Finance Rates?

My car is at the VPC and i haven't figured out financing yet anyone got info on rates for BMWFC, Banks or CU's?

Originally Posted by klynch06

My car is at the VPC and i haven't figured out financing yet anyone got info on rates for BMWFC, Banks or CU's?

The CU I have access to is offereing 5.00% on new cars... thats the lowest I've seen myself, but I heard some CUs might be lower -- as for banks try e-Loan or CapitalOne last I checked they were offering 5.35-5.55% I think BMWFS' rates are very high around 6.75%-6.99% - double check with your dealer.

Thanks!

Originally Posted by klynch06

Thanks!

No problem, you can also try www.bankrate.com to check rates offered in your area as well.

I got 6.9% from BMW. Yes it was a little high but the best I could do on short notice with my mediocre credit. My FICO was about 660 which is good enough for the best rate on a house but cars depreciate so fast you have to have really good credit to get the best rate on a car.

I got a 5.19% APR on a 36 month loan from Capital One on-line, but credit score has to be good to get that rate and the low rate just went up to 5.39% APR. This was the lowest rate I could find, better than banks. I've also heard e-loan is pretty good as well. You can read http://www.carbuyingtips.com/car1.htm, it's a great article about financing. The rate you get also depends on the length of the loan, so get the shortest loan you can afford. BMWF is almost always higher, because they only act as a middleman and are looking to make a percentage off you as well as the bank. Otherwise there's no incentive for them. Skip the middleman.

Originally Posted by vortex72

I got 6.9% from BMW. Yes it was a little high but the best I could do on short notice with my mediocre credit. My FICO was about 660 which is good enough for the best rate on a house but cars depreciate so fast you have to have really good credit to get the best rate on a car.

Well my score was 890 and BMW still offered me 7%, Its obvious they dont want to be in the loan money business to me....

Originally Posted by SilverTE90

Well my score was 890 and BMW still offered me 7%, Its obvious they dont want to be in the loan money business to me....

Probably because FICO scores top out at 850.

Best car rates are at the Pentagon FCU
https://www.penfed.org/productsAndRa.../autoLoans.asp

4.99% even for a refi.
Joining is easy.

Originally Posted by meyer21

Probably because FICO scores top out at 850.

lmfao..i thought the same thing...haha

Originally Posted by packetninja

lmfao..i thought the same thing...haha

I know it's a smart-*** comment, but it is funny.

Originally Posted by meyer21

I know it's a smart-*** comment, but it is funny.

Actually 1000, I did not say FICO

Originally Posted by SilverTE90

Actually 1000, I did not say FICO

No - but the previous poster did. Comparing anything else to FICO is comparing apples to oranges.

Or at least Granny Smith to Red Delicious

I was pretty sure you were referring to something other than FICO, that's why I said it was a smart-*** comment.

I ended up getting 5.49 from AAA for 60 months I am pretty happy with that.

Don't simply accept what BMWFS might be offering you as their best offer. About 8 months ago I bought a 330i and had BMW offering me 4.9%. I told them that I had an offer of 4.49% from my bank and asked if they wanted to beat it.....They gave me 4.39% for 5 years. A good credit score helped but telling them I had another way to finance is what made them move.