Applying for a loan..

TheDebtinator

TrustyOven wrote: »

Ouch!
What exactly is wrong with it?

How much would it cost to rebuild the engine?
Will 10k (which you are proposing to get on loan) be enough to rebuild the engine and continue to enjoy such a lovely car?

It needs new timing guides, chains, crankshaft rod connecting bearings and then either new piston rings or new valve stem oil seals due to high oil consumption . I've had a quote for £5k if its the rings, but the valve stem oil seals will then need new head gaskets etc and is more labour intensive, so looking at closer to £7k.

Car is rusty as well. It has covered 144k miles after all. I'd quite like a newer M5 (the twin turbo one) as I could use most of my savings to buy one with the sale of mine (at reduced cost) and £10k loan. Man maths at work...

TrustyOven

TheDebtinator wrote: »

It needs new timing guides, chains, crankshaft rod connecting bearings and then either new piston rings or new valve stem oil seals due to high oil consumption . I've had a quote for £5k if its the rings, but the valve stem oil seals will then need new head gaskets etc and is more labour intensive, so looking at closer to £7k.

Car is rusty as well. It has covered 144k miles after all. I'd quite like a newer M5 (the twin turbo one) as I could use most of my savings to buy one with the sale of mine (at reduced cost) and £10k loan. Man maths at work...

Double-ouch!
If you could do some or all of the engine rebuild DIY you could save money, but looks like it would be a real pain to do. And you may need a spare car to get to work / shop / get parts for rebuild. An engine rebuild is something I'd like to do at least once in my life, but I think it's not for the "faint of heart".

Same with rust - I'm doing a bit of DIY rust treatment on my car, but there comes a time when there's too much rust to realisitically sort out. If it's a bit of welding and paint it could just be a few hundred to 1k, obviously depends on how much rust there is.

144k miles is nothing though.

So possibly the only money-saving I could suggest is to get a cheaper car (not 10k) and save yourself on the debt interest and this would also allow you to pay it back quicker and start saving sooner.

Or depending on how much you can save per month, just keep running the M5 and top up oil every day/week until you get enough to buy a car with no debt.

TheDebtinator

TrustyOven wrote: »

Double-ouch!
If you could do some or all of the engine rebuild DIY you could save money, but looks like it would be a real pain to do. And you may need a spare car to get to work / shop / get parts for rebuild. An engine rebuild is something I'd like to do at least once in my life, but I think it's not for the "faint of heart".

Same with rust - I'm doing a bit of DIY rust treatment on my car, but there comes a time when there's too much rust to realisitically sort out. If it's a bit of welding and paint it could just be a few hundred to 1k, obviously depends on how much rust there is.

144k miles is nothing though.

So possibly the only money-saving I could suggest is to get a cheaper car (not 10k) and save yourself on the debt interest and this would also allow you to pay it back quicker and start saving sooner.

Or depending on how much you can save per month, just keep running the M5 and top up oil every day/week until you get enough to buy a car with no debt.

If I took it apart then it would never go back together again :rotfl: I just dont have the time these days to mess with cars like I did .

It's not really a DIY job. Sure it can be done DIY, but the specialist gives a 2 year warranty.

I walk to work and my wife has a car so thats covered, though I refuse to drive her car more than 30 miles as its too small for me. We always take my car on holidays etc

The rust is in the bonnet, front sills, rear wing, boot lid, so quite a bit. E39 BMW's rust like the best of them sadly lol.

TheDebtinator

To close the thread, I successfully applied for a loan with Santander. I am probably just going to buy another car, sell my M5 and pay off the loan with the money I get back.