Used Car Loans

hl0m4n · 05-09-2018, 12:33 PM

any recommendations for a used car loan 60/72 month? im seeing aprs in the high 3s to 4s at the moment; tier 1 credit.

Mark M · 05-09-2018, 12:43 PM

Quote:

Originally Posted by hl0m4n

any recommendations for a used car loan 60/72 month? im seeing aprs in the high 3s to 4s at the moment; tier 1 credit.

Your local credit union? Home equity loan?

eatsleepboost · 05-09-2018, 12:46 PM

DCU. 2.75%. I have had them for years. I used to have 2.49 with them but their new lowest rate is the 2.75. Love the company so much I do all my banking through them now.

Or yea like stated above, your local credit union will have the best. Hopefully you have a DCU near you.

F80_M · 05-09-2018, 02:11 PM

Check out penfed

Never_Enough · 05-09-2018, 02:38 PM

Quote:

Originally Posted by F80_M

Check out penfed

+1

DSB335d · 05-09-2018, 03:31 PM

State Farm

RickFLM4 · 05-09-2018, 04:45 PM

AAA

EnVe46 · 05-09-2018, 05:21 PM

I use a credit union here in Florida, Suncoast, but have to Fla resident. Ive never had a APR above 2.5%, currently at 2% on this current one. Its like free money

se15679875 · 05-09-2018, 05:59 PM

Quote:

Originally Posted by EnVe46

I use a credit union here in Florida, Suncoast, but have to Fla resident. Ive never had a APR above 2.5%, currently at 2% on this current one. Its like free money

Why would a credit union give you 2%? They're hardly keeping up with inflation at that rate.

qba335i · 05-09-2018, 06:40 PM

Quote:

Originally Posted by se15679875

Quote:

Originally Posted by EnVe46

I use a credit union here in Florida, Suncoast, but have to Fla resident. Ive never had a APR above 2.5%, currently at 2% on this current one. Its like free money

Why would a credit union give you 2%? They're hardly keeping up with inflation at that rate.

What rate are they giving you on your deposit? Chase /BofA is offering 0.01%... as you see still a lot of room to make money

EnVe46 · 05-09-2018, 07:22 PM

Quote:

Originally Posted by se15679875

Quote:

Originally Posted by EnVe46

I use a credit union here in Florida, Suncoast, but have to Fla resident. Ive never had a APR above 2.5%, currently at 2% on this current one. Its like free money

Why would a credit union give you 2%? They're hardly keeping up with inflation at that rate.

I tend not to ask questions when I benefit but I also took the longest term they offered, 72 months, so I'm sure that has something to do with it.

Quote:

Originally Posted by qba335i

Quote:

Originally Posted by se15679875

They're hardly keeping up with inflation at that rate.

What rate are they giving you on your deposit? Chase /BofA is offering 0.01%... as you see still a lot of room to make money

I have no clue what they offer, I use them for car loans only. I do know it can't be worse than the bank I use for everything else, Wells Fargo.

ShopVac · 05-09-2018, 08:01 PM

My credit union was offering 2.25% on a 48 or 60 month loan. To hit that rate, you couldn't finance more than 80% of the value and you had to have a direct payment from the account. Otherwise it was 3%

I've been noticing a trend upwards over the last couple years. In 2014 through 2016...1.5 to 1.9% was not unheard of.

ASAP · 05-09-2018, 08:01 PM

I have 2.9% for 72 mos with a smaller Florida CU and honestly, I still think thats high given my credit score and the loan amount.

BayE30 · 05-09-2018, 08:56 PM

You guys have great rates in your states. In CA the best % CU are offering is 3.1% on used cars. I just got a loan for my current m3 2 weeks ago, and my credit is fking awesome.

Gesler · 05-09-2018, 10:33 PM

LightStream

se15679875 · 05-10-2018, 12:10 AM

Quote:

Originally Posted by EnVe46

I tend not to ask questions when I benefit but I also took the longest term they offered, 72 months, so I'm sure that has something to do with it.

I have no clue what they offer, I use them for car loans only. I do know it can't be worse than the bank I use for everything else, Wells Fargo.

I've never financed a car before but with rates as low as 2% I'd consider it. I've never been offered anything under 3.5% before.

EV0LVE · 05-10-2018, 12:44 AM

Quote:

Originally Posted by se15679875

Quote:

Originally Posted by EnVe46

I tend not to ask questions when I benefit but I also took the longest term they offered, 72 months, so I'm sure that has something to do with it.

I have no clue what they offer, I use them for car loans only. I do know it can't be worse than the bank I use for everything else, Wells Fargo.

I've never financed a car before but with rates as low as 2% I'd consider it. I've never been offered anything under 3.5% before.

That's probably because you've never financed a car. They don't have much of a reference in terms you paying off car. Unless you've already paid off a mortgage...

se15679875 · 05-10-2018, 12:58 AM

Quote:

Originally Posted by EV0LVE

That's probably because you've never financed a car. They don't have much of a reference in terms you paying off car. Unless you've already paid off a mortgage...

I don't understand why a lack of past car debt should be relevant, though. I've had credit cards for many years (paid off in full every month) and I have mortgage debt, so my credit score is fine (more than fine, it's near maximum at this point at 835-845 last I checked).

The mere fact that I can write a check for a car I'm trying to finance should be evidence enough that surely I'd be able to make payments on it. Why doesn't income and net worth trump history of car debt?

