[CA] Where can I get the best financing outside of the dealership?

misanthrope

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A little bit of interest percentage can make a drastic differece with a $45k+ vehicle.
I'm not trying to discount your point, but you're changing the math from what I stated. I'm using a $40k cap on financing, where you are using $50k in principle, and I was pointing out/reinforcing your point: at a lower interest rate(below 2.5%), going longer has a much lower impact than at a higher rate (you use 3% for comp). My point was to get him to focus on the interest rate, not the payment, because, as you were trying to point out, that will have the greatest impact on the cost of the loan, which may be an extra thousand or two. But he has to weigh that with his desire for an expensive vehicle and what he can afford on a monthly basis. My math is solid, as is yours. We're just using different base numbers.
This just underscores how complex the finance game can be: there are many variables that come into play.

1.Cost of loan: how much are you willing to pay a bank to use their money?
2. Length of loan: how long are you willing/able to pay for this car?
3. Amount of the loan: how much can you reasonably borrow?
4. Monthly payment: how much can you comfortably afford each month?
5. Necessity: how much do you need a new car?
6. Desirability: how much do you want this particular new car?

Each question, 1-6, has a direct impact on every other question. At the end of the day, we all need to juggle all of these questions and come up with an answer that we each can live with. Financing $35-$50k for a car is complicated, and no one wants to make a mistake that will make them regret buying the Jeep of their dreams. We're all just trying to help each other avoid that.
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pickles61

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Langley is the best I could find.

Not local.

Here's their website. Lowest rates in existence thus far. You will need to add 0.5% to their APR numbers though - as you won't qualify for that without having a credit card with them already.

2.24% for 60-months is still fairly good though! Beats PenFed by 0.76% for a 60-month loan.

https://www.langleyfcu.org/auto-loans-vehicle
I checked with Langley and asked about getting the additional .5% off, you have to open a checking account with them and make at lease 1 transaction a month, one of the reps said it had to be a deposit of the same or more then the payment on the loan. I as approved within 2 hours for the car loan, I will be calling them again this week to check again on the .5 discount because at 1.74% for 60 months that was the least expense I found.
At 1.74% I'm thinking it may be better to not put done any $ and finance the car in full. Anyone have any thoughts on that?

Has anyone found any better rates?
 

misanthrope

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Has anyone found any better rates?
At that low APR., $45k will only cost you only $226 more over 60 months than $40k would, or $220 more for $40k over $35k, so keeping that $5k will cost very little, and using it elsewhere (home improvements, CC payments, savings/CDs, etc.) might be a better use of your money. Just keeping it under your pillow will give you an extra $5000 cushion should you need it, and it won't cost you more than $3 or $4 a month.

I personally would much rather have $5k in the bank than tied up in my car, unless I was spending it on mods, and then it would only be at that low, $3-4 a month cost.
 

simpleJL

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I checked with Langley and asked about getting the additional .5% off, you have to open a checking account with them and make at lease 1 transaction a month, one of the reps said it had to be a deposit of the same or more then the payment on the loan. I as approved within 2 hours for the car loan, I will be calling them again this week to check again on the .5 discount because at 1.74% for 60 months that was the least expense I found.
At 1.74% I'm thinking it may be better to not put done any $ and finance the car in full. Anyone have any thoughts on that?

Has anyone found any better rates?
Langley just changed their new car auto loan rates today!

60 months was 1.7% at best.

Now 60 months is 2% at best.

They just changed today. I spoke with a loan specialist and they stated they cannot honor previous rates, regardless of your credit. 2% is the bottom line for 60-month loans.

It's still better than anywhere else. But damn, that 0.3% makes a difference with this large of a loan.
 

pickles61

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Langley just changed their new car auto loan rates today!

60 months was 1.7% at best.

Now 60 months is 2% at best.

They just changed today. I spoke with a loan specialist and they stated they cannot honor previous rates, regardless of your credit. 2% is the bottom line for 60-month loans.

It's still better than anywhere else. But damn, that 0.3% makes a difference with this large of a loan.
I just made it, I applied this past Friday and today I asked for an email confirmation and it’s 1.74 for 60 months. 2% may still be the best rate
 

LMontes

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I just made it, I applied this past Friday and today I asked for an email confirmation and it’s 1.74 for 60 months. 2% may still be the best rate
Is Langley only for Military???
 

pickles61

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Is Langley only for Military???
Not at all, I am not military. I called them and they setup my account while I was on the phone with them, they even started me off with $5.00 in the savings account. I then spoke to someone in car loans to get the loan approved. If you call make sure you get setup as an active member for the .5% off the rate
https://www.langleyfcu.org/auto-loans-vehicle
 

LMontes

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Not at all, I am not military. I called them and they setup my account while I was on the phone with them, they even started me off with $5.00 in the savings account. I then spoke to someone in car loans to get the loan approved. If you call make sure you get setup as an active member for the .5% off the rate
https://www.langleyfcu.org/auto-loans-vehicle
That is so strange they said I had to be a member and in order to be a member had to be military or family member in military had to be a member there.
 

pickles61

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That is so strange they said I had to be a member and in order to be a member had to be military or family member in military had to be a member there.

Call them again, there customer service isn't the best, they all give you different answers. This is the # I called. Tell them you want to become a member 1st and then apply for the auto loan

Contact Center
757-827-5328 or 800-826-7490
Monday - Friday 8:00 a.m. - 6:00 p.m.
Saturday 8:30 a.m. - 1:00 p.m.
 

LMontes

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Call them again, there customer service isn't the best, they all give you different answers. This is the # I called. Tell them you want to become a member 1st and then apply for the auto loan

Contact Center
757-827-5328 or 800-826-7490
Monday - Friday 8:00 a.m. - 6:00 p.m.
Saturday 8:30 a.m. - 1:00 p.m.
Thanks, definitely going to try again.
 

LMontes

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Call them again, there customer service isn't the best, they all give you different answers. This is the # I called. Tell them you want to become a member 1st and then apply for the auto loan

Contact Center
757-827-5328 or 800-826-7490
Monday - Friday 8:00 a.m. - 6:00 p.m.
Saturday 8:30 a.m. - 1:00 p.m.
Thank you for the tip! I called again to start with membership first, I had to donate $5 to a non-profit to become a member, but well worth it for their rates! Did you do the 60 month or their 48 month? Also you said that you can get an additional .5%, what was your end rate after this discount, 1.5%?
 

simpleJL

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Just so you guys know - Langley went up to 2% as their lowest / 60months.

It changed last week.

2% is with their active rewards member. 2.5% otherwise.
 

simpleJL

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Thank you for the tip! I called again to start with membership first, I had to donate $5 to a non-profit to become a member, but well worth it for their rates! Did you do the 60 month or their 48 month? Also you said that you can get an additional .5%, what was your end rate after this discount, 1.5%?
Their advertised prices include the 0.5% reduction. So the advertised price is the best you can get.

add 0.5% if you don't qualify as an active rewards member. Ask them for details on how to become an active rewards member.
 

LMontes

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Just so you guys know - Langley went up to 2% as their lowest / 60months.

It changed last week.

2% is with their active rewards member. 2.5% otherwise.
Okay, thanks for the info. I might go for their 1.8% at 48months. Did you get your jeep and complete the financing with them already?
 

LMontes

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Their advertised prices include the 0.5% reduction. So the advertised price is the best you can get.

add 0.5% if you don't qualify as an active rewards member. Ask them for details on how to become an active rewards member.
So is "active rewards member" different than just becoming a member?
 
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