Best Place to get an Auto Loan

Bomiz · 06-09-2015, 01:29 AM

What's your guys' go to source to finance a used car? Just curious since I never really do it and might be looking for one soon.

overcoil · 06-09-2015, 06:20 AM

Consumer Reports online has good info.
Even State Farm if that's your insurance company.
I personally would not borrow on a pre-owned car.

kubotarog · 06-09-2015, 06:51 AM

Credit Unions, which you have to join (open an account there) have the lowest rates, by far.

saxon · 06-09-2015, 06:56 AM

Penfed

Jamesons Viggen · 06-09-2015, 10:30 AM

Quote:

Originally Posted by saxon

Penfed

x2

MightyMouseTech · 06-09-2015, 11:03 AM

Personal LOC from the bank?

kprocivic · 06-09-2015, 11:09 AM

Credit Union. I work for one of the big banks and by far the credit unions are the best places for lending. unlike the bigger banks, they need your business and make it worth while to earn it.

Vigilante375 · 06-09-2015, 11:10 AM

Any credit union by far is the best place. Unless its a new car and you can get 0% interest from the dealer.

Chefcg1 · 06-11-2015, 04:05 PM

Penfed x 1000!

swanson · 06-11-2015, 04:49 PM

Quote:

Originally Posted by saxon

Penfed

Quote:

Originally Posted by Jamesons Viggen

x2

Quote:

Originally Posted by Chefcg1

Penfed x 1000!

Are you guys members? How exactly do you sign up? interested.

Sniz · 06-11-2015, 07:05 PM

Your parents

or a credit union

W Cole · 06-11-2015, 07:40 PM

Quote:

Originally Posted by ScottSinger

Consumer Reports online has good info.
Even State Farm if that's your insurance company.
I personally would not borrow on a pre-owned car.

Why not borrow on a pre-owned?

Interest rates are incredibly low right now, use the loan proceeds to pay off higher interest rate debt or invest it.

Last time I checked Air Force CU was the best, followed by DCU, followed by Penfed. Every credit union has different programs so depending on your credit and the loan length desired one may be better for you than someone else.

zipphreak · 06-11-2015, 07:43 PM

Local credit unions usually have the best new car loan rates.. i checked the other day for refi purposes and one was at 1.54%

saxon · 06-11-2015, 07:48 PM

Quote:

Originally Posted by swanson

Are you guys members? How exactly do you sign up? interested.

if you have a family member thats military/retired military or you can join by donating $15

Jamesons Viggen · 06-11-2015, 08:02 PM

Quote:

Originally Posted by swanson

Are you guys members? How exactly do you sign up? interested.

Quote:

Originally Posted by saxon

if you have a family member thats military/retired military or you can join by donating $15

I joined with the $15 donation.

FL335 · 06-11-2015, 08:04 PM

Quote:

Originally Posted by saxon

Penfed

This...Just solid. Have had several through them.

M3Bimmer77 · 06-11-2015, 08:12 PM

I did my other two cars thru Bank of America. Believe it or not they gave me a really good rate for a used car. BMW dealers have good rates as well thru BMW finance.

AW335TT · 06-11-2015, 08:37 PM

Quote:

Originally Posted by M3Bimmer77

I did my other two cars thru Bank of America. Believe it or not they gave me a really good rate for a used car. BMW dealers have good rates as well thru BMW finance.

I beat every rate a customer brought, when I was working at BMW. Dealer can offer the best rates out there, just depends who you know. We usually went through Chase or BofA.

dagolfpro · 06-11-2015, 11:02 PM

I looked at Pen Fed as I joined with a donation a few years back. DCU actually beat their rate last October. 1.49 with DD or ETF on a 60+ month used car loan. Hard to beat.

swanson · 06-11-2015, 11:05 PM

Quote:

Originally Posted by dagolfpro

I looked at Pen Fed as I joined with a donation a few years back. DCU actually beat their rate last October. 1.49 with DD or ETF on a 60+ month used car loan. Hard to beat.

DCU?

Bomiz · 06-11-2015, 11:05 PM

Seems like the majority like penfed, guess I'll give them a shot when I buy my next car

1MOREMOD · 06-11-2015, 11:40 PM

Pawn shop with gun as signage.

