BMW finance?

[Adi]

Hi!
Would like some thoughts on financing older BMW models, older then 5 years? Where can one get finance?
Any ideas?

 

[zaleonardz]

You can get finance on a 12 year old car, all depends on your financial strengh, and how much deposit you are putting down.

For a 10 year old, the banks may want a 60% deposit or something. 5+ year old should not be a problem.

 

[Lunatik]

i dont think BMW finance will finance a car older than 5 years.....

Try MFC they will finance the car for you

 

[Hellas]

I did MFC on my BMW since I bought it from the dealer. MFC don't do private-to-private though. Try Wesbank for that. :thumbsup:

 

[Adi]

Tried Wesbank, they a good giggle.....

Have to admit car is 27 years old.......will try MFC

 

[Lunatik]

Tried Wesbank, they a good giggle.....

Have to admit car is 27 years old.......will try MFC

:shocked:


good luck

btw what car is it?

 

[Adi]

Its a BMW 635Csi in mint condition 1983 with 140k on the clock

 

[DonovanPorter]

my boet got finance on a 2000 e46 with out deposit from Nedbank ??

 

[Lunatik]

sounds awesome.....
i'm not sure if anyone would finance such an old car... but its worth a try
i have heard they if a car falls into a sports model or some sort or rare model car and it has full service history etc etc....
then it is possible to finance it...

but i dont know how far that is true :dunno:

 

[Adi]

have Nedbank on my list to phone now.....and yes thcar has whole history etc and is at a dealer...

 

[zaleonardz]

Your going to really battle with that one I am sure.

In the older cars, banks want equity, ie value in the car.

In other words, for 100k car that is 10 years old, the banks will require (not sure what the split is) but like 50% equity, meaning you would have to put down a deposit of 50k, and then they will do it. They weight the other 50% risk on being able to repo the car and get reclaim their investment, thereby reducing your risk.

According to the books, that BMW probably would not feature, adding to it that there is no market, and it is a moveable asset, I doubt it...

You are better off going for a private loan (expensive) or taking the money out your bond (cheapest interest available), but I doubt you will get finance for that

 

[Adi]

True words, challenge if one does not have a bond, but owns the house.....
Tried MFC, got giggles
Tried Nedbank same story.....:nono:
Only luck so far is Investec, checking currently on the collectability of that car

---

and FNB is still on it too!

 

[zabbo]

Have you tried BMW Finance --- you may be surprised by what they can sometimes do.

 

[Adi]

Tried BMW finance, was impressed but they could not help.....were the first to acknowledge that the car in question is a classic. Solved the problem now I, will buy on credit card budget option, interest there is lower then a personal loan......