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re: First Time Car Buyer - Update on page 4
Posted on 4/12/16 at 8:47 am to Jag_Warrior
Posted on 4/12/16 at 8:47 am to Jag_Warrior
Penfed will cut you a deal when you use their car buying service. I heard when it first started, they were offering 0%
When I bought my used car in 2011, i used Lacap locally and they were charging me something like a 3-4% interest rate. I quickly refinanced after that with pen fed for 1.49%.
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
When I bought my used car in 2011, i used Lacap locally and they were charging me something like a 3-4% interest rate. I quickly refinanced after that with pen fed for 1.49%.
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
2
Posted on 4/12/16 at 9:37 am to TigerRob20
If you plan to purchase in BR area, come see me and I will walk you through it and answer all your questions, and do employee pricing on any new vehicle. If not, my email is under my acct, just email me any particular questions you cant find answer to. GL
Posted on 4/12/16 at 9:46 am to TigerRob20
quote:
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
I don't think any dealers are doing 0% on a used vehicle.
To OP- Pre-approval is nice leverage to have in the negotiation. When buying used, it's good to have a high percent down. Most places I've looked have tiered rates based upon how much you're financing. (10%, 25%, 50%).
If you can finance less (net of purchase amt, trade-in, cash down) then 50% you should be able to attract a low rate.
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