NEW AUTO LOAN RATES??? Any tips?

[SoCalDriver]

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.

name of the credit union?

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[Clrprop]

3.05 yesterday for 60.

 

[libis22]

3.05 yesterday for 60.

Can you please let us know the bank/credit union?

 

[Clrprop]

Can you please let us know the bank/credit union?

credit union... through work. I was pretty stoked needless to say when I heard the rate given the current situation.

 

[XX4XEXX]

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.

Navy Federal 2.9, Daughters 23 Corolla Toyota Fin 0%. Go in with your options not the dealers they will always shoot for what you tell them you want your payment to be not the lowest interest! If you give them a monthly but they have a lower you will get what you told them!

 

[libis22]

I am hoping for a Christmas miracle of 0% APR across the board on wranglers! ?

 

[ChuckQue]

Navy Federal 2.9, Daughters 23 Corolla Toyota Fin 0%. Go in with your options not the dealers they will always shoot for what you tell them you want your payment to be not the lowest interest! If you give them a monthly but they have a lower you will get what you told them!

NFCU is not 2.9 right now. I know, because I HAD a pre approval back in July for 2.49% and when it was about to expire I called and asked for an extension because my Jeep isn’t here yet. They told me to pound sand and also informed me they do not rate lock (I was under the impression they do). Kinda irked me. I’ll probably use LendingTree or something like that to shop around rates.

 

[JSFoster75]

name of the credit union?

Eastman Credit Union
www.ecu.org

 

[XX4XEXX]

NFCU is not 2.9 right now. I know, because I HAD a pre approval back in July for 2.49% and when it was about to expire I called and asked for an extension because my Jeep isn’t here yet. They told me to pound sand and also informed me they do not rate lock (I was under the impression they do). Kinda irked me. I’ll probably use LendingTree or something like that to shop around rates.

No CU will rate lock unless you sign, but NFCU will give you 30 days locked. We just rolled our new JT into NFCU and it was 2.9. Our other 4xe is exactly the same 2.9. But we have all our loans including homes(1 paid) and insurance through NFCU maybe that's the case. However when we bought the Daughters car Toyota Fin beat them at 0 this was in Aug.

FYI if your Jeep wasn't here yet you could of still precontracted got the loan asked for a 45 day due date and locked the 2.5. If you passed the 45 then you would be paying but you still would have locked the deal. Daughters car was on a boat when we locked deal. Took 3 days and 2 hours to my door locked deal on day 1.

 

[ChuckQue]

No CU will rate lock unless you sign, but NFCU will give you 30 days locked. We just rolled our new JT into NFCU and it was 2.9. Our other 4xe is exactly the same 2.9. But we have all our loans including homes(1 paid) and insurance through NFCU maybe that's the case. However when we bought the Daughters car Toyota Fin beat them at 0 this was in Aug.

FYI if your Jeep wasn't here yet you could of still precontracted got the loan asked for a 45 day due date and locked the 2.5. If you passed the 45 then you would be paying but you still would have locked the deal. Daughters car was on a boat when we locked deal. Took 3 days and 2 hours to my door locked deal on day 1.

Huh. Then the guy I spoke to was either an idiot or a jerk because he said the opposite of everything you just did. I believe you over him, the guy was kinda rude which surprised me because I’ve always had great experiences with NFCU. I’ve banked and had loans with them for a long time.

 

[XX4XEXX]

Huh. Then the guy I spoke to was either an idiot or a jerk because he said the opposite of everything you just did. I believe you over him, the guy was kinda rude which surprised me because I’ve always had great experiences with NFCU. I’ve banked and had loans with them for a long time.

Yeah we dig NFCU alot. It was a fun purchase. Keep in mind this auto ind is fluctuating like crazy weekly. If the Feds don't screw it up we should see a drop soon.

 

[Jeeppaul91]

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

@Whaler27


I picked mine up on a Monday from Koons. Chrysler Capital had some absurd rate (7%). I refinanced it that Friday after 4 whole days of ownership. Got 3.75% for 72 months at a local credit union. There are no rules about having to wait 3 months to refinance, they just say that because if you refinance it earlier they lose their origination fee from writing a fat auto loan with a high rate. Look out for yourself, not some greaseball F&I manager at a dealership. They offer that $1,000 because they make it up and some on the back end. They’re already getting paid with the $900 doc fee that they charge on each deal, I’d rather refinance and make sure I’m not wasting my money on interest just so they can get paid more.

 

[libis22]

I picked mine up on a Monday from Koons. Chrysler Capital had some absurd rate (7%). I refinanced it that Friday after 4 whole days of ownership. Got 3.75% for 72 months at a local credit union. There are no rules about having to wait 3 months to refinance, they just say that because if you refinance it earlier they lose their origination fee from writing a fat auto loan with a high rate. Look out for yourself, not some greaseball F&I manager at a dealership. They offer that $1,000 because they make it up and some on the back end. They’re already getting paid with the $900 doc fee that they charge on each deal, I’d rather refinance and make sure I’m not wasting my money on interest just so they can get paid more.

That's a great rate for a refi! which credit union is it? are there strict membership eligibility requirements?

 

[Jeeppaul91]

That's a great rate for a refi! which credit union is it? are there strict membership eligibility requirements?

You would have to be local to Lancaster PA. It’s a very small credit union.

 

[Whaler27]

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’m with the folks who say, if you must finance, go the credit union route. Here, it takes about ten minutes and $5 to open the required savings account.

Twenty-two years ago I took a short break from my real job to work for a boat manufacturer. The finance regulations have changed since then, but at that time we got immediate payment (from the financing bank) of 1% for every quarter-point difference between our “buy rate” and the rate we financed a customer at. For example, if we financed the customer at 9.9%, which was common for boat financing on decent credit at that time, the bank would immediately cut us a check for just under 16% of the amount financed (because our buy-rate on the money was 6%, and 9.9% is just under 16 quarter-points above that). On a $120,000 boat we might only net $25,000 profit on the boat, but we made another $16,000 on the financing of the boat.

I have many, many friends and family members who think swaggering into dealerships promising to pay “cash” for a new vehicle will improve their bargaining position, but it does just the opposite — because they’re telling the dealer one of their profit centers is no longer in play. I always do the opposite. I negotiate a price while letting the dealer assume I‘m going to finance through them. When I get to the finance office to finish the transaction I decide to pay cash. (For me, the small potential benefit of having that money “working for me” isn’t worth the anxiety of having a monthly payment and knowing that the money in play is always at risk. I could lose the money and still have the payment, on a thing that may be worth less than I owe on it. Also, Oregon has a heavy income tax, so I’m lucky if I keep 60 cents on a dollar I earn. That means I’d have to reliably earn about 11% on the money I‘m not spending on the jeep. Given the stock market performance over the last year, I’m very glad I didn’t finance my jeep so I could put another $50k in the market.

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