BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > New and Preowned M3 Pricing, Ordering, Tracking / European Delivery / Dealer Reviews
 
Evolve Automotive
Post Reply
 
Thread Tools Search this Thread
      03-25-2014, 04:43 PM   #1
MojorisinM3
Major
 
MojorisinM3's Avatar
 
Drives: 2011 M3
Join Date: Apr 2005
Location: Nashville, TN

Posts: 1,060
iTrader: (0)

Best used car loan rate?

Seeing used car loans around 2% I plan to finance part of my purchase. Where are the best loan rates?
__________________
2011 E92 M3 Comp / MPE / DCT
MojorisinM3 is offline  
0
Reply With Quote
      03-25-2014, 04:45 PM   #2
wakeboarder109
Lieutenant Colonel
 
wakeboarder109's Avatar
 
Drives: E92 335xi --> 06 BSM 330i
Join Date: Jul 2008
Location: 804

Posts: 1,726
iTrader: (3)

Send a message via AIM to wakeboarder109
Quote:
Originally Posted by MojorisinM3 View Post
Seeing used car loans around 2% I plan to finance part of my purchase. Where are the best loan rates?
I have had two PenFed loans with zero issues.
https://www.penfed.org/used-auto-loan/
wakeboarder109 is offline   United_States
0
Reply With Quote
      03-25-2014, 04:45 PM   #3
kwality
Enlisted Member
 
Drives: E92 aw m
Join Date: Dec 2013
Location: nj

Posts: 44
iTrader: (1)

+1 my friend had used penfed.
kwality is offline  
0
Reply With Quote
      03-25-2014, 04:55 PM   #4
MojorisinM3
Major
 
MojorisinM3's Avatar
 
Drives: 2011 M3
Join Date: Apr 2005
Location: Nashville, TN

Posts: 1,060
iTrader: (0)

Do you need to be a member?
__________________
2011 E92 M3 Comp / MPE / DCT
MojorisinM3 is offline  
0
Reply With Quote
      03-25-2014, 04:55 PM   #5
chris3g
Private First Class
 
Drives: 2012 E92 M3
Join Date: Jan 2012
Location: NJ

Posts: 189
iTrader: (3)

you can become a member in about 5 minutes
chris3g is offline  
0
Reply With Quote
      03-25-2014, 05:10 PM   #6
MojorisinM3
Major
 
MojorisinM3's Avatar
 
Drives: 2011 M3
Join Date: Apr 2005
Location: Nashville, TN

Posts: 1,060
iTrader: (0)

Joining now. Thanks for the tip!

1.49% for 36 months. $25k = $500 interest
1.99% for 48 months. $25k = $1000 interest
2.49% for 60 months. $25k = $1600 interest

I guess I'm going with the 3 year option. Saves a ton of interest.

Although I do have a question - if I do 60 months, but pay the same payment as the 36 month loan, then do I pay the same amount of interest? Or is all the interest front loaded, and I would end up paying more?
__________________
2011 E92 M3 Comp / MPE / DCT
MojorisinM3 is offline  
0
Reply With Quote
      03-25-2014, 06:36 PM   #7
Jonnykin
///M
 
Drives: 2008 M3 JRZ BLK 6MT
Join Date: Apr 2013
Location: Winnipeg

Posts: 156
iTrader: (1)

Wish I lived in the US.... I'm paying 5.9.
Jonnykin is offline   Canada
0
Reply With Quote
      03-25-2014, 07:04 PM   #8
wakeboarder109
Lieutenant Colonel
 
wakeboarder109's Avatar
 
Drives: E92 335xi --> 06 BSM 330i
Join Date: Jul 2008
Location: 804

Posts: 1,726
iTrader: (3)

Send a message via AIM to wakeboarder109
Quote:
Originally Posted by MojorisinM3 View Post
Joining now. Thanks for the tip!

1.49% for 36 months. $25k = $500 interest
1.99% for 48 months. $25k = $1000 interest
2.49% for 60 months. $25k = $1600 interest

I guess I'm going with the 3 year option. Saves a ton of interest.

