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      04-02-2008, 11:25 AM   #1
JS11
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financing apr

Im in my early twenties and the e92 m3 that i will be picking up tomorrow is the first new car that im buying under my own name. The finance person at the dealership told me that my credit score is 785 and quoted me an apr of 5.2% on $34k that i will be financing. Is that a fair enough deal or is it possible for me to get a lower apr elsewhere??
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      04-02-2008, 11:27 AM   #2
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5.2% is pretty good, how much are you dropping down? Do you have a co-signer?

I went to the bank yesterday to see the interest rates they offered, when i told them i could get 6.5-6.9% from the dealer they all said to just take that.
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      04-02-2008, 11:44 AM   #3
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im dropping 35k and have no cosigner
thanks for the reply
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      04-02-2008, 11:46 AM   #4
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4.99 from Pentagon Federal Credit Union is the best I've seen.
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      04-02-2008, 11:46 AM   #5
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Quote:
Originally Posted by JS11 View Post
Im in my early twenties and the e92 m3 that i will be picking up tomorrow is the first new car that im buying under my own name. The finance person at the dealership told me that my credit score is 785 and quoted me an apr of 5.2% on $34k that i will be financing. Is that a fair enough deal or is it possible for me to get a lower apr elsewhere??
That's pretty good. I've been getting quotes around %5.61 from my CU in California...my FICO is 767 to 795 depending on credit agency.

I'd take that financing quote.
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      04-02-2008, 11:59 AM   #6
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5.2% is pretty good, how much are you dropping down? Do you have a co-signer?

I went to the bank yesterday to see the interest rates they offered, when i told them i could get 6.5-6.9% from the dealer they all said to just take that.
5.2 is very good. The best at my CU for over 36 months is 5.69.

Edit: MY CU is now at 5.49. I paid 5.69 2.5 weeks ago.
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Last edited by GregW / Oregon; 04-02-2008 at 05:26 PM.
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      04-02-2008, 12:05 PM   #7
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I think im just going to try to negotiate like JS11 to around 5% when i pick up my car. Im going to drop 20K on it and I have a co-signer. I believe my credit should be very good, never been late on a payment or had any problems.
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      04-02-2008, 12:10 PM   #8
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bank of america is 4.89% but I think you have to have a checking account with them and sign up for automatic payments
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      04-02-2008, 12:13 PM   #9
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4.34% from Bank of America
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      04-02-2008, 12:38 PM   #10
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4.34% from Bank of America
Is that through Bank of America directly or through the dealier? I got 4.7% from Bank of America through the dealer, but that was last week and I don't get the car for another 2 weeks.
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      04-02-2008, 12:45 PM   #11
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Is that through Bank of America directly or through the dealier? I got 4.7% from Bank of America through the dealer, but that was last week and I don't get the car for another 2 weeks.
Bank of America directly!
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      04-02-2008, 01:38 PM   #12
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Bank of America directly!
Where? I see 4.89% off this link:

http://www.bankofamerica.com/vehicle...ate=auto_loans
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      04-02-2008, 02:03 PM   #13
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Chase has 4.94% for existing customers~

http://www.m3post.com/forums/showpos...60&postcount=6
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      04-02-2008, 02:18 PM   #14
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I guess it's different for each state, the rate I got was for GA:
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      04-02-2008, 05:17 PM   #15
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Quote:
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I think im just going to try to negotiate like JS11 to around 5% when i pick up my car. Im going to drop 20K on it and I have a co-signer. I believe my credit should be very good, never been late on a payment or had any problems.
Check your credit report now. They make mistakes frequently that can cost you a half-point or more in interest.
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      04-02-2008, 05:18 PM   #16
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Check your credit report now. They make mistakes frequently that can cost you a half-point or more in interest.
Ok, know any good sites for free credit report?
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      04-02-2008, 05:26 PM   #17
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Posted this in the other thread as well. Just want people to check it out if they like.

4.24% up to 60 months at Scott Credit Union.
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      04-02-2008, 05:59 PM   #18
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Wow, cool... I had no idea rates were this low.

Makes me wanna go buy off the lot RIGHT NOW!!
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      04-03-2008, 01:29 AM   #19
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Almost low enough to the point where paying as little down as possible makes sense.
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      04-03-2008, 11:13 AM   #20
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Are these rates that folks are quoting all fixed rates or are they variable rates.
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      04-03-2008, 11:30 AM   #21
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me=fixed
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      04-03-2008, 11:42 AM   #22
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I will have to call Scott FCU. Used to be a member when I was stationed there, but closed the account when I left.
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