Best financing deals
5/12/10, 11:53 PM
#22
To follow up on my BofA loan...
So I fill it out and get an instant quote of like 5.15%
Then Kathy from BofA calls and wants to confirm my app and says I'm all approved for 4.6%.
So I figure this is gettng better, I'll see if I can't get a better number. So after informing her what I've seen here and that that number was not their lowest offer, I managed to get a final rate of 3.85% which beats the crap out of everything else I've seem locally. The local credit union was at 5.75%.
So it looks like that is what I'll go with. I'm not sure of my credit scores as they've always been high, but the past couple of years I've been paying auto loans off way early and shutting down my credit cards too.
So I fill it out and get an instant quote of like 5.15%
Then Kathy from BofA calls and wants to confirm my app and says I'm all approved for 4.6%.
So I figure this is gettng better, I'll see if I can't get a better number. So after informing her what I've seen here and that that number was not their lowest offer, I managed to get a final rate of 3.85% which beats the crap out of everything else I've seem locally. The local credit union was at 5.75%.
So it looks like that is what I'll go with. I'm not sure of my credit scores as they've always been high, but the past couple of years I've been paying auto loans off way early and shutting down my credit cards too.
5/12/10, 11:56 PM
#23
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To follow up on my BofA loan...
So I fill it out and get an instant quote of like 5.15%
Then Kathy from BofA calls and wants to confirm my app and says I'm all approved for 4.6%.
So I figure this is gettng better, I'll see if I can't get a better number. So after informing her what I've seen here and that that number was not their lowest offer, I managed to get a final rate of 3.85% which beats the crap out of everything else I've seem locally. The local credit union was at 5.75%.
So it looks like that is what I'll go with. I'm not sure of my credit scores as they've always been high, but the past couple of years I've been paying auto loans off way early and shutting down my credit cards too.
So I fill it out and get an instant quote of like 5.15%
Then Kathy from BofA calls and wants to confirm my app and says I'm all approved for 4.6%.
So I figure this is gettng better, I'll see if I can't get a better number. So after informing her what I've seen here and that that number was not their lowest offer, I managed to get a final rate of 3.85% which beats the crap out of everything else I've seem locally. The local credit union was at 5.75%.
So it looks like that is what I'll go with. I'm not sure of my credit scores as they've always been high, but the past couple of years I've been paying auto loans off way early and shutting down my credit cards too.
5/13/10, 12:00 AM
#24
5/13/10, 12:04 AM
#25
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Used to be 700's were great scores. Now it seems they want 800's for the best.
Some CU's are better than others. But they are usually more flexible and look at your whole portfolio rather than just your score.
Auto Loans
as low as 3.50%APY
*APR= Annual Percentage Rate for model year 2007 and newer and assumes auto pay relationship. Your actual rate may be higher. Your rate may vary based on term, and credit worthiness. Rate subject to change. Refinances apply only to non-SOFCU loans.
Some CU's are better than others. But they are usually more flexible and look at your whole portfolio rather than just your score.
Auto Loans
as low as 3.50%APY
*APR= Annual Percentage Rate for model year 2007 and newer and assumes auto pay relationship. Your actual rate may be higher. Your rate may vary based on term, and credit worthiness. Rate subject to change. Refinances apply only to non-SOFCU loans.
Last edited by cdynaco; 5/13/10 at 09:36 AM.
5/13/10, 02:09 AM
#27
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5/13/10, 02:12 AM
#28
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All depends. If I finance at a rate greater than 0%, I put money down. At 0%, WHY put ANYTHING down? You're just losing money. Even if your savings account earns 1%, that's money you'll make vice money you won't. So that's the "payment dilemma". 0% = high payment and any loan = lower payment but higher cost. Over 60 months, a 3.18% loan on $27.5k will cost about $1800 in finance charges -- or an extra $30/month for 60 months.
5/13/10, 03:52 AM
#29
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36 Months @ 0% Interest and they pay you $500 to take it. What's wrong with that?
I put down $1250 of Ford's Money ($500 FMCC Bonus Cash + $750 Private Offer-Brochure Rebate).
Dealer cut me a check for $17,500 for my 2007 GT Deluxe and the $500 Deposit I paid when i ordered it.
I put down $1250 of Ford's Money ($500 FMCC Bonus Cash + $750 Private Offer-Brochure Rebate).
Dealer cut me a check for $17,500 for my 2007 GT Deluxe and the $500 Deposit I paid when i ordered it.
5/13/10, 06:26 AM
#30
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36 Months @ 0% Interest and they pay you $500 to take it. What's wrong with that?
I put down $1250 of Ford's Money ($500 FMCC Bonus Cash + $750 Private Offer-Brochure Rebate).
Dealer cut me a check for $17,500 for my 2007 GT Deluxe and the $500 Deposit I paid when i ordered it.
