Alright, I need to learn about how financing works. I'm going to school and I will be done in October and I'll have a job as a paramedic upon finishing.
I want to take out a loan/get financed whichever is easier and more practical. I don't even know if there's a difference. Budget will be around $15k.

Secondly, I plan on getting an e46 m3. It is to my understanding that i really shouldnt have a problem affording one with my budget.
I'm just looking for any experiences with them. Any know problems or weak points? I know BMW shit is expensive to repair but I won't have to pay for any labor just the parts.

inb4googlebecauseimdoingitaswespeak

few things you should know about loans.

*It is much more difficult to get a loan on a vehicle that is used compared to new. Especially when the car is below a 2007(I believe).
*You will need to put down a sizeable amount of the loan if going used, especially on low credit score.
*If you do not have a decent credit, or many years of credit, you will probably not quality for a loan without your parents co-signing.

but those aside, taking out a small loan is a great way to build credit. Pay it off in a few years and you will easily boost your credit score

I was thinking saving up about $4-5k to put down against it anyways

/e would a cosigner thing help?

This post was edited by DontBelieveTheLiberalMedia on Jul 5 2013 07:24pm

co-signer would help a ton, especially if they have verified income (2+ years of at least 2k a month, etc) and a good credit score. Would also help you get a lower interest rate as well.

And 4-5k down would be perfect if you have a co-signer. Banks always prefer co-signers on people with low credit so that if for some reason you can't pay it, someone will.

Is having no credit the same thing as having low credit? I don't have any credit. And yeah, I'll have my dad co sign for me. He's made $2k a week for the past 4 years lol

With a $15k budget you shouldn't be looking at an e46 m3

This

15k will get you one that's either salvaged or with a shit-ton of miles.....maintenance is expensive as fuck, you're looking at atleast 20k+ for a decent one....either keep saving or look for a different car.

Third the motion... For 15k you're looking at an m3 that's been ridden like a cheap whore on prom night.
Think domestic... or buy an econobox til you have a real bmw budget.

Domestic can suck a dick. and it was a typo, i plan on an e36 not 46