BIGGU Posted April 26, 2017 Report Share Posted April 26, 2017 So my new car is going to be arriving soon within the next few weeks so Im needing to get finances in order. Yes I know pay for it up front with cash is the answer people are going to say but thats not what Im going to do. Anyways, Its a Toyota and Ive heard Toyota financing is not the best which is why im looking elseware vehicle is 44k, trade is 23k, planning to put down 5-10k extra on it so the loan will end up being 10-17k. I am also planning on paying double the payments to pay it off early. Who is the best financial institution right now for loans on new cars? I was going to look at Telhio and Chase. I saw some one mentioned PenFed but I dont think I qualify since i'm local government. Quote Link to comment Share on other sites More sharing options...
BStowers023 Posted April 26, 2017 Report Share Posted April 26, 2017 I've had good luck with Credit Unions but those were for used. I think I remember Chase having a pretty good interest rate assuming you have good credit Quote Link to comment Share on other sites More sharing options...
o0n8 Posted April 26, 2017 Report Share Posted April 26, 2017 I've had the best luck through Telhio for rates, no penalties for paying off early. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted April 26, 2017 Report Share Posted April 26, 2017 I got a loan for the V through Bank of America...I do work with them, but it still was the best market rate out there. If you want me to put a phone number down in our referral system, someone will contact you directly for a rate quote. Can't hurt. Quote Link to comment Share on other sites More sharing options...
BIGGU Posted April 26, 2017 Author Report Share Posted April 26, 2017 Clay Im not sure If I want to look into BoA just due to the fact of security. I had a credit card with them back in the day and when I went to setup the online account I was shocked how insecure it made my password be. couldn't be longer than 8 characters, uppercase and a number. I canceled that card immediately after seeing that. Quote Link to comment Share on other sites More sharing options...
Robochan Posted April 26, 2017 Report Share Posted April 26, 2017 (edited) Edit: US Bank beat the honda credit union which is a shocker. Edited April 26, 2017 by Robochan Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted April 26, 2017 Report Share Posted April 26, 2017 I don't think you have to be anything special for PenFed? I financed with them before and I don't and have never worked for the gov, military, ect. Nothing even close. If you just need "referred" I'd be happy to. You just set up a savings account and put $5 in it. They'll basically cut you a check at your discretion Our most recent note is also with BoA. They were lowest at the time Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted April 26, 2017 Report Share Posted April 26, 2017 Wells Fargo always had good rates but there's always the moral dilemma with them. PNC is a great lender from personal experience. FWIW, it's better to keep the down payment money in your pocket. If you can get a loan for 2%, and you're able to invest your money at 3%, why not keep the cash in an investment rather than dump it into a rapidly depreciating asset? You'll have the cash to cover the difference between payoff and claim payout in the event of a total loss accident, make your money work for you. I actually just had this conversation with a friend of mine who is an RIA. 4 years ago he bought $2500 worth of furniture and financed it at 0% for 48 months instead of taking a 10% up-front discount. He invested that $2500 and just made his last payment yesterday on the furniture. Total investment return? $2400. Obviously he was not taking his payments out of that investment account, but he did it as an opportunity to show what good investing can do. Quote Link to comment Share on other sites More sharing options...
Flybye Posted April 26, 2017 Report Share Posted April 26, 2017 Rates aren't the best right now and haven't been since the election. But Telhio, USbank and Huntington seem to be the best right now. Aside from smaller credit unions. The best outside financing I've seen recently is Pen Fed. Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 26, 2017 Report Share Posted April 26, 2017 I got a loan for the V through Bank of America...I do work with them, but it still was the best market rate out there. If you want me to put a phone number down in our referral system, someone will contact you directly for a rate quote. Can't hurt. I don't work for them....in fact I work for a rival bank and I went with them because their rates are really hard to beat. Right now they seem to be in the middle, but they tend to run mid summer and end of year specials and if you have good credit you can sometimes pull those rates out of season. I think I saw something about penfed offering 1.49% right now on new car purchases which is a full 1/2% lower than anybody else I see in the marketplace. Clay Im not sure If I want to look into BoA just due to the fact of security. I had a credit card with them back in the day and when I went to setup the online account I was shocked how insecure it made my password be. couldn't be longer than 8 characters, uppercase and a number. I canceled that card immediately after seeing that. From an customer perspective, their security is much better than that. Actually the whole banking industry is getting a lot better about this in general, mostly because of the many, many, many government actions against the collective banks specifically addressing this. I can honestly say pre-2013 is a different world security and customer service wise. Quote Link to comment Share on other sites More sharing options...