Although I do have a question - if I do 60 months, but pay the same payment as the 36 month loan, then do I pay the same amount of interest? Or is all the interest front loaded, and I would end up paying more?
I've never looked into it extensively but I believe you can avoid interest by paying the loan off early.

My current loan is 1.49% for 60 months and with it that low I really haven't taken the time to look further into it. If you call and ask please let us know though
wakeboarder109 is offline   United_States
0
Reply With Quote
      03-25-2014, 07:24 PM   #9
okusa
Captain
 
okusa's Avatar
 
Drives: '11 E90 M3 - SSII
Join Date: Aug 2010
Location: Los Angeles

Posts: 617
iTrader: (6)

1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
okusa is online now  
0
Reply With Quote
      03-25-2014, 09:41 PM   #10
zybar
Second Lieutenant
 
zybar's Avatar
 
Drives: 2011 335i Xdrive
Join Date: Jul 2011
Location: Boston area

Posts: 262
iTrader: (1)

Garage List
Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html

Just did this last week.

Super easy and quick!

Plus they will finance for up to 120% of the car value.

George
__________________
2009 E90 M3 in Space Gray with Fox Red Extended Leather and Carbon Leather Trim
DCT/Evolve Tune (DCT, Servo, Engine)
Cold Weather/ Premium/Technology Packages
18" Apex ARC-8 wheels + Michelin Pilot Super Sports
18" Apex ARC-7 wheels + Michelin Alpin PA4
zybar is offline   United_States
0
Reply With Quote
      03-25-2014, 11:16 PM   #11
dagolfpro
Lieutenant Colonel
 
dagolfpro's Avatar
 
Drives: 2011 E90 M3
Join Date: Sep 2011
Location: SF Bay Area, CA

Posts: 1,875
iTrader: (8)

Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
I was going to use Penfed, maybe i'll look into these guys as well. Thanks for the post.
__________________
2011 E90 AW | DCT | ZCP | ZCV | ZCW | ZP2 | Prem Sound | Moonroof | BMW Apps |
Evolve Exhaust | M Perf Steering Wheel | Tint | Lux | Painted Reflectors | Hardwired V1 | KW V3 | Volshlag CP | Brembo BBK | 18" Volks TE37SL Pressed Graphite | Yokohama AD08 | Schroth 4 Point Harness | Challenge GT Diffuser | I lied earlier, I wasn't done with mod, but I swear, I'm done now, no more mods...
dagolfpro is online now   Taiwan
0
Reply With Quote
      03-25-2014, 11:19 PM   #12
okusa
Captain
 
okusa's Avatar
 
Drives: '11 E90 M3 - SSII
Join Date: Aug 2010
Location: Los Angeles

Posts: 617
iTrader: (6)

Quote:
Originally Posted by dagolfpro
Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
I was going to use Penfed, maybe i'll look into these guys as well. Thanks for the post.
okusa is online now  
0
Reply With Quote
      03-25-2014, 11:35 PM   #13
webninja
Private First Class
 
Drives: 2011.75 E90 M3
Join Date: Jul 2013
Location: LA

Posts: 167
iTrader: (2)

Current loan is with Penfed - good process, good customer service, but I just joined DCU, which is almost 1 point less for the same term, no fees.

Can't go wrong with either one.
webninja is online now  
0
Reply With Quote
      03-26-2014, 09:26 AM   #14
Bimmer-M3
Captain
 
Drives: e90
Join Date: Aug 2013
Location: ---

Posts: 668
iTrader: (0)

IS there any loan that I can apply for that is NON federal one? I am not member to any federal and I don't have any relative that is so as well. Bank rates sucks and I am very tempted to get these rates.
Bimmer-M3 is online now  
0
Reply With Quote
      03-26-2014, 10:42 AM   #15
wakeboarder109
Lieutenant Colonel
 
wakeboarder109's Avatar
 
Drives: E92 335xi --> 06 BSM 330i
Join Date: Jul 2008
Location: 804

Posts: 1,726
iTrader: (3)

