Financing interest rates

[simpleJL]

So, looking around on the Jeep website they have different APR's for different vehicles.


Considering the 2018 JL hasn't been posted quite yet.

What does Jeep traditionally do for APR on brand new release vehicles?

And are those numbers set in stone? Or can a dealer manipulate the interest rate on their end?

I am interested in a 60-month loan. Which is fairly typical.

*** this is in regards to people with high credit scores that will qualify for the best offer available (750+)

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[hrhnick]

The dealer will shop your credit to various banks, including Chrysler Capital, to try to get you the best rate. I suggest going in with your own financing solidified and giving them the chance to beat it. Many people have had great luck getting rates between 2.49 and 2.99 with clean credit through DCU.

 

[FCrackerJLRubi]

Following

Cant speak for new sales because the last time we bought a Wrangler new was 2008 and got 0% apr. But from what we learned when buying her 2015 Rubicon recently (3 months ago or so) dealer finance people can and will haggle rates based on the situation, your credit, and your willingness to get up and walk out always seems to play a factor in terms of their try hard attitude. Granted there is only so much they can do because rates are determined by outside factors, but they have the ability to shop around.

When it concerns FCA/Chrysler finance, I doubt there is much wiggle room there specifically. Dealers can use any of the financial institutions at their disposal to try and get you the best rate based on all the factors. How they do this exactly I have no idea, but ive never had a dealer specific finance be the best option. Ive had Langley Federal Credit Union, Fifth Third Bank, ABNB, but never Chrysler finance themselves.

 

[FCrackerJLRubi]

The dealer will shop your credit to various banks, including Chrysler Capital, to try to get you the best rate. I suggest going in with your own financing solidified and giving them the chance to beat it. Many people have had great luck getting rates between 2.49 and 2.99 with clean credit through DCU.

Ive heard rates went up, fed bumped up rates and what not, but im not going to pretend to know how or if that affects auto loans (pretty sure it does) anyways....2.49 and 2.99 seem extremely high for an individual with great credit for a new vehicle, My wife bought our used 2012 not 6 months ago and got 2.35% (ABNB was the bank) and that was used. Arent New vehicle loans typically less on the interest than used or has the rate hike really shot up over just the last 6 months?

 

[hrhnick]

Ive heard rates went up, fed bumped up rates and what not, but im not going to pretend to know how or if that affects auto loans (pretty sure it does) anyways....2.49 and 2.99 seem extremely high for an individual with great credit for a new vehicle, My wife bought our used 2012 not 6 months ago and got 2.35% (ABNB was the bank) and that was used. Arent New vehicle loans typically less on the interest than used or has the rate hike really shot up over just the last 6 months?

The main point I was trying to make is to try to have your own solid backup financing ahead of time. I haven't really been following the rates but it looks like people aren't getting under 2% even with top credit unless its some special manufacturer promo. I tend to browse around Fico Forums a lot: http://ficoforums.myfico.com/t5/Auto-Loans/bd-p/autoloans

 

[FCrackerJLRubi]

The main point I was trying to make is to try to have your own solid backup financing ahead of time. I haven't really been following the rates but it looks like people aren't getting under 2% even with top credit unless its some special manufacturer promo. I tend to browse around Fico Forums a lot: http://ficoforums.myfico.com/t5/Auto-Loans/bd-p/autoloans

Great advice, thanks!

 

[pickles61]

While waiting for my JL, it's a good time to look into APR's. Has anyone found a good rate and if so from where?

Thanks

 

[JLWF Dealer Guy]

Rates change constantly. Banks also “pick” their months to be aggressive. One month a bank can come back, Ok, on a rate. The next they may get pushed to obtain business and will buy aggressively. Your best bet is to know your score , debt to income, and available open credit percentage. Most dealerships have dozens of bank options avaialble and use certain ones based on the factors I posted above. You are always welcome to do the work yourself, but it can be tasking. A little planning on your part ahead of time can make a big difference. For instance, I know the Ocean Blue Wont be available for me to order and receive for some time so I have a few months minimal to prepare. This month I paid off all credit cards that I used for the holidays so in a few months when I’m ready, it will be affected and reported on my credit, this increasing my score because I will have 100% or close, of my revolving credit available. Otherwise pay your bills, yada yada yada, in order to maintain good credit status and increase your score and chance for a premium rate. Auto credit goes to 900 so good luck!

