NEW AUTO LOAN RATES??? Any tips?

[Shasha1334]

You can still get good deals from Credit Unions. This is from today from Eglin Federal Credit Union in Fort Walton Beach Fl.

Thanks for posting this. My Jeep is set to be here next week, so might look into this. Any personal experience with this credit union?

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[Antonio]

Something to consider for people who are planning on refinancing, check out rate genius they are kind of lending tree is for home mortgages, they only handle refi so no straight out auto purchase loans but they shop around and will send you multiple offers from various lenders some have very competitive rates and they work with many of the credit unions across the country. I have used them in the past just to compare to what my local CU was offering and even know I didn’t take rate genius offer they were pretty good, unfortunately right now you really have to dig deep to find good financing deals

 

[failsafe306]

Credit unions are a good suggestion, but don’t overlook local banks. I got 2.89% in March through a local bank, and that was the lowest I could find anywhere, including the CU we use for our mortgage.

 

[S_McWilliams]

I went through a local credit union last week and got 4.19% for 60 months

 

[JSFoster75]

I just bought a 2015 Toyota Corolla and my local CU offered the following... https://www.ecu.org/

60 months - 4.19%
72 or 75 months - 4.39%
84 months - 4.89%

 

[laroo]

Thanks for posting this. My Jeep is set to be here next week, so might look into this. Any personal experience with this credit union?

This is where I've banked for over 20 years. I have nothing bad at all to say about them. We've had a few auto loans, no issues at all. There are fairly strict requirements to become a member, but if you qualify, I highly recommend EFCU.

And I haven't found lower rates anywhere else. I used to recommend PenFed as well, but their rates have gone up considerably, where EFCU has not.

 

[Shasha1334]

This is where I've banked for over 20 years. I have nothing bad at all to say about them. We've had a few auto loans, no issues at all. There are fairly strict requirements to become a member, but if you qualify, I highly recommend EFCU.

And I haven't found lower rates anywhere else. I used to recommend PenFed as well, but their rates have gone up considerably, where EFCU has not.

Looks like I don’t qualify to become a member. I’m a veteran, but don’t live in the area

 

[Nitehawk92]

Thanks for posting this. My Jeep is set to be here next week, so might look into this. Any personal experience with this credit union?

I have been with Eglin federal Credit Union since 1993. They are terrific. I think they do have kind of stringent membership requirements, but they do list the people who can join on their website. I do not live in that area anymore, but my retirement pay still goes there. And they still have the same low rates. They may increase come November 1st but as of today still at 2.59% for 66 months... Maybe check Credit Unions in your area...

 

[Ellebelle]

We searched online and we’re able to get 4% for 72 months. We’re picking the Jeep up tomorrow. The best our dealer could get was 4.79 for 72.

 

[dreamjeep2020]

We searched online and we’re able to get 4% for 72 months. We’re picking the Jeep up tomorrow. The best our dealer could get was 4.79 for 72.

Do you mind sharing where you found 4%?

 

[Ellebelle]

Do you mind sharing where you found 4%?

A little 2 branch bank South of Boston.

 

[LuvHydro]

I paid cash for my Hella and my Hydro. It takes a bit of planning and patience but is by far the correct financial choice.

As I enjoy HydroHazel payment free, I have started saving for my next Jeep. The money I would be paying interest on in payments, is earning money instead.

Some of the funds are sitting in risk-free IBonds, earning a blended APR of 8.25% (9.62 and 6.49)

The rest in a MM. The interest paid increasing week by week.

Yes, it's hard putting that money away while not having the vehicle the first time, but in the end you are much better off. Once you make it past the first cash purchase, you are paying yourself instead of some slimy lender.

The best thing would be to just not buy a new Jeep, but that's just crazy talk. ?

 

[JSFoster75]

My local credit union just did a loan for me on a ‘21 at 4.09% for 84 months.
They did 4.39% for 75 months on a 2015 I also just purchased.

 

[Morrepe]

Definitely check local credit unions - many don't really have that stringent of membership requirements.

Also check with the big lenders (Chase, etc) and Sam's Club/Costco, if you're a member there.

@Steveo is correct, generally speaking. However, there are several factors you should consider. For instance, if your dealership is offering an additional discount for financing (most will get a kick-back on financing agreements), etc.

Koons offers $1,000 discount for financing. It can be paid off in three months.

 

[drvn]

I placed an order with Koons back in June. My projected ship date is 9/1. Buying cash is an option but its not ideal, makes more sense to finance a vehicle vs tying up a bunch of cash in a depreciating asset. Koons supposedly hits people with ridiculous Chrysler Finance rates (6%+). Anyone have any tips on who to go through for an auto loan? Ive looked into some options but the credit unions require membership and I don’t bank at a credit union. I have top tier credit and income is good so approval isn’t an issue, I just want the most competitive rate possible so I can head down to Koons with my own financing.

I am in a similar income and credit situation. I have now used local credit unions for my last 6 vehicles. Outstanding rates. I looked up what credit unions where in my area. Made a list. Checked their website which frequently had their auto rates. Then made several calls. Got pre-approved. Dunzo.
Cheers!

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