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BMW 3-Series (E90 E92) Forum
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BMW financing vs. other source
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01-09-2008, 04:07 PM | #1 |
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BMW financing vs. other source
I purchased my car recently (MSRP $47,500) and decided to finance it using a home equity line instead of the BMW finance. I pay about $1,000 a month for my car and am starting to feel like it's a bit too much. I was just curious how much some of the people on this forum who purchased their cars (vs. lease) pay monthly for their cars.
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01-09-2008, 04:10 PM | #2 |
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how many months? whats your apr? i get about 4.85% from an outside bank www.lfcu.com
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01-09-2008, 04:17 PM | #3 |
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BMW Financial offered me 3.9% for financing, but I had the money to buy the car outright.
I still think 3.9% is a good percentage though. |
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01-09-2008, 05:21 PM | #5 |
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01-09-2008, 05:28 PM | #6 | |
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![]() I pay about 790 a month with 6000 down. Pay off amount of 41300. I think Nationwide is offering 4.25% for people with credit rating over 780 or something. Worth looking at if you qualify. http://www.nationwide.com/auto-loans.jsp I just called them and found out 4.25% is only available for loans with terms of 36 months or shorter... Anything longer would carry higher interest rate. Last edited by hkkuf; 01-09-2008 at 05:49 PM.. |
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01-09-2008, 07:50 PM | #7 | |
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01-09-2008, 08:41 PM | #9 | |
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01-09-2008, 09:03 PM | #10 | |
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01-10-2008, 06:35 PM | #11 |
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Even if you have a killer HELOC say at 6 1/4% or even 6%, the minimum payment is so small that there's a tendency for the debt to never get paid off for quite some time. It's usually interest only for the first 10 years. I would say a couple who are in the highest tax bracket with the 6% HELOC can't even touch 3.9% after taxes. The low-rate car loan is the way to go, and 60 mos. from now the thing is paid-off. There are lots of ways to get a BMW without up-front cash, but the outcome is quite different.
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01-10-2008, 06:40 PM | #12 | |
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Those who don't have the cash but have to have a BMW, of course, leasing is a very real way to put that car in the garage for minimal down and relatively small payments. We can talk about it over and over, but imho there should be a relationship between one's income and how much is spent on a car. A car is a total luxury item and most of its price goes down the drain. Then again, we should and do spend some of our income on enjoyment. We seem to disagree whether that should be 5 or 150% of one's annual gross salary. It's the creative financing that allows one to have a car that exceeds one's annual salary by a multiple, pretty crazy. |
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