PortlandxC7

Hey Guys,
The show is finally coming to an end and I have received my Vin # with a TPW of 09-20-2021. According to my dealer, car should be at the dealer lot within 3 weeks or so from today if everything goes according to plan.

In the meantime, I wanted to ask some fellow members about their experience with the financial process. I have decided not to pay cash and since money is so cheap now, might as well take advantage of it and would want to finance at least 50-75% of the car's value, maybe even more.. (MSRP should be around $77,000)

I have dealt with Ally Auto during my C7 purchase process back 6 years ago, but other than that I have zero experience. I read on the forums a lot of members got amazing offers through their credit union, but I'm not a customer of any unions. I applied for an auto loan from capital one and got a $66,000 pre-approval, not sure if that means anything, other than that I'm not sure if I should wait for my dealer or go out shopping or what is the best way to proceed.
Therefore any help or ideas to guide me in the right way would be greatly appreciated!

Cheers

Myfourth1

BofA rate at the moment for a 60 month loan is 2.29%, with a 30 day rate lock. Credit unions are typically a bit lower and you can join some of them without any special requirements.

Thunder22

many banks now have dealership networks that have good rates. You can ask the dealership which of the banks that they use has the best rates for someone with your credit rating without them doing a hard pull on your credit report. If you do it yourself, every time you apply to see what rate you'll get will most likely be a hard pull on your credit. you can also call banks (best rates are when you're a customer of the bank/cu sometimes) and just ask for their current rates.

Glenmcp

If you have a good credit rating, there are a lot of credit unions that will take you. Call around.

Skid Row Joe

What's your Chevrolet dealer's credit sources rates? Many get a home equity, or cash out loan. That way you can spread the loan out for say 15 years. Since money's so cheap right now, there's no reason to pay it back anytime soon. My former neighbor did three cash out home equity loans, because rates were so low.

Kracka

Chevy dealer fiance departments seem to be frequently getting Bank of America sub-3% for people.

FORD GUY

When you get a rate, ask your lender what the T.I.P. is which is total interest paid. You would be SHOCKED as this is a new feature that all financial institutions must now disclose. A buddy bought a new home @ 2.1% for Thirty Year. TIP was %49.67% over the life of the loan. I would only guess that a TIP for a 60 month car loan would somewhere in 9-11% rate, not as cheap as you think. Ask your lender and they can tell you immediately. Good Luck and CONGRATS! Also, anyone else just financed a car/home/boat? Look at your docs and tell us here what your TIP is.

vetluvr

BoA, 1.74%, 72 month, $100k, 850 credit score.

Atlantan

@PortlandxC7 BofA appears to have competitive rates currently 2.29% and another discounts for their Preferred rewards tiers. Besides the deposit amount in a savings account at BofA, Merrill investment account counts towards qualifying balance for the BofA reward tiers. If you go with BofA for your auto loan and one of the reward tiers, take a look at their cash back rewards cards that have no annual fees.

Regarding timing, once your C8 is built and the dealer is invoiced, then you can secure financing. Online approval just takes minutes, just unlock your credit if you have it locked, then lock it again after approval.

After shopping around, including my credit union and Capital One, I went with BofA.

VetteBlessed

vetluvr - are you a long term customer of BofA and therefore able to get this excellent rate? We were long term customer's of BofA in CA, but then moved to NY and BoA was not in our area and therefore switched to a local bank. I never had much luck with BofA with competitive home loan rates while in CA. Credit score not a concern as always been 800+. I have never been the credit union route, but seems like I will pursue when my car is produced later this year.

gmarcucio

My loan through my credit Union was 2.74% for 84 months.

hope2

If your score is high you can negotiate interest rate just like anything else. Generally credit unions are cheapest and easiest. Watch out for upfront fees.

Fast Dawg

I hate to see this question coming from a person buying a car like the C8.

I know people can tell the OP what you did, but you don't know the OP's financial situation, credit rating, how many loans they have at the present, etc.......and if the OP could qualify for what's being suggested.

That's why I went and got a financial advisor when I was 41 years old and, quite frankly, should have done it ten years earlier. When I had a question like this I called him. Through the years he has gave me great advice and enabled me to retire quite comfortably eight years ago. It's amazing what a good financial advisor can do for you and I hope that younger people with the type of disposable income that it takes to buy a car like this use one.

OK.....rant over. I feel better now.

Majestic94

Like others I did the Bank of America thing and got a sub 2% interest rate with good credit for 72 months (using the platinum rewards perk). Without Platinum Rewards it’s still something like 2.2%.
I will say though since Bank of America was not a preferred lender with the dealer I had to do a lot of foot work and call every day walking them through the process so I could get my car on time. They claim they’re slammed due to record refinancing and everybody buying big ticket purchases like there’s no tomorrow, but I had I not escalated they claimed it would take 2 weeks to send the dealer the check. Of course everyday they called they tacked on another day or so to their estimated processing time. I ended up getting it processed and a check sent to the dealer in 1 week but it wasn’t easy. With other dealers, getting the loan signed sealed and delivered was a couple hour process at most.

Skid Row Joe

Excellent point 👌 that puts the Total cost of the out of pocket over the life of the loan, in stark perspective. When "2%" is bandied about, it's 2% per annum.

Amoreloba

do people not normally realize that’s what that means? This really shouldn’t be a surprise lamao. 2% a year is barely inflation, free money baybee 🤑

also if it hasn’t been said, consider PenFed, especially if your dealer uses Truecar. You could get a 0.99% interest rate with their car buying program.

Skid Row Joe

Actually? No. That's why the Total cost isn't or wasn't mentioned to the buyer. The "2%" is emphasized and of course the usual "free money" phrase always accompanies in the pitch.

feeder82

1.67% for 60 months at my C.U.

Amoreloba

y/oy it’s not incorrect. Best to spend that money or invest it instead of just letting it sit in an account.

LIE2ME

Outstanding rate! Who is your CU?