I put down $1250 of Ford's Money ($500 FMCC Bonus Cash + $750 Private Offer-Brochure Rebate).
Dealer cut me a check for $17,500 for my 2007 GT Deluxe and the $500 Deposit I paid when i ordered it.
5/13/10, 06:39 AM
#31
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Is this $500 bonus cash just for certain area's? I do not see this offered when i put my zip in on Fords site. Just the financing offers or if you are military or police.
5/13/10, 06:46 AM
#32
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I think I saw it on Edmunds and AOL Autos and maybe MSN autos but it was a while ago. I wrote it off as "not eligible, ignore."
5/13/10, 08:19 AM
#33
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B@stards. I just talked to BofA and there's a $200 loan processing fee. It factors into the APR (3.18) because the actual loan rate is 2.89 (pretty good.) But why play games?
I asked if I could pay it up front vice financing it into the loan. She said, "No, that's why it's 3.18% instead of 2.89%."
What burns me is that they didn't disclose that on the web site at all. Instead, you had to feed them all of your information and then call them.
Oh well, had to know. Even more likely to go with 0%.
I asked if I could pay it up front vice financing it into the loan. She said, "No, that's why it's 3.18% instead of 2.89%."
What burns me is that they didn't disclose that on the web site at all. Instead, you had to feed them all of your information and then call them.
Oh well, had to know. Even more likely to go with 0%.
5/13/10, 08:29 AM
#34
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That is another great piece of information. A few related questions:
1) how do you know if a dealer is one of their partners?
2) do you have to apply through the dealer for them to waive the fee?
3) do the dealers bump up the rate when you apply through them, compared to what you would get if you applied by yourself on the BofA web page?
thanks!
1) how do you know if a dealer is one of their partners?
2) do you have to apply through the dealer for them to waive the fee?
3) do the dealers bump up the rate when you apply through them, compared to what you would get if you applied by yourself on the BofA web page?
thanks!
Last edited by Bert; 5/13/10 at 08:30 AM. Reason: another question
5/13/10, 08:43 AM
#35
That is another great piece of information. A few related questions:
1) how do you know if a dealer is one of their partners?
2) do you have to apply through the dealer for them to waive the fee?
3) do the dealers bump up the rate when you apply through them, compared to what you would get if you applied by yourself on the BofA web page?
thanks!
1) how do you know if a dealer is one of their partners?
2) do you have to apply through the dealer for them to waive the fee?
3) do the dealers bump up the rate when you apply through them, compared to what you would get if you applied by yourself on the BofA web page?
thanks!
http://www.bankofamerica.com/vehicle...TextLink&type=
I applied online and was informed by phone of the fee waiver.
They send you an email with a link to log in and get your letter to take to the dealer. The authirized dealer then just makes the arrangements. The rate is clearly printed on the letter.
5/13/10, 09:29 AM
#36
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Go to the BofA website and click on auto loans, submit you state location, and then on the right hand side of the page you will se a dealer locator. This list will tell you if you're dealer is on their list . . . . They send you an email with a link to log in and get your letter to take to the dealer. The authirized dealer then just makes the arrangements. The rate is clearly printed on the letter.
I'd ask the people at BofA, but they don't answer questions!
Last edited by Bert; 5/13/10 at 09:30 AM. Reason: typo
5/13/10, 09:31 AM
#37
I'm sorry I can't answer that. When it asked for the VIN number and finance amount I gave it to them. I wish I could help further.
5/13/10, 06:33 PM
#39
Well. I didn't go with the BofA loan. Not because it wasn't good, but because the dealer magically beat the rate by .05% with Captial One. 3.8%. It never fails. If I had walked in with an approved loan for 5.9% they would have magically beat that by a tenth or two. It seems to happen that way every time, unless its a 0% thing. They can't seem to beat those loans. 
Last edited by 2k7gtcs; 5/13/10 at 08:53 PM.
5/13/10, 08:35 PM
#40
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More on BofA.
If you "sign their contract" the $200 is theirs even if you never cash the check. So let's say you arrange their financing through a dealer not in their "network" or whatever they call it and then you decide to change financing because the dealer does one better. You're out $200 just like that.
I hate banks. But that rate is hard to pass up. I think I might go the 0% route and check the dealer for "beat BofA rates" and then either sign a promissory note while I get the money secured or just leave it at 0%.
If you "sign their contract" the $200 is theirs even if you never cash the check. So let's say you arrange their financing through a dealer not in their "network" or whatever they call it and then you decide to change financing because the dealer does one better. You're out $200 just like that.
I hate banks. But that rate is hard to pass up. I think I might go the 0% route and check the dealer for "beat BofA rates" and then either sign a promissory note while I get the money secured or just leave it at 0%.
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