Best financing option for used car
12-31-2018, 12:23 PM
#1
Instructor
Thread Starter
Best financing option for used car
I just thought I would ask before I checked with my local bank. Is there a preferred option that offers good interest rates for high end cars?
12-31-2018, 12:53 PM
#3
Le Mans Master
Can you get a HELOC?
12-31-2018, 12:57 PM
#4
Melting Slicks
Check out DCU (Digital Federal Credit Union). They offered the best rates around when I bought my C7 last year. It cost me $5 to become a member.
https://www.dcu.org/loans/auto-choices.html
https://www.dcu.org/loans/auto-choices.html
12-31-2018, 07:22 PM
#8
Team Owner
Member Since: Aug 2007
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St. Jude Donor '11-'12-'13, '16-'17-'18
I have NEVER found a bank that can match a credit union's rate. NEVER
12-31-2018, 08:53 PM
#10
Racer
Check this out
Agree with others credit union is best but you have to be a member. If you are buying new most dealers have 0 to 2.9 based on credit.
if used then
- Capital one auto finance is okay if you are putting down a lot on the vette. They max out at 45k
- Carmax has in house financing if you are buying used I recommend them
this one has your name on it:
https://www.carmax.com/car/16587928
01-01-2019, 11:29 AM
#11
Safety Car
Member Since: Dec 2009
Location: Oro Valley Arizona
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Something Borrowed
So why not board the CU train? Most everyone lives close to a Credit Union. Joining is usually as easy as opening a savings account for a hundred bucks i.e. With a little patience and some dickering, I think they will have consistently the lowest rates. And don't take the rate on the sign out front. Ask for a half point off that. Ask to match another CU even if you don't have a better rate to match. Interest rates are absolutely negotiable. If you qualify for USAA, good chance they will have a killer rate.
01-01-2019, 11:30 AM
#12
Moderator
Credit union for sure. Mine is only a mile or so away.
01-03-2019, 01:15 PM
#13
01-03-2019, 03:38 PM
#14
Advanced
No doubt monthly payments are now higher than before. I decided to look into residual based financing. I think people forget about this option, but it works great IF it has the buy back guarantee (fairly new option). The guarantee lets you return your car after paying the loan down to the residual value. So I don't have to worry at the end of the loan about how much I owe since I can return the car to the lender. It is probably easiest to go to fiwize.com to check out a lower payment option on a loan. That’s what I did. Worked well for me.
01-03-2019, 04:48 PM
#15
Race Director
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Credit union if you have that option
