Im looking into buying an e36 bmw, mainly an m3 and i need to know if a bank will even give me a loan for a car that old. (made in 95-99). If a bank will, whats the difference between an old used car loan and a newer one? Like what will interest be compared to a newer car. And does it just depend on mileage and condition that its in?
im not talking about a 13 year old kid. im talking about the cars age.. regardless of the persons age talking the loan out
also what kind of interest would i expect with a parental credit score of 650 as the co signer and me (16 years old) as the primary signer?
btw im trying to spend 10k and put 2.5k down. 
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{ 4 comments… read them below or add one }
It is all going to depend on the value of the car, the mileage, your credit, and how much you will be financing.
Generally, if the car you are looking at is under book value and you are putting a sizeable down-payment on it (They usually look for between 15-20%) then they can usually do it.
The interest rate tends to be higher with older cars because they are more of a risk to financial institutions. (resale value is lower each year, tend to break down and loan holder cannot afford to fix, repo, etc.)
Your best bet will be to go to a Credit Union with your folks as co-signers.
Good Luck!
auto loan is for the amount, not for the car. interest rate depends on your credit rating + the amount taken and the number of years you are taking it for. You can get auto loan from private companies of whatever your credit rating can get approved with + interest.
If you can make a case that you can pay and have a down payment a bank will give you the loan. Interest rates are always higher on used vehicles. I never quite understood why. They are usually at least twice what a rate is on a new car.
You cannot sign for a loan because you are only 16. Your parents will be the only signers.
This info will help your parents…
Credit unions are much more likely to do this type of loan than a large bank. You could also look for banks on the Internet. The other factor is mileage. If it is above 100K, you will have a much harder time getting a loan.
You can expect a higher rate, as little as 2-3% more than a new car and as high as 5% or more. You also might be limited on the amount financed and the lenght of the on such a vehicle. The better your credit the more flexible the lender is likely to be.
The other option would be a personal loan, the rates would be higher but you might qualify for more money and longer terms.