Interest rate at 3.19%

[Jeepney18]

Approved for a loan @ 3.19%. credit score over 800. Shop around?

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[Chocolate Thunder]

Is it possible for you to find a slightly lower rate than that? Yes.

 

[Travis2929]

dealers give you 1k off selling price of you use Chrysler financing, rates start at 4%

Your rate is good, my is about the same with my CU.

 

[kkuntz01]

Approved for a loan @ 3.19%. credit score over 800. Shop around?

I shopped my rate late month just before taking delivery of my JL and I'm glad I did as I managed to about a full point lower than what the dealer could offer. When I closed on my Jeep, I received 2.44% from AAA Banking (think the auto club and insurance people), however it looks like the rate has increased to 2.74%.

https://chicago.aaa.com/financial/auto_lending.aspx

Credit unions are another source of good loan rates if you want to explore that option.

 

[Jeepney18]

dealers give you 1k off selling price of you use Chrysler financing, rates start at 4%

Your rate is good, my is about the same with my CU.

I've read that even the interest rate is negotiable. Might have to ask them to beat the rate.

 

[kkuntz01]

I've read that even the interest rate is negotiable. Might have to ask them to beat the rate.

It is to an extent, however it depends on what the rate is. The bottom line is do your due diligence and shop the rate.

 

[Jeepney18]

I need clarification on "shop the rate". Does that mean ask other institutions if they can beat 3.19 or do they have to run credit to find that out?

 

[kkuntz01]

I need clarification on "shop the rate". Does that mean ask other institutions if they can beat 3.19 or do they have to run credit to find that out?

Shopping the rate means just that. Shopping around to see who is offering the best rates. All lenders have their rates posted, or least their lowest rate posted. If you already know what your FICO score is (sounds like you do) you can call the lenders who show the lowest rate to confirm you would potentially qualify for said rate. That's what I did in the days leading up to me taking delivery of my JL. I had a rough idea what my dealer could provide for an interest rate (high 3.xx%) so I checked with a few local credit unions and then AAA and all came back lower than what the dealer could offer.

Something to be aware of, lenders will sometimes be reluctant discuss rates and will often add the caveat that the information they're providing is contingent upon what your credit score comes back when they run your report. When you have it narrowed down to one or maybe two lenders you can have them run your credit. In truth unless you're having dozens of banks run credit reports for you it's not going to be that big of a hit. My FICO score barely moved after closing on my Jeep, that was after having to lenders run my credit in addition to whatever lenders the dealer bounced my information off of.

 

[Jeepney18]

Shopping the rate means just that. Shopping around to see who is offering the best rates. All lenders have their rates posted, or least their lowest rate posted. If you already know what your FICO score is (sounds like you do) you can call the lenders who show the lowest rate to confirm you would potentially qualify for said rate. That's what I did in the days leading up to me taking delivery of my JL. I had a rough idea what my dealer could provide for an interest rate (high 3.xx%) so I checked with a few local credit unions and then AAA and all came back lower than what the dealer could offer.

Something to be aware of, lenders will sometimes be reluctant discuss rates and will often add the caveat that the information they're providing is contingent upon what your credit score comes back when they run your report. When you have it narrowed down to one or maybe two lenders you can have them run your credit. In truth unless you're having dozens of banks run credit reports for you it's not going to be that big of a hit. My FICO score barely moved after closing on my Jeep, that was after having to lenders run my credit in addition to whatever lenders the dealer bounced my information off of.

Really helpful info. Thank you!

 

[Carbonalpine]

Interest have gone up, a few years ago I received a 1.9...now 3.14 is the best I could get through CU

 

[JLUSSOBRTP]

Going through this right now too also with an 800+ score. I've been (probably) needlessly obsessing about rates as everything I'm getting is within .25% of others. To add to the other posts, in my experience as a banker I learned that typically the credit agencies group any *auto* loan applications that take place all within a 2 to 4 week period as ONE hard credit inquiry. Apply to 5 lenders within 2 weeks? You'll only take one credit hit.
Many here have recommended AAA, but it isn't available in my state. I'll recommend some "anyone can apply" Credit Unions that I've found with the best rates I've received:

• Truliant Federal Credit Union: 2.99% for 60 OR 72 months. Rate contingent upon 10% of MSRP down and scheduling automatic payments through one of their accounts. If not, then 3.49%.
• Chartway Federal Credit Union: 2.44% for 63 months. Rate contingent upon autodraft and bringing them a "TrueCar" certificate. For more info, Google Chartway Car Buying. 2.69% otherwise. 72 month rate was 3.19
  
• Lafayette Federal Credit Union: 2.99% 60 months & 3.24% for 72 months. Rate contingent upon autodraft from one of their accounts.

Just did the process through my dealership and will report back with those rates (though they kind of indicated they didn't think they could meet the 2.44), and I can update as I move along with CUs.
Good luck!

 

[Nam_Luu]

I am a Schools First CU member out in So Cal.

Got 2.59% for 72 months.

or 2.34% for 60 months.

I pick the terms, they cut me a auto convienence check for max pre approved amount and I'm off to the dealer.

I also get to choose to postpone the first payment for up to 3 months.

Currently waiting to pick up my JLUR from Jim Marsh in a week.

 

[imapseudonym]

Watching this thread if anyone has suggestions or finds good outcomes. 800+ credit here as well and not sure if a dealer will get the best financing done.

 

[Stickerhead]

Check USAA if you are military or someone in your family is. I was going to use the car buying service, told my dealer of the 2.72 rate and he matched it through US Bank which I already had a loan through for my truck. Always go in with your own financing and they will usually match it. 1.99 is long gone as long as the economy is booming!

 

[imapseudonym]

Check USAA if you are military or someone in your family is. I was going to use the car buying service, told my dealer of the 2.72 rate and he matched it through US Bank which I already had a loan through for my truck. Always go in with your own financing and they will usually match it. 1.99 is long gone as long as the economy is booming!

I'm in law enforcement but no military in my immediate family

I don't seem to meet the criteria for a lot of the credit unions with low APR because they're all profession based ha.

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