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07-18-2013, 11:51 AM | #1 |
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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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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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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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07-18-2013, 01:01 PM | #12 | |
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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, 01:35 PM | #15 | ||
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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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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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07-18-2013, 03:43 PM | #19 | ||
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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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