[Tradd]

• I'm 21
• I have a little over a year of good credit history, four years of flawless payment history
• 55% credit utilization ($1,300 out of $2,150) to be paid off before I apply for the loan
• $1,200/mo in income (college job, destitute area)
• $30,000 sitting in my bank account after selling my 2010 F-150 Platinum

With this criteria, is it possible for me to secure a $50,000 72-84 month loan on a 2014 335i with about 10% down? Or should I go for a 2012 for about $35,000 with 20% down

I'm looking at 72-84 month financing for the low payments. After two-three years I'll be finished with college and in a secured high-paying position.

An E90 is a great option, but wouldn't the maintenance expenses be worth the extra thousands for a used 2012 still under warranty?

 

[SPDSKTR]

I make roughly the same amount of money as you. However, I pay a ridiculous amount in rent (for what our apartment is). Even if I had cheaper rent, there's no way in hell I'd take out a $50,000 loan for six years. Even if I made more money, there's still no way. Think about that. SIX YEARS. That's a LONG time to be giving people your money. With interest, you'll be giving them a LOT of your money.

If I were you, I'd go find an E90 335i for $20,000 and pay for it outright. You'll end up with $10,000 left in your bank. You'll be making the same amount of power and handling will be similar. You'll just lack a lot of the extra gizmos and gadgets that come in the F30. Insurance will also be cheaper!

I'd then take $1,500 and buy a JB4, aFe Stage 2 intake, and a downpipe to make the car that much more fun.

EDIT: I actually make a bit more than you. I still won't do it.

 

[Tradd]

I make roughly the same amount of money as you. However, I pay a ridiculous amount in rent (for what our apartment is). Even if I had cheaper rent, there's no way in hell I'd take out a $50,000 loan for six years. Even if I made more money, there's still no way. Think about that. SIX YEARS. That's a LONG time to be giving people your money. With interest, you'll be giving them a LOT of your money.

If I were you, I'd go find an E90 335i for $20,000 and pay for it outright. You'll end up with $10,000 left in your bank. You'll be making the same amount of power and handling will be similar. You'll just lack a lot of the extra gizmos and gadgets that come in the F30. I'd then take $1,500 and buy a JB4, aFe Stage 2 intake, and a downpipe to make the car that much more fun.

It's an option. I have a lot of opportunities with the money I will get from selling my truck.

I should have mentioned that I will not take 6-7 years to pay it off, I just need three years to finish college with a low payment. I have a six-figure opportunity after.

 

[SPDSKTR]

If you have a GUARANTEED six-figure salary waiting for you, then take my advice and WAIT. You can skip the 335i and just buy yourself an F80 M3. My advice for now, assuming you have that guaranteed six-figure salary, is to sell your truck and buy something reasonable to drive for three years (maybe a Nissan 350Z if you want something sporty and fun; they can be had for ~$10,000).

Let's say you do buy that car because, "Damn... that's an awesome car. All I want is an awesome, nice car." Yeah... I always say the same thing. I always get so close to buying an E92 335i or an E46 M3 time and time again, but then I sit down and REALLY think about it.

"What if I wreck it?" Yup. It happens. If you're making payments, you'll be left in the hole. You MIGHT get a couple grand out of the situation, depending on how much you put down on the car and how much you've paid off, but you won't have your car anymore AND you'll be out all that money.

"I'll pay it off before six years!" So... what? Four years? That's still a LONG time to be giving people your money.

Trust me. I've been there, done that. I bought a 2003 Mustang GT when I was 20 years old because, "Aw, man! I KNOW I can afford those payments for 60 months!"

One month later, a girl with her face buried in her phone made me crash into a concrete wall and she just kept driving. I managed to get $2,500 out of that payoff. I said, "Screw paying long term payments" and put that $2,500 down on a $6,000 car. I paid it off in a year. I realized that's when having no payment is the way to go, even if you know you can afford it.

I hope I'm making sense to you.