BIGGU Posted April 26, 2017 Author Report Share Posted April 26, 2017 I will check out PenFed 1.49 would be awesome. I used to work in IT at a small community bank so I am aware of how the security works for banks. My credit is excellent so we shall see what I can get. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 26, 2017 Report Share Posted April 26, 2017 I will check out PenFed 1.49 would be awesome. I used to work in IT at a small community bank so I am aware of how the security works for banks. My credit is excellent so we shall see what I can get. I just did a quick check for them and on new vehicles the 1.49% rate was on a 36 month loan, 1.99% on 48month, and 2.49% on 60 month. Still low. Based on your plan you may be able to pull off the 36month loan. Quote Link to comment Share on other sites More sharing options...
RC K9 Posted April 26, 2017 Report Share Posted April 26, 2017 I usually have GL with credit unions, and capital one gave me a good rate back in 2015 when I bought the wife's Escape. Capitol one gave me 1.94%, then I got a follow up offer a couple months later from a credit union I have used for 2.05%. Quote Link to comment Share on other sites More sharing options...
Farkas Posted April 26, 2017 Report Share Posted April 26, 2017 Last one I had I was given the best rate through Telhio, but that was last year for a short while. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted April 26, 2017 Report Share Posted April 26, 2017 I've never had a problem with Capital One Auto Loans. I got a good rate on my 12k fixed rate loan. Worth checking out IMO. Their website and app are really easy to use when making payments and you can live chat with someone which I have used a few times. Quote Link to comment Share on other sites More sharing options...
Flybye Posted April 26, 2017 Report Share Posted April 26, 2017 Anyone comparing rates they had pre election is not helping you. There are less banks that didn't bump the rates than ones that did. I'd suggest Telhio for ease of use and access to accounts. Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 26, 2017 Report Share Posted April 26, 2017 Kemba credit union has always done well on auto loans. Worth checking into. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted April 26, 2017 Report Share Posted April 26, 2017 we've used Wells Fargo. Did the loan on the Audi vs buy simply because they had < 2% rate back when I got it. Hopefully they are still stupid low. Will depend on length of loan and your credit score. Look forward to seeing it. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 26, 2017 Report Share Posted April 26, 2017 so, what's the new car? Quote Link to comment Share on other sites More sharing options...
RyM3rC Posted April 26, 2017 Report Share Posted April 26, 2017 I can confirm you don't need to be special to join penfed, anyone can- they have instructions on their site. Pre-election non-helpful advise warning: BMI had SLIGHTLY better rates than penfed for auto loans last one I did 8 months ago. Don't remember what it was, like .125% better or something Quote Link to comment Share on other sites More sharing options...
87GT Posted April 26, 2017 Report Share Posted April 26, 2017 Penfed is the best for auto loans. Super easy to pay as well online or using their phone app. No penalty for paying off early. I've used them for multiple cars. Quote Link to comment Share on other sites More sharing options...
street pilot Posted April 26, 2017 Report Share Posted April 26, 2017 BMI Credit Union is good to me. They'll give you $250 if you move your loan to them, $50 if they can't beat your current rate. Use my referral and we both get $50. https://www.bmifcu.org/auto_loans.html Quote Link to comment Share on other sites More sharing options...
Shmaa Posted April 27, 2017 Report Share Posted April 27, 2017 Lightstream is a good option https://www.lightstream.com/new-auto-loans If you have excellent credit they will issue an unsecured loan at their lowest rate so no lien on the title. Quote Link to comment Share on other sites More sharing options...
Suprafiedd Posted April 27, 2017 Report Share Posted April 27, 2017 Credit union all the way. Penfed and Abbey CU member here. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted April 27, 2017 Report Share Posted April 27, 2017 BMI Credit Union is good to me. They'll give you $250 if you move your loan to them, $50 if they can't beat your current rate. Use my referral and we both get $50. https://www.bmifcu.org/auto_loans.html I may have to do this. I'm fine with the 2.99 for 60 we picked up with BoA in February, and it looks like that is BMIs going used car rate too. Sounds like they'd have to beat it by a miniscule amount or owe me $50? Plus another $300 total for switching and the referral? Sounds very enticing. I guess I just wonder any implications with credit scores ect by closing and adding an account. Credit is excellent and want it to stay that way lol Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.