StuP · 05-10-2018, 04:38 AM

I've seen 1.9 recently, but I've never financed a car, wouldn't start now.

qba335i · 05-10-2018, 10:23 AM

Quote:

Originally Posted by se15679875

Quote:

Originally Posted by EV0LVE

That's probably because you've never financed a car. They don't have much of a reference in terms you paying off car. Unless you've already paid off a mortgage...

I don't understand why a lack of past car debt should be relevant, though. I've had credit cards for many years (paid off in full every month) and I have mortgage debt, so my credit score is fine (more than fine, it's near maximum at this point at 835-845 last I checked).

The mere fact that I can write a check for a car I'm trying to finance should be evidence enough that surely I'd be able to make payments on it. Why doesn't income and net worth trump history of car debt?

Revolving vs installment credit. Both have impact on your credit score. If you have over 750 it does not really matter how you achieved it as you will get the best rates.

qba335i · 05-10-2018, 10:27 AM

Quote:

Originally Posted by StuP

I've seen 1.9 recently, but I've never financed a car, wouldn't start now.

It's a personal preference. At rates so low it makes sense to finance, especially if you earn more on your investment than you pay in finance charges.

On the other hand, some people just don't want to deal with monthly car payments so a few extra dollars is not worth it for them.

Rokoz · 05-10-2018, 10:33 AM

My local credit union offers rates lower than 3 percent on terms that long. I'd check some credit unions out

05-09-2018, 12:33 PM	#1
hl0m4n Major General 2,448 REP 5,627 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	Used Car Loans any recommendations for a used car loan 60/72 month? im seeing aprs in the high 3s to 4s at the moment; tier 1 credit. __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6 Last edited by hl0m4n; 05-13-2018 at 09:44 PM..
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05-09-2018, 12:46 PM	#3
eatsleepboost Captain 422 REP 656 Posts Drives: Evo Join Date: Aug 2017 Location: Boston iTrader: (1)	DCU. 2.75%. I have had them for years. I used to have 2.49 with them but their new lowest rate is the 2.75. Love the company so much I do all my banking through them now. Or yea like stated above, your local credit union will have the best. Hopefully you have a DCU near you.
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05-09-2018, 02:11 PM	#4
F80_M Banned 815 REP 2,494 Posts Drives: 1/1 PSM F80, F36, G11 Join Date: Jan 2012 Location: Orlando iTrader: (2)	Check out penfed
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05-09-2018, 03:31 PM	#6
DSB335d Captain 1,320 REP 700 Posts Drives: '11 335d DSB/oyster&black/navi Join Date: Dec 2011 Location: West palm beach iTrader: (0)	State Farm
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05-09-2018, 04:45 PM	#7
RickFLM4 Brigadier General 12,091 REP 4,884 Posts Drives: M4 Join Date: Jul 2015 Location: PB County, FL iTrader: (0)	AAA __________________ Current: 2018 SO/SS F83 ZCP Gone: 2015 SO/SO F82
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05-09-2018, 05:21 PM	#8
EnVe46 Major 1,048 REP 1,216 Posts Drives: 11 E90 M3 LeMansBlue Join Date: Nov 2011 Location: Fort Lauderdale, Fl iTrader: (1)	I use a credit union here in Florida, Suncoast, but have to Fla resident. Ive never had a APR above 2.5%, currently at 2% on this current one. Its like free money __________________ 2011.5 E90 M3 LeMans Blue
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05-09-2018, 08:01 PM	#12
ShopVac Not willing to take advice 4,756 REP 1,581 Posts Drives: F82 M4 - 6MT Join Date: May 2010 Location: PA iTrader: (1) Garage List 2014 Porsche 981 Bo ... [10.00] 2018 BMW M4 [9.87] 2023 Genesis GV70 [8.25] 2014 Audi S4 [8.25]	My credit union was offering 2.25% on a 48 or 60 month loan. To hit that rate, you couldn't finance more than 80% of the value and you had to have a direct payment from the account. Otherwise it was 3% I've been noticing a trend upwards over the last couple years. In 2014 through 2016...1.5 to 1.9% was not unheard of.
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05-09-2018, 08:01 PM	#13
ASAP Major General 11,358 REP 9,306 Posts Drives: '23 X3 M40i Join Date: Sep 2012 Location: FL iTrader: (0)	I have 2.9% for 72 mos with a smaller Florida CU and honestly, I still think thats high given my credit score and the loan amount.
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05-09-2018, 08:56 PM	#14
BayE30 Lieutenant Colonel 1,347 REP 1,882 Posts Drives: 2011.75 E90 M3 ZCP Join Date: Jul 2014 Location: San Francisco iTrader: (5)	You guys have great rates in your states. In CA the best % CU are offering is 3.1% on used cars. I just got a loan for my current m3 2 weeks ago, and my credit is fking awesome.
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05-09-2018, 10:33 PM	#15
Gesler First Lieutenant 136 REP 356 Posts Drives: e90 M3 Join Date: Jul 2007 Location: US iTrader: (0)	LightStream
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05-10-2018, 04:38 AM	#19
StuP Private First Class 96 REP 143 Posts Drives: 128i Join Date: May 2018 Location: Atlanta iTrader: (0)	I've seen 1.9 recently, but I've never financed a car, wouldn't start now.
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05-10-2018, 10:33 AM	#22
Rokoz Lieutenant 315 REP 517 Posts Drives: 2016 f80 M3 Join Date: Jul 2017 Location: Vermont iTrader: (0)	My local credit union offers rates lower than 3 percent on terms that long. I'd check some credit unions out
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