| BELOSH |
now that i am closer to my arrival, its time to start thinking how im gonna pay for this sucker. i did a search and found a short thread from april on recommendations on first securing a loan, then seeing if the dealer can beat it.
what have been your most recent dealership financing rates, and for what term?
thanks in advance |
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| mdxxxx |
are ~ 4%.
If you have at least an average credit score, you should try your credit union. Under no circumstances should you pay more than 7%. (For 60 months) IMO. ;) |
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| pthai |
| My credit union's rate is currently 5% for a 60 month auto loan. |
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| DaleB |
| Mine is 4.75 for up to 84 months! |
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| gregguy |
I financed through Wachovia about a month ago and got 5.5%. This is the best time in recent history to finance a car since rates are so low. One potential cheap way, depending on your situation, is to use a home equity loan. This is a double-edged sword. #1 The interest is potentially tax deductable and interest rates are really low right now. However, you are taking a second lien (assuming you have a mortgage) against your home. Just another option for your consideration.
I did a traditional car loan because the home equity loan can be a hassle. Just my two cents....Check around with your local band and on the internet. One place I looked that was also very good was peoplefirst.com. You can apply quickly and easily over the internet and they send a check along immediately. |
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| gregguy |
I financed through Wachovia about a month ago and got 5.5%. This is the best time in recent history to finance a car since rates are so low. One potential cheap way, depending on your situation, is to use a home equity loan. This is a double-edged sword. #1 The interest is potentially tax deductable and interest rates are really low right now. However, you are taking a second lien (assuming you have a mortgage) against your home. Just another option for your consideration.
I did a traditional car loan because the home equity loan can be a hassle. Just my two cents....Check around with your local band and on the internet. One place I looked that was also very good was peoplefirst.com. You can apply quickly and easily over the internet and they send a check along immediately. |
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| doggiedog |
| 4.75% for 36mos at peoplefirst.com |
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| crikey |
| ...to find the best interest rate offered in your area. |
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| mymdxiscoming |
| but also remember to not let every prospector run a credit report ... becuase that goes against your score ... |
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| sivaveera |
for credit score 720 and above(equifax)
one is assured to get 4.8% -60 months / 2.8% - 24 months.
between 680- 720(equifax) - 5.3% 60 months
etc check www.dcu.org |
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| BELOSH |
thanks for all of your suggestions. i looked at peoplefirst.com and am pleased with the process they provide. i trust the people on this forum (probably because they all can afford a 40k car) so i have a few questions about peoplefirst.
if i get a blank check from them, and the dealer beats their rate, is there any process or penalty to cancel with them, or do i just tear up the blank check and say thanks?
in other words, is the blank check truly no obligation, rather just a weapon to go to the dealer financer with?
also, how often do the rates change (do i need to lock in now)? |
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| crmsnidol |
| My credit union is Canpbell Soup Employee Credit Union and is offering 5.25% for 60 mos. Because I'm paid bi-weekly I make an extra payment each year which is almost the equiv of a 66 month loan making my monthly payments lower. |
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| doggiedog |
quote:
Originally posted by BELOSH
thanks for all of your suggestions. i looked at peoplefirst.com and am pleased with the process they provide. i trust the people on this forum (probably because they all can afford a 40k car) so i have a few questions about peoplefirst.
if i get a blank check from them, and the dealer beats their rate, is there any process or penalty to cancel with them, or do i just tear up the blank check and say thanks?
in other words, is the blank check truly no obligation, rather just a weapon to go to the dealer financer with?
also, how often do the rates change (do i need to lock in now)?
I originally applied for a loan at eloan.com since they offered a slightly (1BP) better rate than peoplefirst. But when I went to use them, I found out that they would only deal with 1 dealership in my area. So I went with peoplefirst.
PF told me that if I don't use the check, nothing will get charged. So figure on nothing happening unless you use the check. |
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| sivaveera |
my friend who had requested for loan request had lots of credit check on his history
latter he found that the online web loaning company had sent his request to many requestors and they had checked his credit history.
beware and be careful as these informations
stays on your credit report for long time.
:mad: |
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| sandman1 |
| So I have heard what numerous credit unions are offering. What about Acura? What are they quoting in comparison? |
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| mdxxxx |
quote:
Originally posted by sandman1
So I have heard what numerous credit unions are offering. What about Acura? What are they quoting in comparison?
I've heard that American Honda Finance Corp, may be slightly higher, on average, than the credit unions. |
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| mymdxiscoming |
has anyone ever heard of a dealer getting a customer aproved for lets say 5% from a loan company ... then taking on a extra 2% so they can make money off of the deal ... then come back to the customer and tell them that they were approved @ 7% ... has anyone heard this ...?
i was told this from a few people .... 1 being a very reliable source ... and advs me to go direct with a loan versus letting a dealer find the loan ... |
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| DaleB |
quote:
Originally posted by mymdxiscoming
has anyone ever heard of a dealer getting a customer aproved for lets say 5% from a loan company ... then taking on a extra 2% so they can make money off of the deal ... then come back to the customer and tell them that they were approved @ 7% ... has anyone heard this ...?
i was told this from a few people .... 1 being a very reliable source ... and advs me to go direct with a loan versus letting a dealer find the loan ...
