember3.penfed.org/NetMem...igibility.aspx

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