We talked with our bank today about financing Molly with them, most likely the best option, she said "the interest rate drops do not affect personal loans". So the 5.88% they are charging is what I'll be paying...that SUCKS!!!

 

Has anyone used HELOC for the purchase? I was told that the interest on personal loans such as auto loan aren't tax deductible, whereas the interest on home equity loans are tax deductible.

 

We used our credit line to pay the balance on my Clubman and the interest is deductible.

 

Check with your dealers and at least give them a shot... while some of them won't work with you it seems, there are many that will work with you to get you to finance through them.

BMW/MINI's rates are not the cheapest, but if your dealer uses some of the other major lenders (Chase or BofA, to name a few) I've seen their rates in the 4's lately with good credit (740+). Also, these lenders will finance over MSRP so you can do zero money down if you wanted to, and roll in the taxes and reg fees.

To answer the first question, if you secure outside financing the lender typically gives you a check that you can provide to the dealer. As far as the dealer is concerned, it gets treated like a "cash deal" as if you just walked in and wrote a check or gave them a certified check.

 

I got 5.4% for $32,400 for 60 months at my credit union. This is with $6000 down.

 

We take delivery on Saturday.

Our credit union gave us 5.24% yesterday, but their website lists 4.79% as their best rate now.

 

Call them back today and tell them you want the lower rate.

 

Yes, ours just did the same. I'm calling them on Monday!

 

pentagon federal credit union is doing 4.99 percent up to 72 mos for new and up to 60 mos for used. I was approved and my credit is far from perfect (but there are factors offsetting my mediocre FICO score, so YMMV).

 

I got 4.66% at USBank

 

Yeah!! Call 'em back and get the lower rate. Rates are going down again, FOMC. Tell them you can apply on the internet & get a lower rate.

 

We stopped by our CU today to get details on tomorrow's long distance transaction, and ...

4.79% - .25% (autodebit) - .10% (ten percent or more down) = 4.44%

That sounds pretty good to me.

I hope it's real.

 

I talked to MINI today and was offered 4.74% on $20k.

My CU was at 5% with the autodebit included already so it looks like I'm going with MINI and they've been at 5% since December - so I guess that proves with the rate cuts that they don't have an effect.

Anyone try the MINI Select Financing at all or get any details?? I forgot to ask if there's a pre-payment penalty on that option.