Send a message via AIM to wakeboarder109
Quote:
Originally Posted by Palestine View Post
IS there any loan that I can apply for that is NON federal one? I am not member to any federal and I don't have any relative that is so as well. Bank rates sucks and I am very tempted to get these rates.
You can easily join most of them like PenFed with a small donation. I believe it is $10 or $20.
wakeboarder109 is offline   United_States
0
Reply With Quote
      03-26-2014, 03:57 PM   #16
webninja
Private First Class
 
Drives: 2011.75 E90 M3
Join Date: Jul 2013
Location: LA

Posts: 167
iTrader: (2)

Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
webninja is online now  
0
Reply With Quote
      03-26-2014, 10:47 PM   #17
positiveions
Lieutenant General
 
positiveions's Avatar
 
Drives: 09 MKV JETTA 2.5 & E90 M3 :)
Join Date: Sep 2007
Location: La Verne, CA

Posts: 10,501
iTrader: (1)

Send a message via MSN to positiveions Send a message via Yahoo to positiveions
Quote:
Originally Posted by okusa View Post
1.24% for 65 months is the cheapest I've seen: https://www.dcu.org/loans/auto-choices.html
Thanks buddy. Beats PenFed for sure.
positiveions is offline   Lebanon
0
Reply With Quote
      03-27-2014, 10:07 AM   #18
IzzyGray
Lieutenant
 
Drives: 2011 M3
Join Date: Oct 2013
Location: Milwaukee, WI

Posts: 420
iTrader: (2)

Quote:
Originally Posted by webninja View Post
Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
You guys are doing the CU route even from out of state? DCU seems to be the lowest but it's in MA and I'm located in WI.
IzzyGray is offline   United_States
0
Reply With Quote
      03-27-2014, 10:45 AM   #19
WWM3
Captain
 
WWM3's Avatar
 
Drives: 09 E90 M3 AW/FR
Join Date: Mar 2009
Location: PA

Posts: 671
iTrader: (7)

Quote:
Originally Posted by IzzyGray
Quote:
Originally Posted by webninja View Post
Yes most credit unions can be joined with a small donation to a charity or community organization. I believe for Penfed, you can go through the application process for joining and they even have a link to the organization they recommend.
You guys are doing the CU route even from out of state? DCU seems to be the lowest but it's in MA and I'm located in WI.
PenFed is located in Nebraska if I remember correctly. A lot of out of state forum members have used them for loans (including me) without issue. I would assume this would be true of DCU.
__________________
Borla ATAK / BMC / BMW LED /

Coming Soon: BPM Stage II
WWM3 is offline  
0
Reply With Quote
      03-27-2014, 12:43 PM   #20
skiborsy
Private First Class
 
skiborsy's Avatar
 
Drives: 2011 Le Mans Blue E90 M3
Join Date: Jul 2008
Location: Bay Area

Posts: 160
iTrader: (1)

Quote:
Originally Posted by wakeboarder109 View Post
You can easily join most of them like PenFed with a small donation. I believe it is $10 or $20.
And if you have AAA, they pay for the donation.
skiborsy is offline  
0
Reply With Quote
      03-31-2014, 05:07 PM   #21
RezTTU
Private First Class
 
Drives: Mineral White E92 ZCP
Join Date: May 2011
Location: Irving, TX

Posts: 126
iTrader: (0)

I've used penfed for a few cars, they are very good. I currently have a 1.49 for 48 months.
RezTTU is offline  
0
Reply With Quote
      03-31-2014, 09:40 PM   #22
M3ANMACHINE
Hella Functional
 
M3ANMACHINE's Avatar
 
Drives: 2008 E90 M3
Join Date: Jan 2010
Location: Mission Viejo, CA

Posts: 1,673
iTrader: (6)

PenFed for sure
__________________

E90///M3 x 6MT x APEX x AE Performance x Bimmerworld x Dinan x Evolve x IND x KW x Mode Carbon x PFC x TMS

M3ANMACHINE is offline   United_States
0
Reply With Quote
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 11:16 PM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST