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      07-18-2013, 11:51 AM   #1
John Tanglewood
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Exclamation How do I get the best financing rate on a used (non-bmw) car?

I'm interested in purchasing a 2nd (non-BMW) car, used, for around $15k. Probably a truck such as a LR3 or a 4Runner. I just need an SUV for various things and can afford one with semi-high mileage.

If I can put down around $5k (for a $13k-$15k car), what type of interest rate can I expect to get with GREAT credit? I see current rates range from 2.8% - 11.9%, which is an uncomfortably wide range.

Do any of you have any suggestions as to what to do? I'd be buying this used vehicle from a used car dealer most likely.

Any help is appreciated. Thanks!
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      07-18-2013, 11:52 AM   #2
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i generally use bankrate.com to get an idea of the best rate out there. They have a section for pre-owned auto financing.
The best in the country currently is 2.80% for 48 months.
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      07-18-2013, 11:58 AM   #3
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1.99 on new & used cars. Gotta have good credit though to get that rate (obv). Doesn't matter how much you put down, just make sure you have good credit. 700+

https://www.dcu.org/loans/auto-choices.html
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      07-18-2013, 12:18 PM   #4
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Local Credit unions are usually really good. I've seen some very good rates through Bank Of America also. I've personally financed a car directly through BOA and overall it was a positive experience.
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      07-18-2013, 12:22 PM   #5
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Penfed has 1.74% for used cars for up to 60 months.

https://www.penfed.org/used-auto-loan/

I also own an LR3, let me know if you have any questions about that.
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      07-18-2013, 12:23 PM   #6
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You can get your pre approval first with the interest rate.

Mine was through B of A for the M3 I bought from carmax... It was either 1.5% or 1.9% at the time... Can't remember... Autopay

Also the interest rate is higher the older the car
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      07-18-2013, 12:23 PM   #7
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Quote:
Originally Posted by signes View Post
Penfed has 1.74% for used cars for up to 60 months.

https://www.penfed.org/used-auto-loan/

I also own an LR3, let me know if you have any questions about that.
wow. those are some kick ass rates...
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      07-18-2013, 12:45 PM   #8
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wow. those are some kick ass rates...
+1
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      07-18-2013, 12:50 PM   #9
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Aren't those penfed loans offered only to like military personnel? I remember seeing some insane rates when I was looking and they were all credit unions for the military. Can civilians qualify for those ?
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      07-18-2013, 12:55 PM   #10
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Quote:
Originally Posted by dreamspeed View Post
Aren't those penfed loans offered only to like military personnel? I remember seeing some insane rates when I was looking and they were all credit unions for the military. Can civilians qualify for those ?
I heard USAA is military & families only, but PenFed should be for all. (or was it the other way around?) not 100% sure you should call or do a google search.
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      07-18-2013, 01:00 PM   #11
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Quote:
Originally Posted by dreamspeed View Post
Aren't those penfed loans offered only to like military personnel? I remember seeing some insane rates when I was looking and they were all credit unions for the military. Can civilians qualify for those ?
Yes you can. I opened my account some 8 or so years ago and have financed 3 (separate) cars through them. Call them and they can walk you through. Think you have to pay $15 or so to become a member. Best rate in the nation (AFAIK). At this rate, its almost free financing and you are just paying for depreciation

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      07-18-2013, 01:01 PM   #12
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Quote:
Originally Posted by signes View Post
Penfed has 1.74% for used cars for up to 60 months.

https://www.penfed.org/used-auto-loan/

I also own an LR3, let me know if you have any questions about that.
+10000 I got a 1.49% 60 month rate about 8 months ago. Less than 700 credit and VERY lenient verification of income (I work on commission).
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      07-18-2013, 01:04 PM   #13
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If you're non-military, you have to make a $20 or so donation to a military family charity or something. If you have AAA, they will make that donation for you so membership is free (check on the AAA site).
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      07-18-2013, 01:21 PM   #14
John Tanglewood
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Wow guys this is AMAZING information! Can't thank you enough for the guidance!

Signes I'll definitely be in touch!
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      07-18-2013, 01:35 PM   #15
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Quote:
Originally Posted by signes View Post
Penfed has 1.74% for used cars for up to 60 months.

https://www.penfed.org/used-auto-loan/
+1 Just used them myself in March.

Quote:
Originally Posted by lutfy View Post
Yes you can. I opened my account some 8 or so years ago and have financed 3 (separate) cars through them. Call them and they can walk you through. Think you have to pay $15 or so to become a member. Best rate in the nation (AFAIK). At this rate, its almost free financing and you are just paying for depreciation

Lutfy
You're right on the money. It's a $10 donation to a military-related charity and a $5 deposit to open a checking account that's never used. My $5 has just been sitting there...

Quote:
Originally Posted by Trip3's View Post
+10000 I got a 1.49% 60 month rate about 8 months ago. Less than 700 credit and VERY lenient verification of income (I work on commission).
They ran that for quite a while. Unfortunately they upped it from 1.49 to 1.74 the week before I found my car.
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      07-18-2013, 01:40 PM   #16
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+1 for PenFed. You'll need to be a member which, if you're not military, just means you need to join one of two clubs (1 is $10 and the other is $15) and put $5 in an account. The rates are incredible. And they even offer balloon financing if your car is a 2011 or newer.

Currently they don't finance more than $70,000, but you can't beat the rate and ease of processing. I just financed our second car through there.
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Last edited by PhoenixRising; 07-18-2013 at 03:18 PM. Reason: corrected membership fee
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      07-18-2013, 01:48 PM   #17
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+3 for PenFed. I used them in May.
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      07-18-2013, 03:16 PM   #18
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Quote:
Originally Posted by lutfy View Post
Yes you can. I opened my account some 8 or so years ago and have financed 3 (separate) cars through them. Call them and they can walk you through. Think you have to pay $15 or so to become a member. Best rate in the nation (AFAIK). At this rate, its almost free financing and you are just paying for depreciation

Lutfy
Nice to know, I already got my car so it's too late for me but my wife is probably getting a new car next year so i'll look into it
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      07-18-2013, 03:43 PM   #19
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Quote:
Originally Posted by bkrM3 View Post
You're right on the money. It's a $10 donation to a military-related charity and a $5 deposit to open a checking account that's never used. My $5 has just been sitting there...
Quote:
Originally Posted by PhoenixRising View Post
+1 for PenFed. You'll need to be a member which, if you're not military, just means you need to join one of two clubs (1 is $10 and the other is $15) and put $5 in an account. The rates are incredible. And they even offer balloon financing if your car is a 2011 or newer.

Currently they don't finance more than $70,000, but you can't beat the rate and ease of processing. I just financed our second car through there.
I did the same thing. made a $10 donation and $5 deposit. It's been sitting in there since May 2011. I'll probably finance my car when the lease is up as the rates are just too low to use cash to purchase the car.
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      07-18-2013, 04:14 PM   #20
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Damn im on 1.5 from penfed... guess my new ride gonna be 1.75
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      07-18-2013, 04:16 PM   #21
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I've watched their mortgage rates slowly climb too. I think it was around 2.75 about 5 months ago. Now in the 4's.
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      07-18-2013, 04:32 PM   #22
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Quote:
Originally Posted by signes View Post
Penfed has 1.74% for used cars for up to 60 months.

https://www.penfed.org/used-auto-loan/
Got my loan through them. Really quick, easy and painless.
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