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Best way to finance a car
Posted on 4/7/24 at 8:26 am
Posted on 4/7/24 at 8:26 am
Title says it all. In the process of buying wife a new mommobile. Who typically has the better rates these days, dealer vs finding my own bank/credit union? And yes I have read WillCovers thread.
9
Posted on 4/7/24 at 8:37 am to tigerfootball123
Penfed usually has the best rates.
This post was edited on 4/7/24 at 8:37 am
Posted on 4/7/24 at 9:10 am to tigerfootball123
Borrow cash from yourself and pay yourself back.
Posted on 4/7/24 at 9:22 am to tigerfootball123
Best way is borrow from life insurance company. 2nd best is interest only heloc. 3rd best is from family.
Posted on 4/7/24 at 10:01 am to tigerfootball123
Why not get quotes from all 3 and get back to us?
Dealer
Bank
Credit union (keep in mind that half of the credit unions are great at savings rates and not loans. And the other half are great at loans and not savings rates).
Getting quotes today should be super easy and probably take you 20 minutes online to get quotes from all 3.
Dealer
Bank
Credit union (keep in mind that half of the credit unions are great at savings rates and not loans. And the other half are great at loans and not savings rates).
Getting quotes today should be super easy and probably take you 20 minutes online to get quotes from all 3.
Posted on 4/7/24 at 12:02 pm to meansonny
I don’t want to show my hand and let the dealership know that I’m potentially interested in financing through them.
Posted on 4/7/24 at 12:15 pm to tigerfootball123
quote:
I don’t want to show my hand and let the dealership know that I’m potentially interested in financing through them
The get pre qualified rates and see if dealer can beat them.
Often the dealer will get you a better price on the car as well.
Go to car edge you tube and look at the purchasing scenarios.
Posted on 4/7/24 at 12:17 pm to tigerfootball123
A lot of the manufacturers have finance specials if it's new. We got one for 3.9% last year.
Posted on 4/7/24 at 12:36 pm to dstone12
This.
I always thought dealerships make more money with financing than they do on cash deals.
Throwing the financing option during negotiations would potentially open up an inch elsewhere that could not be shown ahead of time.
I always thought dealerships make more money with financing than they do on cash deals.
Throwing the financing option during negotiations would potentially open up an inch elsewhere that could not be shown ahead of time.
Posted on 4/7/24 at 12:41 pm to tigerfootball123
Get pre approved at a credit union. While you're at the dealership just let them run your credit and act as if you're financing with them. You'll sit down with finance after you finish with the salesman. They'll throw a paper at you with some bullshite monthly numbers. And you'll say alright idc about these numbers, what term and rate did you quote? Then you can negotiate on rate.
I just bought a high mileage truck a couple of weeks ago. 787 score and credit union approved me for 7.54 but had to add a point for 75k+ miles so 8.54. Dealership had me at 8.9. I tell him to match the 8.54 and I'll finance with them. He offers warranty and I decline initially. Then he goes to 8.09 and takes $400 more off of the truck.
You can always ask for the "buy rate" in finance too. This is the lowest rate the bank they use approves you for. Dealership is then allowed to mark up that rate to make more off of you. They may or may not tell you or act like they don't know what you're talking about.
When in doubt just decline and they'll keep sweetening the pot for you. And if you really want the warranty from the dealership make sure to ask what the deductible is also. Someone mentioned CarEdge and you can buy a warranty through their site for cheaper and on better terms than what the dealership offers.
In my casse I'm just gonna cancel the warranty and still buy it through a third party. If you straight up don't buy their warranty or make that known that you won't then you have less negotiating power with them. So that's something to consider too.
I just bought a high mileage truck a couple of weeks ago. 787 score and credit union approved me for 7.54 but had to add a point for 75k+ miles so 8.54. Dealership had me at 8.9. I tell him to match the 8.54 and I'll finance with them. He offers warranty and I decline initially. Then he goes to 8.09 and takes $400 more off of the truck.
You can always ask for the "buy rate" in finance too. This is the lowest rate the bank they use approves you for. Dealership is then allowed to mark up that rate to make more off of you. They may or may not tell you or act like they don't know what you're talking about.
When in doubt just decline and they'll keep sweetening the pot for you. And if you really want the warranty from the dealership make sure to ask what the deductible is also. Someone mentioned CarEdge and you can buy a warranty through their site for cheaper and on better terms than what the dealership offers.
In my casse I'm just gonna cancel the warranty and still buy it through a third party. If you straight up don't buy their warranty or make that known that you won't then you have less negotiating power with them. So that's something to consider too.
Posted on 4/7/24 at 5:49 pm to dualed
quote:
I just bought a high mileage truck a couple of weeks ago.
quote:
8.09
Posted on 4/7/24 at 6:29 pm to dualed
Bragging about 8%? Yikes
Posted on 4/7/24 at 7:36 pm to Hou_Lawyer
Yeah I mean for fricks sake 8% just asinine
Posted on 4/7/24 at 9:47 pm to tigerfootball123
I just traded in a 2006 GMC Sierra that I've had for 12 years. I intend on keeping this truck for the same amount of time if not longer. The interest is irrelevant if I'm paying to off sooner anyways. But pay 26k for a used F150 or 65K for a new one? I'm going used 11 out of 10 times.
This post was edited on 4/7/24 at 9:49 pm
Posted on 4/8/24 at 6:21 am to tigerfootball123
2 years ago I got pre approved from a credit union only to find the dealer was going to give me a better rate below 3% so I would look at all options
Posted on 4/8/24 at 10:20 am to tigerfootball123
If looking at new check the manufacturer special financing rates. Not everything comes with a good rate but a lot of vehicles do so it's worth looking at that first because a lot of them can still be in the 0-4% range which is very likely way better than what you'll find anywhere else.
You can look these up on any of the manufacturer's website, usually under "offers/incentives" or something.
I even saw 1 deal recently where Hyundai is leasing out their Ioniq 6 for $239/mo with $0 down (other than first months payment) for 24 months. Thats a steal for a $44k vehicle.
You can look these up on any of the manufacturer's website, usually under "offers/incentives" or something.
I even saw 1 deal recently where Hyundai is leasing out their Ioniq 6 for $239/mo with $0 down (other than first months payment) for 24 months. Thats a steal for a $44k vehicle.
Posted on 4/8/24 at 10:50 am to dualed
frick man you could have asked me to front you. I'll give you $$$$ for only 6%
Posted on 4/8/24 at 12:50 pm to canyon
quote:
frick man you could have asked me to front you. I'll give you $$$$ for only 6%
Draw up the paperwork. I'll refinance immediately lol
Posted on 4/8/24 at 5:11 pm to dualed
If some of you are patient, I am expecting auto loans rates to start dropping at the end of the year
Looking for a low rate now? Check out department of labor FCU. They allow members from anywhere.
Looking for a low rate now? Check out department of labor FCU. They allow members from anywhere.
Posted on 4/9/24 at 8:04 am to Penn
The rates will come back down at some point but I got approved by credit union, went to the dealer and they beat that. You go in with your pre approved from other places.
Also certain brands aren’t selling as much and will have better deals than others because they are keeping vehicles too long on lots.
Also certain brands aren’t selling as much and will have better deals than others because they are keeping vehicles too long on lots.
This post was edited on 4/9/24 at 8:05 am
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