Looking to purchase a car, whats the best loan rate I can expect?

[austin316]

I have perfect credit. Well not perfect, but well above the 730 FICO score that most companies want.

I'm buying a new car and the dealer can give me 5.35% for 60 months. I'm willing to go 48 months, but not much lower than that, unless at 3 years the % would be huge difference. What kind of rate can I expect to get elsewhere? And from where?

Thanks in advance.

 

[PimpJuice]

I received 4.75 for 60months and my credit score is around 730-750, well it was at the time of purchase. You should be able to get something simliar. My loan is with Chase Automotive. I didnt really look around too much though, it was an impulsive buy.

 

[StageLeft]

Wife just got 4.95% over 60 months on a $16k loan for a used vehicle. The dealer sucks. A co-worker three-four months ago got 4.25 on a late model used vehicle too. Rates may have gone up, but if you go with a credit union you can do better than 5.35

 

[shuan24]

usually credit unions offer the best interest rates...see if you are elible to join one. How much are you loaning? The interest rate depends on how much you loan as well.

 

[Pantoot]

Penfed 4.25%

Capital One 4.49%

 

[datalink7]

I got 3.9% for 60 months. I have about a 710 credit score.

But I'm in the military and it was a loan for military people only, so I'm probably not a good reference unless you are thinking about joining up

 

[RossMAN]

Maybe the auto loan market has cooled down but my credit sucks compared to yours.

2 years ago I was able to re-fi $15k for 3.99%

What city/state do you live in?

 

[radioouman]

I got 0% on a brand new Saturn in 2002.
I got 4.85% recently on a used car.

 

[SilentZero]

I have a 3.9% on two of my cars at the moment.

 

[austin316]

Originally posted by: RossMAN
Maybe the auto loan market has cooled down but my credit sucks compared to yours.

2 years ago I was able to re-fi $15k for 3.99%

What city/state do you live in?

Cleveland, Ohio (well 20 minutes east in a suburb).

44060

 

[AgentEL]

I got 1%, but that's b/c I bought a 2004 in 2005

 

[RossMAN]

I would check with a local Credit Union (http://www.howtojoinacu.org/) such as:

http://www.lcefcu.org/carloans.htm

http://www.cardinalcu.com/rates.htm#loan

 

[mchammer187]

penfed.org

best rates for a 60 month

4.25%

i have a 757 score

and they have very lax joining requirements

they don't have very many locations outside of Northern VA, or D.C. but they offer unbelievably quick service and anyone can join pretty much and if you are not eligible through any other means you can make a donation to some organization for military families for $25 that lets you automatically qualify

for 36 month loans the best i've seen is 3.9 but pentagon fed doesnt offer that

 

[Pantoot]

Originally posted by: RossMAN
I would check with a local Credit Union (http://www.howtojoinacu.org/) such as:

http://www.lcefcu.org/carloans.htm

http://www.cardinalcu.com/rates.htm#loan

Or save a percent and go with capitalone. Or join penfed and save a lil more.

Edit: capitalone would only save you about .25% over the credit union if you are doing 60 months. Their blank check does make things easy though.

And penfed is very easy to work with also.

 

[Kelemvor]

SHop around for a 0% deal. Should be able to find something nice and low.. Also check with banks, credit unions, etc.. they are many times lower than the dealer will give you.

 

[Pho King]

I got 3.85% for a 60 month loan back in feb 05. It took a little legwork; I'm not sure if the promotion is still running. It was an internet special from penfed for 3.9% Capital One beats any other rate, so they gave me 3.85 after showing them proof that I got approved from penfed. I had to donate 5 dollars to military families to get accepted into penfed.

Also, most car dealerships offer specials for loan rates like 2.1% for some cars. I'm sure you can check edmunds.com

 

[Baked]

3.80% or lower if you have a Costco Executive Membership.

 

[Pantoot]

You could also just take in a printout from penfed (or local credit union) and tell them to beat their rate. You have nothing to lose, if they say no you keep shopping.

 

[RossMAN]

Damn CostCo's auto refinance rates aren't that great
http://www.capitaloneautofinance.com/Public/Landing/Costco/

 

[Pantoot]

Originally posted by: RossMAN
Damn CostCo's auto refinance rates aren't that great
http://www.capitaloneautofinance.com/Public/Landing/Costco/

I was thinking the same, but they do have some interesting text at the end:

An excellent and substantial credit record is needed to qualify for our lowest rates. Members with superior credit could receive even lower rates than those shown above.

 

[RossMAN]

Originally posted by: Pantoot

Originally posted by: RossMAN
Damn CostCo's auto refinance rates aren't that great
http://www.capitaloneautofinance.com/Public/Landing/Costco/

I was thinking the same, but they do have some interesting text at the end:

An excellent and substantial credit record is needed to qualify for our lowest rates. Members with superior credit could receive even lower rates than those shown above.

I probably wouldn't qualify. Oh well I'll stick with my local CU's

 

[Banana]

Originally posted by: austin316
I have perfect credit. Well not perfect, but well above the 730 FICO score that most companies want.

I'm buying a new car and the dealer can give me 5.35% for 60 months. I'm willing to go 48 months, but not much lower than that, unless at 3 years the % would be huge difference. What kind of rate can I expect to get elsewhere? And from where?

If you can live with a Honda, see this thread

 

[austin316]

Total, total finance newb question:

Can I pay MORE than my monthly payment to pay off the loan quicker? Do ALL loan companies let you do this?

Thanks!

ATOT is awesome.

 

[StageLeft]

Originally posted by: RossMAN
Damn CostCo's auto refinance rates aren't that great
http://www.capitaloneautofinance.com/Public/Landing/Costco/

Well, no. Costco sucks. Always has, always will. I want it to die.

an I pay MORE than my monthly payment to pay off the loan quicker? Do ALL loan companies let you do this?

Unless it's a loan shark place that should not be a problem.

 

[mchammer187]

Originally posted by: austin316
Total, total finance newb question:

Can I pay MORE than my monthly payment to pay off the loan quicker? Do ALL loan companies let you do this?

Thanks!

ATOT is awesome.

I dont know if it is the norm but i know pentagon federal will

I would assume most other places would offer no early payment fees