It's always better to walk in with a check.
I always like to hand finance managers checks from my bank. I like to see them frown. The same frown they get when you turn down all the last minute crap they try to sell you in scotchgards and polys for your paint.
Fortunately, my MDX deal was free of all that BS. Just a faxed sales agreement, and a check a week later.
Let's hear it for internet sales, the way to go if you know what you want.
:) |
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| mlkeller |
quote:
Originally posted by BELOSH
thanks for all of your suggestions. i looked at peoplefirst.com and am pleased with the process they provide. i trust the people on this forum (probably because they all can afford a 40k car) so i have a few questions about peoplefirst.
if i get a blank check from them, and the dealer beats their rate, is there any process or penalty to cancel with them, or do i just tear up the blank check and say thanks?
in other words, is the blank check truly no obligation, rather just a weapon to go to the dealer financer with?
also, how often do the rates change (do i need to lock in now)?
Belosh-
Nope, no cancel process, just tear it up (although, you can log into their site and cancel the outstanding check, just to be sure). We did this with my wife's CR-V and got AHFC to slightly beat their rate...works well! :) Plus PF is really easy to work with (helpful online and on phone). |
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| southpark |
| www.penfed.com - don't know much about them, but they seem to have good rates for new cars. |
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| BeatboyUK |
Costco now has a deal with People First to receive discounted rates. We already had a 5.49% Blank Cheque but (as we have a while waiting for our on-order 2003 to be deilvered!) I called PF to ask about the discounted Costco member rates they announced in their freebie mailer recently. I then re-applied through Costco and got our rate down to 4.79%. I was told that this is a special rate for Executive Rate Costco members - as this membership costs approx $100 per year, even if you are not a member and never intend to shop at Costco again - you'll make your money back in a hurry...knocks about $20/month off a 60 month loan when compared to 5.49%...
One note - you have to apply through the "services" page at www.costco.com |
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| Markedoc |
| You don't need to be a member to get their rate. |
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| Hiker23 |
When we were comparison shopping between the MDX and Pilot, I was told by the salesperson that not all dealerships accept internet checks.
Has anyone had an issue using People First? It sounds like both PF and Costco have a good deal.
:rolleyes: |
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| Markedoc |
| AAA checks are "real" checks you get at your local AAA office. |
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| sjm |
After 9 mo. wait, just rec'd 02 MDX and love it. I also used bankrate.com and got 4.5%-60 mo. and told the dealer. They did their search and saved me 0.25% thru Chase. I only had approval letter (typically last 30 days)....you can apply online and receive answer next day.
SJM |
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| BeatboyUK |
| Is applying at the AAA office different from online? I went to aaa.com, and lloked into their auto loans, and it looks like they just use People First too, the same as Costco... |
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| VTSKIER |
I've been shopping around and the lowest rate I can find on-line is Chase Auto Finance at 5.24%. AAA quotes 5.75. The last time we asked the dealer, AHF was 6.9%. Every site asks for your state so I was wondering if some are more competitive than others.
So far I haven't applied to any of these as I keep looking for that under 5% rate everyone else seems to be getting.:1:
Sue |
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| mauigrl721 |
I haven't applied for a loan yet, but I checked my credit history online and am expecting to get the AAA rate of 4.74%. Their checks are good for 30 days, so I need to wait until I know when the MDX is coming in before I apply. They are really helpful in answering all my questions.
03 Touring with Nav.--Midnight Blue/Saddle |
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| archimedes1 |
Last I checked (although admittedly it's been a couple of weeks), ETRADE was still running their 3.9% special on home equity loans. The deal is 3.9% for the first 3 months, and then it bumps up to just under 5% or so. If you also have an ETRADE bank or brokerage account and you fund your payments directly from one of those, you get an extra 0.25% reduction. As for fees, they normally charge a $50 annual fee, but they waive it the first year. They also have auto loans, but I didn't find them to be terribly competitive - about average.
We'll be going with a home equity loan so that we can deduct the interest from taxes. ETRADE is the obvious choice for us b/c between my husband and I we have several accounts there. However, I've heard rumors that others are even lower, so we'll still be shopping around some.
Ioana. |
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| Maik |
While I have no direct experience with People First, I do remember reading somewhere that many dealers do not accept People First checks because of the paperwork requirements and the length of time it takes for the dealer to get the funds.
I would suggest checking this out with your dealer before you run into a surprise at delivery time. |
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