06-09-2015, 01:29 AM	#1
Bomiz Captain 322 Rep 824 Posts Drives: SS E92 M3 Join Date: Jun 2012 Location: Los Angeles iTrader: (2)	Best Place to get an Auto Loan What's your guys' go to source to finance a used car? Just curious since I never really do it and might be looking for one soon.
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06-09-2015, 06:20 AM	#2
overcoil Major General 3074 Rep 5,577 Posts Drives: M235i 6spd Join Date: Dec 2013 Location: Mid-Atlantic iTrader: (0)	Consumer Reports online has good info. Even State Farm if that's your insurance company. I personally would not borrow on a pre-owned car.
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06-09-2015, 06:51 AM	#3
kubotarog Private 9 Rep 67 Posts Drives: VO 1M, '87 Porsche 911 Cpe Join Date: Jan 2015 Location: New England iTrader: (0)	Credit Unions, which you have to join (open an account there) have the lowest rates, by far.
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06-09-2015, 06:56 AM	#4
saxon Captain 220 Rep 880 Posts Drives: s4 Join Date: Oct 2011 Location: pa iTrader: (3)	Penfed
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06-09-2015, 11:03 AM	#6
MightyMouseTech Major General 4338 Rep 6,196 Posts Drives: 13 135i 6MT LeMans Blue MSport Join Date: Feb 2013 Location: Ottawa, Canada iTrader: (0)	Personal LOC from the bank?
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06-09-2015, 11:09 AM	#7
kprocivic Lieutenant Colonel 813 Rep 1,575 Posts Drives: ecoboost s to the t Join Date: Apr 2014 Location: 92346 iTrader: (7)	Credit Union. I work for one of the big banks and by far the credit unions are the best places for lending. unlike the bigger banks, they need your business and make it worth while to earn it.
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06-09-2015, 11:10 AM	#8
Vigilante375 Major 116 Rep 1,158 Posts Drives: 2012 AW 6M 135i Join Date: Sep 2011 Location: WA iTrader: (0)	Any credit union by far is the best place. Unless its a new car and you can get 0% interest from the dealer.
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06-11-2015, 04:05 PM	#9
Chefcg1 Major 69 Rep 1,137 Posts Drives: 2008 BMW 335i Join Date: Apr 2009 Location: Mount Airy, NC iTrader: (6)	Penfed x 1000! __________________ 2008 335i coupe AW 6AT, RB Turbos, PROcede 2.5 V5, Alpina Flash, Injen Intake, VK MW DP . Helix IC, Vishnu PnP Meth(M10 nozzel), M3 sides, OEM Aero Lip, VMR V710 Midnight Blue, LUX H8, HID Fogs, M3 front bits, D2 Coilovers, Whiteline Rear Bushing inserts, Custom M3 Steering Wheel, Cyba scoops, M2 Performance Exhaust
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06-11-2015, 07:05 PM	#11
Sniz Lieutenant General 654 Rep 10,587 Posts Drives: e92 335 - gone // e36 M3 turbo Join Date: Mar 2007 Location: Ellicott City, MD iTrader: (1)	Your parents or a credit union __________________
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06-11-2015, 07:43 PM	#13
zipphreak Captain 454 Rep 986 Posts Drives: m235xi Join Date: Sep 2014 Location: b00ty iTrader: (2)	Local credit unions usually have the best new car loan rates.. i checked the other day for refi purposes and one was at 1.54%
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06-11-2015, 08:12 PM	#17
M3Bimmer77 Captain 340 Rep 947 Posts Drives: 2011.5 M3 E90 Jet Black Join Date: Feb 2015 Location: West Palm Beach iTrader: (2)	I did my other two cars thru Bank of America. Believe it or not they gave me a really good rate for a used car. BMW dealers have good rates as well thru BMW finance.
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06-11-2015, 11:02 PM	#19
dagolfpro Colonel 247 Rep 2,271 Posts Drives: 2011 E90 M3 Join Date: Sep 2011 Location: SF Bay Area, CA iTrader: (9)	I looked at Pen Fed as I joined with a donation a few years back. DCU actually beat their rate last October. 1.49 with DD or ETF on a 60+ month used car loan. Hard to beat. __________________ 2011.75 E90 AW \| DCT \| ZCP \| ZCV \| ZCW \| ZP2 \| Prem Sound \| Moonroof \| BMW Apps \| Mods List: Evolve Exhaust \| M Perf Steering Wheel \| Tint \| Lux \| Hardwired V1 \| KW V3 \| Volshlag CP \| Brembo BBK \| BBS FI \| Yokohama AD08 R\| Schroth 4 Point Harness \| Challenge GT Diffuser \| OEM GTS Wing\| GTS Lip\| I lied earlier, I wasn't done with mod, but I swear, I'm done now, no more mods...
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06-11-2015, 11:05 PM	#21
Bomiz Captain 322 Rep 824 Posts Drives: SS E92 M3 Join Date: Jun 2012 Location: Los Angeles iTrader: (2)	Seems like the majority like penfed, guess I'll give them a shot when I buy my next car
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06-11-2015, 11:40 PM	#22
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	Pawn shop with gun as signage.
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