where to find decent apr rates for cars...?

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lancestorm

Platinum Member
Oct 7, 2003
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I have a 2003 VW that I think I would like to refinance with another lender/bank to get a better APR. I owe approximately $14,700 on the vehicle with 40 months of payments remaining (out of 60). I am unsure of my current APR, but think it is above 5%. I live in Cincinnati, Ohio area if that makes a difference.

What are some good lenders to look at?
 
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Wolverine27

Platinum Member
Dec 7, 2000
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Originally posted by: lancestorm
I have a 2003 VW that I think I would like to refinance with another lender/bank to get a better APR. I owe approximately $14,700 on the vehicle with 40 months of payments remaining (out of 60). I am unsure of my current APR, but think it is above 5%. I live in Cincinnati, Ohio area if that makes a difference.

What are some good lenders to look at?
Click to expand...

You should find out what your exact rate is. I think 4.75% to about 5.25% is about the going rate for auto refinances...unless you can get a better rate through a credit union.
 
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Thegonagle

Diamond Member
Jun 8, 2000
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If there are no manufacturer financing deals available (almost always the best possible deal), then it's on to the credit union, baby!

EDIT: Oh, it was a new car, but it's now a used car being refinanced. . . Definitely a credit union then. (Almost everyone has a credit union or two that they're allowed to join these days. Credit unions are seeing the unprecedented consolidation in the banking industry and the subsequent decrease in the quality of service with higher average fees as a great opportunity, so many credit unions are loosening their membership qualifications.)
 
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lancestorm

Platinum Member
Oct 7, 2003
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OK, I'll check with local bank and also my home mortgage lender for what they have. Just don't want to spend more money than I have to you know?
 
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RagingBITCH

Lifer
Sep 27, 2003
17,618
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Originally posted by: Thegonagle
If there are no manufacturer financing deals available (almost always the best possible deal), then it's on to the credit union, baby!
Click to expand...

The manufacturer only offers the best financing to those who qualify. (good credit) I'd be willing to bet that's less than 20% of all new car buyers. A lot of people would have better APR going through a 3rd party lender (Capital One Auto Finance) or a credit union.

99% of the time the sales manager isn't going to tell you the best APR you qualify for off the bat because they make moolah in financing. They could cut you a "fat" deal on your car, but make it up by screwing you on the APR. The jackass who I dealt with said I qualified for 18% APR off the bat, then 9.9% APR. I basically said screw you buddy, my credit is more than good enough for the 1.9% Honda was offering on 04 Accords. 10 minutes later he came back with 1.9% APR on my contract.
 
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