Financing a BRZ.

[shirker]

If your credit history is solid enough that you can open a PenFed credit union account, go through their new car buying service. It's how I got my 0.74% financing on a 48 month term. My total interest payment ends up being just shy of $400 by the end.

[Decko]

Dang lots of very informational posts in here! Thanks a lot everyone, I really appreciate it!

[CollazoDSM]

Originally Posted by HiXxY

great post tacos

+1

[TRD_07]

I purchased my frs last year and got my financing with my dealership at 3.5% for 48months and my credit score then was a 730+. My question is, could I sign up with Penfed or someone else and still refinance my car for a lower interest rate?

[Jaylyons1]

It's better to have your own financing when you go in so you have an idea of what to pay. The dealers will sometimes be able to beat the rates you get and sometimes they won't. Just make sure you don't fall prey to any of their "special offers." Extended warranties are overpriced. GAP is not smart either. If you need GAP than you can't afford the car in the first place.

I'm not sure what kind of credit you have, but if I don't get a rate under 1%, I walk.

[AznBRZer]

Originally Posted by TRD_07

I purchased my frs last year and got my financing with my dealership at 3.5% for 48months and my credit score then was a 730+. My question is, could I sign up with Penfed or someone else and still refinance my car for a lower interest rate?

You'll have to do the math to see if it's worth it. 3.5% is a bit on the high-side for 730+ though.

[2013GTRNate]

I went through my credit union and got a sweet deal. 72 months for .99% for both the 2014 Forester and 2014 BRZ. I am very happy with that rate and excited to get my cars.

[Trigonx]

Now I feel like I got shafted a little bit, the dealer got me a 2.8% APR with a credit score of 815. I feel like I could have gotten a much better rate.

[infinite012]

I've been using PenFed and got 1.9% on my last 2 car purchases. Good/better deals can be had, just depends on your credit worthiness.

[nelio2k]

I feel your pain. I think I've learned my lesson though. Patience is a virtue. I was too excited to pen the deal that I didn't bother to check other places and accepted their 2.9% for 36 months.

Guess I'll just try to pay it off earlier.

[caradd]

Originally Posted by tacoss23

Don't ever walk in a dealership with the intention of buying without having the finance part taken car of, you give the dealership the upper hand, and most of them are experts in creating a situation where you end up "thankful" to them the deal went through, they use techniques like making you wait at the finance office with clear windows, while you watch everyone walk out to their new cars, even worst, in front of the car you just test drove, etc. Some of them will actually make you feel worst about your credit score, telling you is going to be hard to get you the financing, but they will pull strings around to help you out, etc.
Good luck!

For the most part good advice, however I've gotten better rate through the dealer on several cars. 1.9% on a 60 mo. with a BMW and 1.9% my current GTI.

The BMW dealer was offering 2.9% on the 335i I wanted I asked for 1.9% and they gave it to me.

One should definitely know the going rate both from local banks, credit unions as well as the manufacture before entering the dealer.

[TRD_07]

Originally Posted by AznBRZer

You'll have to do the math to see if it's worth it. 3.5% is a bit on the high-side for 730+ though.

That's what I thought too for a 730+. It was financed with Scion. I'll have to do some looking and see if it'll be something of convenience to re finance.

[tacoss23]

Originally Posted by Trigonx

Now I feel like I got shafted a little bit, the dealer got me a 2.8% APR with a credit score of 815. I feel like I could have gotten a much better rate.

Holycrap, yes you did. With 815 score credit unions will pay you interest instead.

Just to give you an idea, my BMW 328i was at 1.89% and not through some special financing offer. That was when I just got out of college 3 years ago, and had like 680 or so.

My recent '13 accord was at 1.9% too, with 714. My gf got her XV crosstek last year for 3.1 % with mid 600s and me co-signing.

So yeah, 2.8% for 815 is not "horrible deal" but sure as hell you can have a line of banks ready to do it for less.

Unless of course you have something along the lines of 3 car loans and mortgage already, that's the only possibility I see going at that rate.

[Sbeezy]

Originally Posted by 2013GTRNate

I went through my credit union and got a sweet deal. 72 months for .99% for both the 2014 Forester and 2014 BRZ. I am very happy with that rate and excited to get my cars.

I wanna be like you lol!