Whats the best place to look for good rate on a car loan?

[kevman]

I prefer to never finance through the dealer when purchasing a car, was wondering where you folks have found good rates on financing.

 

[ponyo]

penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

 

[Dr. Detroit]

My local credit unions are ranging from 4.5 - 4.79% all provided you have decent enough credit.

I would plan on doing some internet research on your local credit unions and then applying for a loan.

 

[franksta]

We financed my wife's car through the dealer at 1.9%

 

[DeviousTrap]

What cars are you looking at? Most brands are offering insanely low financing rates on new cars because new car sales are slow right now. Most credit unions won't be able to beat the 0-2.9% rates that some car makers are offering and if the car you're looking at qualifies for one of those rates there's really no reason not to set up the financing through the dealer.

 

[yelo333]

Originally posted by: DeviousTrap
What cars are you looking at? Most brands are offering insanely low financing rates on new cars because new car sales are slow right now. Most credit unions won't be able to beat the 0-2.9% rates that some car makers are offering and if the car you're looking at qualifies for one of those rates there's really no reason not to set up the financing through the dealer.

You probably already know this already, but It's also best to wait until after you've got the bargaining done on the price before discussing financing. You don't want them tricking you with a good rate but a higher price on the car. It also doesn't hurt to check the credit unions and such beforehand, just to make sure the rate they give you isn't too high.

Edit:clarification

 

[evident]

capitol one auto finance

 

[DeviousTrap]

Originally posted by: yelo333

Originally posted by: DeviousTrap
What cars are you looking at? Most brands are offering insanely low financing rates on new cars because new car sales are slow right now. Most credit unions won't be able to beat the 0-2.9% rates that some car makers are offering and if the car you're looking at qualifies for one of those rates there's really no reason not to set up the financing through the dealer.

You probably already know this already, but It's also best to wait until after you've got the bargaining done on the price before discussing financing. You don't want them tricking you with a good rate but a higher price on the car. It also doesn't hurt to check the credit unions and such beforehand, just to make sure the rate they give you isn't too high.

Edit:clarification

Yup, and also be sure to check the fine print on the financing offer. In some cases they give you an option of money taken off of the price of the car, or the low interest financing and in that case it might make more sense to take the money and finance elsewhere.

 

[evident]

Originally posted by: DeviousTrap

Originally posted by: yelo333

Originally posted by: DeviousTrap
What cars are you looking at? Most brands are offering insanely low financing rates on new cars because new car sales are slow right now. Most credit unions won't be able to beat the 0-2.9% rates that some car makers are offering and if the car you're looking at qualifies for one of those rates there's really no reason not to set up the financing through the dealer.

You probably already know this already, but It's also best to wait until after you've got the bargaining done on the price before discussing financing. You don't want them tricking you with a good rate but a higher price on the car. It also doesn't hurt to check the credit unions and such beforehand, just to make sure the rate they give you isn't too high.

Edit:clarification

Yup, and also be sure to check the fine print on the financing offer. In some cases they give you an option of money taken off of the price of the car, or the low interest financing and in that case it might make more sense to take the money and finance elsewhere.

also, make sure you have alternative financing on hand before you even walk into the dealer. another tool in your belt to do battle with.

 

[Mermaidman]

OTOH, if the dealer knows that you're financing through the dealer/automaker, you might get a better price for the car because the dealer is getting some profit through the financing.

Still, as the others mentioned, it's good to be armed with alternatives.

 

[Engineer]

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

Absolutely was going to recommend this. One of the easiest loans that I have ever done. Simply apply for loan and get quick approval, receive check (doesn't have to be exact amount - they send a "range" check and you fill in the amount once you find the car) and then you fill in the VIN, etc. on the check. Paperwork done.

GREAT company to do business with...top notch customer service too.

 

[Pantoot]

Originally posted by: Engineer

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

Absolutely was going to recommend this. One of the easiest loans that I have ever done. Simply apply for loan and get quick approval, receive check (doesn't have to be exact amount - they send a "range" check and you fill in the amount once you find the car) and then you fill in the VIN, etc. on the check. Paperwork done.

GREAT company to do business with...top notch customer service too.

Agreed, I currently have my mortgage with them and have had two auto loans with them in the past. Top notch.

 

[FDF12389]

Originally posted by: Pantoot

Originally posted by: Engineer

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

Absolutely was going to recommend this. One of the easiest loans that I have ever done. Simply apply for loan and get quick approval, receive check (doesn't have to be exact amount - they send a "range" check and you fill in the amount once you find the car) and then you fill in the VIN, etc. on the check. Paperwork done.

GREAT company to do business with...top notch customer service too.

Agreed, I currently have my mortgage with them and have had two auto loans with them in the past. Top notch.

Ill have to check that out.

 

[T2urtle]

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

how does one join this union if i have nothing to do with armed forced what so ever.

 

[ponyo]

Originally posted by: T2urtle

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

how does one join this union if i have nothing to do with armed forced what so ever.

You can join National Military Family Association (NMFA) which has $20 one year fee. This will qualify you to join PenFed credit union and once you join, you don't need to renew your NMFA membership. One time fee of $20 will get you in PenFed for life. Click on "how to join" link at PenFed to get the details on how to join the CU.

 

[Engineer]

Originally posted by: Naustica

Originally posted by: T2urtle

Originally posted by: Naustica
penfed credit union.

4.25% for new cars up to 72 months
4.25% for used cars up to 60 months

how does one join this union if i have nothing to do with armed forced what so ever.

You can join National Military Family Association (NMFA) which has $20 one year fee. This will qualify you to join PenFed credit union and once you join, you don't need to renew your NMFA membership. One time fee of $20 will get you in PenFed for life. Click on "how to join" link at PenFed to get the details on how to join the CU.

Yep. Really very easy and you can deduct the $20 on your taxes, if you itemize and so choose.

:thumbsup:

 

[Bignate603]

My company's credit union is doing 3.99% car loans for new vehicles, 4.99% for used.

 

[Thump553]

I assume you don't own your home. If you do, a second mortgage (ie, equity line of credit) will allow you to deduct the interest paid-unlike a car loan-and the rates are pretty good-as good as you will get on an unsubsidized car loan. The bad part is to avoid the temptation to use your equity line as a piggy bank, always borrowing against it.

 

[shocksyde]

+1 for PenFed. I joined by joining NMFA and couldn't be happier with them!

I even applied when their offer was 4.9% and was automatically given the 4.25% rate when they lowered it. Kickass.

 

[Mermaidman]

Originally posted by: Thump553
I assume you don't own your home. If you do, a second mortgage (ie, equity line of credit) will allow you to deduct the interest paid-unlike a car loan-and the rates are pretty good-as good as you will get on an unsubsidized car loan. The bad part is to avoid the temptation to use your equity line as a piggy bank, always borrowing against it.

I thought the conventional wisdom is to avoid borrowing against the house if at all possible? I'd rather have a car repossessed than lose my home.

 

[T2urtle]

bump this thread up... long story short. i join penfed. got my loan denied but it might due to the fact of me asking for 25k for a used car and me being 22 years old. i'm considering trying again with a co-signer, current rates are 4.5% online maybe 4.9% over the phone.

are there any other places for me to look for in terms of other loans that are somewhat lower then what a dealership might offer me.