I'm not broke, I just don't have thousands of dollars laying around. I have a small credit card ($300 limit) that I use for groceries or whatever. Yes, I live on my own... ish. I live in a house with roommates, however I don't think our paying rent is being put onto credit reports or else why would I keep being told that I have NO credit?



I was running loan calculators assuming a 9.6% interest rate, which was the max listed, to make sure that it fit into my budget. Basically, what I would do is pay off my credit card for the next month (I pay off the entire card every month) and use the credit card bill money for my car payment.



Banzai: I am a part of a credit union, as mentioned in my first post. They are my bank. Yes, I know not everything in life has to be fun, but I'm 21... I want to have a few fun cars before I have to settle down. I figured a loan on a cheaper car would allow me to both enjoy having a car that I cannot, at this moment at least, pay cash for, while at the same time helping build up some credit.



This isn't a "would you make payments on this car?" post, I don't mind having a car that is 11 years old obviously, or else I wouldn't be driving an FC. I'd make payments on a '74 beetle if I wanted one bad enough... point being that age of a car, to me, does not matter. I'm not after a warranty, and I'm not after that "new car smell". Call it ignorant all you want, but I've never seen the point in buying a new car when I can get the same enjoyment out of one that is older and less expensive.



Edit: Evidently you were replying at the same time I was, Banzai. This isn't about having the "mad tight DTM car, yo." I've always liked M3s, and I find the older ones to look better than the newer ones. The 89-91 E30 M3s are hands down one of my favorite looking cars. The 95 in question is appealing because it looks very well cared for, and an inline 6 is better than an inline 4 anyday. And **** spinnaz... BBS all the way.



Edit#2: Incase you can't tell, I'm not taking any of the comments in the thread personally... I just like to argue sometimes. This is still GenD, afterall.

your way off on those numbers, on a $15000 car at 12% for 72 months the montly payment is about $293, which means he ends up paying just over $21,000 for that car.

Same loan at 5 years is $333 a month for a total of just under $20000



I wish I could use your calculator for buying a house, lol https://www.nopistons.com/forums/pub...IR#>/bigok.gif



the bad thing about a loan on a 10 year old M5 is when the thing needs to be fixed, and trust me it will, your monthly payments are going to be childs play compared to what the repair bill will be.

If you can even find a bank to lend you money on a 10 year old car

I'm no professional, just trying to help https://www.nopistons.com/forums/pub...IR#>/smile.png Thanks for the correction. All I know is what I have and such, I was never good at math, just the aspects of what things do and do not do, hah!

exactly what I said

Good point... I'd forgotten how much BMW parts cost.



Think I'm just going to save up some cash and pick up a 92 or so miata. Miata.net forum FAQ has something about some '90 and early 91 miatas having crankshaft problems once the mileage starts getting up there.



Thanks for the help all.

he was doing 10-15% on the lump sum, not on payments, a common mistake https://www.nopistons.com/forums/pub...IR#>/smile.png.



kevin.