Credit unions typically have good rates. Check with your bank too.
http://www.bankrate.com/brm/rate/auto_home.asp
Looking for a good source to get an auto loan as I'm selling my RX-8 to buy something else and will need a little bit of a loan on top. I applied and got approved for a Capital One blank check loan a few years ago but never used it. It seemed to be pretty easy but I checked their website and their person to person loan rate is over 9% right now which is ridiculous. Anyone know of any local banks/credit unions or websites offering good rates 5-7% etc? I have pretty good credit as well.
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Credit unions typically have good rates. Check with your bank too.
http://www.bankrate.com/brm/rate/auto_home.asp
I have financed a couple cars in the past through SAFE Credit Union. They are in California, but they were willing to Finance Our Murano after we moved to Texas. That was less than 3 years ago, and they quoted me 3.9 %. The dealer managed to beat it, so I didn't use it that time, but I did use them twice when I was back in CA.
Also, IIRC, the key to getting the best rate is 1) Car no more than 3 years old, 2) at least 20% down, and 3) 700 or better credit score. As you leave those parameters, the rate starts going up.
Did you sell the 8? What's next?
VW Bug in running shoes
M Porcupine sedan
M Porcupine coupe
Crusty old e46 beater
Battery Powered appliance car
Joseph,
Depending on how long/how much you're going to finance, you'd be surprised just how little the interest rate matters.
I used a Capital One "Blank Check" loan to buy the RX-8 last fall. I financed roughly 40% of the purchase price, and I did it on a 30 month note (the shortest term Capital One offered). In my particular case, the difference between 9% and 6% was less than $10 a month.
We'll have the note paid off by the 20th month, and awhile back I did the math on the additional interest we'll pay over the life of the loan at 9% versus 6%. It came out to roughly $150, which to me is peanuts when you're talking about a $20k+ purchase.
My credit score is a little better than average as well (), but in my case I felt that Capital One was the best option even with a higher relative interest rate. I bought the car in Kansas from a guy who lived in Massachusetts (where the car was registered). Most banks and credit unions are going to want to have the title in hand before they issue a check to the seller, which can be a problem if you want to buy a vehicle out of state or somewhere not close to a bank branch location. I used Capital One because it gave me the flexibility to buy whatever car I wanted, wherever I wanted, whenever I wanted.
Iain
"We don't stop playing because we grow old, we grow old because we stop playing." - George Bernard Shaw
VW Bug in running shoes
M Porcupine sedan
M Porcupine coupe
Crusty old e46 beater
Battery Powered appliance car
I got a good rate with Texans CU on my motorcycle loan.
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1966 Toyota Land Cruiser FJ40. Restification in progress. or should I say De-RUSTification in progress?
1984 Honda VF1100S. V4 Fury!
USAA is great if you can afford it. I've also used Thrivent Financial in the past.
Chris
I used the Capital One blank check on the S2000.
I like it.
Black 2002 Honda S2000
Black 1992 Euro spec BMW 735iL
Black 2003 Honda CBR 600 RR
USAA is for military and their families.
You could also check out Thrivent Financial, they are at 6.99 for a new loan.
Chris
I'm trying to get 6% or better. Guaranty sounded good except you can only buy a car from TX or CA which kind of ruins it for me.
VW Bug in running shoes
M Porcupine sedan
M Porcupine coupe
Crusty old e46 beater
Battery Powered appliance car
Gmac
If you are not living on the edge ...
you're taking up too much space!
I dont know if I am to late to the party here but I have financed 3 cars through Credit Union of Texas.
They have also handled 1 out of state purchase.
My E36 M3 I got 5.85% for 24-60 Months, I picked 36. This was in September 2007.
My wifes PT Cruiser we refied once we got married and we dropped her 9.5% rate to 5.95% for 24 months in June 2007.
Only stipulations are that you live in the Dallas area and you have a savings accounty open ($5 Balance). Above rates are with the ACH discount.