 

[FCrackerJLRubi]

I know Langley Federal Credit Union is advertising 2.49% for 75 Months, 1.99% for 66 Months, and 1.74% for 60 Months. That is the best I have found googling around so far, but chances are if your credit is good you can do better.

 

[swozey]

I know Langley Federal Credit Union is advertising 2.49% for 75 Months, 1.99% for 66 Months, and 1.74% for 60 Months. That is the best I have found googling around so far, but chances are if your credit is good you can do better.

That's killer. My local credit unions are doing 2.6-3 for 60 months and it jumps to around 4 for 72.

That's better than penfed as well, 60mo is 2.99%, 72 3.24%

 

[simpleJL]

I know Langley Federal Credit Union is advertising 2.49% for 75 Months, 1.99% for 66 Months, and 1.74% for 60 Months. That is the best I have found googling around so far, but chances are if your credit is good you can do better.

Just joined up with Langley. That's the best I've seen yet. There is a 0.50% increase though if you don't have a loan/credit card with them already.

Even at 2.24% it is still better than anywhere else I can find.

Thanks!

 

[FCrackerJLRubi]

Assuming most people are financing, what's everyone's initial plan out there? Although I am not stranger to financing vehicles this my first brand new vehicle purchase. My plan was to have my bank (Langley Federal Credit Union as posted previously) as plan B, but let the dealer try to find the best deal since they have such a large network of banks in the system. Manufacturer financing from what I have seen is out the question (Chrysler finance) since they are high on the apr. I have 5k I want to put down, will do 7k if it makes sense....I'm trying to land a payment under $600. My invoice total with destination is $44,212 (I will use TL so another 1% off that but I'm not trying to dive into all the math here). After my down of 5k that's $39,212 but you have to add tax/tag/title and dealer fees ($499). So I think I can safely be at or under $600 if I go [email protected]% or better (I'm not factoring my trade since that's uncertain, I know I can break even but not sure how much better I can go than that).

 

[FCrackerJLRubi]

Yea

Just joined up with Langley. That's the best I've seen yet. There is a 0.50% increase though if you don't have a loan/credit card with them already.

Even at 2.24% it is still better than anywhere else I can find.

Thanks!

Yea I'm not a full time member per say, I have a loan through them so yea I'm technically a member but I don't use them for daily checking/savings. Glad to be of help!

 

[OldGuyNewJeep]

Yea


Yea I'm not a full time member per say, I have a loan through them so yea I'm technically a member but I don't use them for daily checking/savings. Glad to be of help!

Looking at their privacy policy, and it says they use your info for marketing purposes, and that they share your info with other companies for the same. No opt out. And also does not cease even if you cancel your membership. https://www.langleyfcu.org/site/ml/privacy-policy.pdf

Do you get a ton of SPAM mail, e-mail, calls? I'm sure most credit unions have similar policies, but I'd like to hear your experience with this credit union.

 

[FCrackerJLRubi]

Looking at their privacy policy, and it says they use your info for marketing purposes, and that they share your info with other companies for the same. No opt out. And also does not cease even if you cancel your membership. https://www.langleyfcu.org/site/ml/privacy-policy.pdf

Do you get a ton of SPAM mail, e-mail, calls? I'm sure most credit unions have similar policies, but I'd like to hear your experience with this credit union.

Hard to say really, from them I just get the standard policy updates, offers, statement available notices. But my email is gmail so...yea good luck not getting spam from anything on that one.

I dont get any wierd phone calls or anything like that, from any ads really.

https://www.donotcall.gov

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