Mikek2s

For those of you who have been financing their new P Cars what is your experience with finding the best interest rates.

Have the dealer offered you better rates v.s. you finding your own?

Thanks in advance.

Mike

Paul523

Rennlist member gravedgr posted this excellent lead recently:
https://www.penfed.org/index.asp

gravedgr

I have financed my last 2 cars through PenFed. Zero fees, 24x7 service, and rates my dealership said they don't even both to try and match.

ELUSIVE

The rates advertised on their site are the same rates as my local credit union here in Colorado.

esef

I think Navy Federal Credit Union usually tend to be lower than PENFED. I've used both. Check out penfed.org and navyfcu.org .

gravedgr

Then don't use them.

David A

capitaloneautofinance.com
Very low rates for 72 months.

ELUSIVE

Nice response!

I wasn't saying anything good or bad about penfed, but merely that the rates at my local credit union are the same. This information may be beneficial to somone as it might encourage them to look at their local credit union versus shopping around on the internet.

Geesh!

ELUSIVE

Capital One's current rate for 72 months is about 1% higher than penfed and my local credit union here in Colorado (6.69% vs. 5.74%). My guess is that other credit unions are right on part with penfed as well.

Likemystoppie?

If you pay your note off early, rate is almost arbitrary, no? Any decent dealer will do their best to either match or beat the rates that are advertised. But typically, due to volume (amounts of loans processed) a good dealer can almost always beat the rate. However, even if it's the same rate, you can do all your paperwork at one location as oppossed to going all over for the paperwork.

gravedgr

Sorry, thought you were being snarky. I apologize.

I wouldn't say the rate is arbitrary, as most of the interest is front-loaded so unless you pay it off in 6-months, the interest paid could vary significantly. Hennessy tried to get my loan business, but when I told them I had a check from PenFed didn't even ask for my rate and said they couldn't come close.

Chris (stoppie) - can you match or beat 5.74%? The paperwork for PenFed consists of setting up an account and applying (both online, took me 5 minutes), and then showing up with a check. I spent more time in the finance manager's office fending off the suggestions of dealer add-ons, than doing paperwork.

ELUSIVE

Nope, not trying to be snarky. Apology accepted.

wilfred

And if you are a Costco member, you get 0.25% off. If you are a Costco Executive member, you get another 0.10% off

Here are today's rate:
30-36 Months 37-60 Months 61-72 Months
New Dealer 5.74% 6.10% 6.44%
Used Dealer 7.04% 7.34% 7.90%
Refinance 7.20% 7.20% 7.70%
Lease Buyout 7.50% 8.00% 8.60%
Motorcycle 8.10% 8.70% N/A
Person-to-Person 8.00% 8.20% 9.00%

Costco Executive Members get an additional .10% off from rates above.
No Down Payment – No Application Fees – No Prepayment Penalty Loan Amount: $7,500 - $100,000 ($10,000.01 min in AZ). APR is the Annual Percentage Rate. Rates quoted are offered depending on the individual's excellent and substantial credit and key loan characteristics, including amount, term, vehicle age and selecting the Automated Payment Option. We provide auto and motorcycle loans in all states. Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Members with superior credit could receive even lower rates than those shown above.


I had bad experience with Porsche Financial. I made partial prepayment on top of my normal monthly. On the next statement, they had the nerve to charge me late fee for the previous month because they did not receive the exact monthly amount so the check I sent was credited to the principal only

Likemystoppie?

We can do 5.34%. No prepayment penalty.

Paul523

Good for you, Chris... the other P dealers in the Cleveland area are going to have to work a lot harder to keep up with you guys at North Olmsted... keep it up.