Since I'm C/U, I thought I'd ask other people on the board the how they're getting loans for their 05/06 Mustangs. I know many people just go with what the dealership offers them, but I've read it's smart to get 2 other loan offers and have the dealership match the loan. I've seen www.eloan.com and www.lendingtree.com as potential places to get loan quotes. Anyone else know of a good place to get loan quotes?

Dealers must hate the internet. We can get all the info online and make harder deals than they would otherwise have to deal with.

 

I would suggest your local credit union. I know mine has 4.9 for new cars.

 

I did the eloan routine and got a good rate, and went to the dealership with the check. I asked them if they would match, or beat the rate. They asked me what my rate was, went in the back for a few minutes, and came back with a better rate.

For me, it was a WIN-WIN scenario. I had a good rate, and then I got a better one.

 

Ask friends who they deal with ...normally a credit union has the best rates ,get at least 3 quotes and then take the lowest back to the other ones untill you get the lowest rate .
Remember rates change with how many years you want the loan for some offer 8 or more years ...the norm is about 5 years .

 

We did a home equity line of credit for our car we will be getting soon. Apparantly you get tax credit for these type of loans which is cool. So, if you have homes that have equity, you can get loans this way.

 

E-Loan will be my negotiating tool. If they can beat, more the better.

 

The only problem with home equity loans is that they can go up, depending on short term rates aka Alan Greenspan.

 

Not if you have a fixed rate option. I've been looking around myself and both my bank and mortgage company offer fixed rates.

 

Credit unions tend to have the best rates. I got 4.59%. I think there are a few threads with this information, so you might want to seaarch about it.

 

Penfed offers 4.5%.

 

Through my credit union I am getting 3.99 for 48 mo. or 4.50 for 60 mo.

 

I got a loan with my dealer because I just wanted to drive my baby off the lot. He had it in inventory and I didn't want anyone to beat me to it. His rate was 6.75 for 72 months.

I refinanced it about a month later at my local credit union for 4.20 for 66 months. Only out of pocket cost was a title transfer fee. If you're thinking of doing the same thing just make sure your first loan does not have a penalty for early pay-off.

 

Yeah but for those of us that itemize,it's a good tax writeoff!

 

I suggest the same thing. My credit union gave me 5.2 for 60 months and I have "not good" credit...

 

I ended up getting a loan through my insurance company, USAA, at a 4.39% rate last October. I got a lower rate than what Ford Credit was offering, and they also through in "gap" protection.

 

http://www.capitaloneautofinance.com/Publi...utomobiles.aspx

 

I got 3.45% for 60 months through Keesler Federal Credit Union. They mostly cater to military but I believe anyone can get a loan through them. I am only 23 years old, and my credit wasn't flawless though they said it was "A-Page". I think my becaon score was 680 or maybe a bit higher.

 

I've always gotten my loans from USAA, although you have to be a member of the military or have a family member who is.

 

Right on, purchased my last 3 vehicles that way. The best company in the world to deal with!!!!

Sean

 

A mask and a well written note do wonders at the teller's cage.