01-18-2021, 01:32 PM | #1 |
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Used car rates...
Featured on BIMMERPOST.com Mike (closing on house refi this weekend. 2.375 percent fixed LOL)
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01-18-2021, 01:44 PM | #2 |
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Got 2.75 for 72 months from my local credit union, but shockingly I also got offered 2.75% from Bank of America and 2.89% from Chase, both 72 months. 2019 model year car from a dealer.
A friend just got 2.49%/72 from BoA on a '16 GT3 RS from a dealer. Haven't seen rates this cheap since the early 2010's.
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01-18-2021, 02:11 PM | #3 |
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I have not spoken with BOA yet. I have my credit card with them. I'm not putting the charge on my card though LOL, although I could.
Mike
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01-18-2021, 05:47 PM | #4 | |
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01-18-2021, 06:12 PM | #5 |
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Well the weird thing was all the rates I got were lower than the advertised rates on their sites. I’m ~860 but that shouldn’t matter there I would think.
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01-18-2021, 06:15 PM | #6 |
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If you have good credit you should not have a rate higher than 2.99% in this environment. Tons of banks and credit unions offering in low to mid 2’s.
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01-18-2021, 06:33 PM | #7 | |
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Mike
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01-19-2021, 08:02 AM | #8 |
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BOA has 2.89% for used cars. Application pending.
Mike
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01-19-2021, 10:44 AM | #9 |
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Chase is very strong right now (circa 2.25 at 72) on 1-3 year old used cars but this is thru their indirect channel and with ltv's sub 100 based on nada clean, black book clean, or kbb lending values.
Another great bank right now is Wells Fargo Dealer Services with rates in the low 2's on used units but again thru indirect channels.
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2023 BMW M8 Coupe Competition Alpine White 2022 Porsche Carrera GTS Coupe Shark Blue 2020 Audi R8 V10 Performance Suzuka Gray 2012 Mercedes Benz C63 AMG Black Series Obsidian Black Last edited by Vic55; 01-19-2021 at 12:39 PM.. |
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01-21-2021, 04:47 PM | #11 |
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LMAO. BMW had the best rate.....
2.5% for financing and 1.5% if I CPO the car ($1500 charge) LOL. I'll just use BMW financing when I am ready in April. Mike
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01-22-2021, 07:24 AM | #12 |
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They do have great rates right now, I wish I could have gotten in on that, but I picked up my F90 from a non-BMW dealer
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01-22-2021, 09:18 AM | #13 | |
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Wells is doing 1.99 at 72 on tier 1 auto approvals with ltvs under 90%... but you have to use the indirect channel. Chase is at 2.09 at 72 with similar ltvs. Mid 2's at 60 months on top tier credit is basic and normal right now.
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01-22-2021, 09:21 AM | #14 | |
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Just goes to show that right now, you can find cheaper money in places you aren't expecting. So ask every bank you do business with--don't just look at rates on their site, actually call and have a conversation. Especially if you already have a relationship with the bank.
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01-22-2021, 09:33 AM | #15 | |
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So the play is when you are at the dealer to ask them what banks they have. Based on what you told me Ill fathom the buyrate was lower and the dealer made some money in reserve. Its all good, it keeps them in business and 2.75 isnt that bad at all.
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01-22-2021, 09:37 AM | #16 | |
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That felt low effort and I was annoyed they didn’t even care to try. But I didn’t have a choice, I had to close that deal one way or another. But I’m only keeping this M5 for a year or so, so the actual delta in interest paid in a year on 2.75% vs 2% is negligible. I regret nothing...except bragging rights on a 2% 6 year used auto loan hahaha |
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01-22-2021, 10:08 AM | #17 | |
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01-22-2021, 10:19 AM | #18 | |
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Direct is when yourself or end user walks into a branch of a bank or applies for a loan online via a bank, credit union, finance company, etc Indirect is when yourself or an end user allows the dealer to source the financing/lending institution. Most franchise dealers have strong access to banks like Chase Auto Finance, Wells Fargo Dealer Serivices, Ally Financial, etc that will give those dealers different and usually lower rates than what is delivered if one applies or gets a direct bank loan. These are the dealer arms of these banks and clearly they do way more loans than the direct channels do. Ally was doing over 200 thousand loans a month at one point in the indirect channel. EG: my friend applied for a bofa loan online (direct) and got a pre approval for 72 months up to 100k with an ltv of 100% or less. Instead he had the dealer source the financing (I helped push the dealer to not bump the rate) and he got BofA's indirect arm to give a lower rate thru the dealership.
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01-22-2021, 10:29 AM | #19 | |
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01-22-2021, 12:36 PM | #20 | |
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