Can anyone give me a clue what kind of current interest rate dealers are charging for good (700+) credit? I need to decide on lease vs buy. The MINI site has you input the APR yourself and they won't answer the question on the phone. I'm just wondering if they can do better than normal banks...

 

I have excellent credit and just got 5.2% financing through the dealer exactly one week ago. I shopped around and got about the same from online banks as well. I am in California, if that makes a difference.

May have gotten a bit better %, but I also just bought a house here in sunny SoCal so my income to debt ratio is a bit thin these days...

Carol

Edited to add: My bank (Wells Fargo) offered me >6% for a new car loan! Blech!

 

I got 5.5 and my bank was offering 6.2 I think.

 

I got 5.6 percent from Baron Mini here in Kansas City. Off the subject, but did anyone here have to pay extra for floor mats? I just ordered a 2005 MCS, and I was suprised to hear that it doesn't come with floor mats. WTF?

 

i got 4.64 in boston for 4 years just this past weekend. my credit union was offering 5%. i have perfect credit and 700+ fico. intrerest rates did go up.

 

If you do find somewhere with a better rate, tell your dealer and they will more than likely match or possibly even beat it. I was offered 4.6% from a lender off Lending Tree an month ago. When I told the dealer they offered me the same. Plus, if you want to add any dealer installed goodies like JCW or Aero Kit, you can more than likely finance those with the dealer if you need, while you may not be able to with another lender.

 

This past weekend I got 5.07% from my MINI dealer with a middle FICO score of 801. They wouldn't match Capitol One's 4.79% that I was offered but it ended up being a $2 a month difference and I prefer financing through dealers.

 

be careful of that "its only "$x more a month" look at the total cost. and that argument is double sided. if they tell u its only $2 month, tell them "exactly, so why dont u just give me the lower apr if its not that big a deal" it probably won't work, but hey give it a try.

 

People in California should check out www.wescom.org I've been a member for twenty years and they are extremely good to deal with. 4.74% right now with a free checking account and debit pay (4.99% without).

 

I did the calculations myself, not the dealer. And I did try that with the dealer but they wouldn't budge. I don't like the dealer but what can I do, only one in the State and I didn't want the hassle of going out of state. Supposedly there is an owner loyalty program if you continue to finance through MINI. We may see in the future because the wife said she wants one if we don't have kids.

 

4.5% through my credit union for the past two years. their rate has come down to 4% since i first applied. i'm a big fan of credit unions. the dealer rate was 5.4% i'm in southern california.

 

I got pre-approved via MINIUSA website and my rate was 4.75%. My FICO is above 700 and the approval was done in five minutes. I was my second time financing with MINIUSA.

 

My credit score is 730 according to Keesler Credit Union and my interest rate is 3.65%.

 

Maganoo's right about the dealer will appreciate the chance to better any rate you may bring in from outside financing such as bank or CU...

When I ordered, back in November, the dealer checked my score and I was told I qualify for BMW's best rate (yay) which he said was 5.25% (boo)...

So... I had some time on my hands, along with those fun worksheets from the dealer. I obtained a handful of rates from LendingTree.com (which gets MIXED reviews on this site, at best, but I heard back from 4 lenders, so no complaints).

I took the best of my LendingTree stuff (high 4's) back to the dealer, and without even blinking (or pulling my stuff) they came back with 4.5 - I was like ... "kewl, homework pays off for once". But wait, it gets Better!

On deal day, when it was time to talk with the "finance lady", I brought their verbal commitment to 4.5% with me, just in case they try to reverse this favorable trend ... and guess what! the dealer reduces still MORE, down to high 3's. Motor On! And to think I was all happy (in November) at having qualified for "BMW's Best Rate"

It's only money,
Tatt

 

4.0% here in Mentor at Classic

 

I got 2.95% for my '04 MCS I bought last April here in NYC.

 

4.1% from Ralph Schomp Denver

 

For how long are you financing?

 

At the time I picked up my car in early March the Mini dealer could not come close to my credit union - 5.6% vs 4.1% for 60 months. Overall interest rates have gone up this year :P

Anyway, here is my credit union, perhaps you can join:
http://patelco.org/default.aspx

Hope that helps

PS: To Hyper Blue - you have to negotiate for floor mats to be included I'm afraid. South Bay Mini agreed to include the carpet ones for us.

 

3.24% for 60 months from my Credit Union, end of last February. Requirements: 700+ credit; direct deposit; qualifying account balances; and 15% down payment. I just hope Murray gets delivered before my 60-day guarantee runs out!


_Dave_

PS: South Bay MINI said they couldn't come close...

 

I was offered 4.84 for 48 months on $15k from CapitolOne (through AAA). This was with direct deposit, email statements etc. My dealer matched it (South Bay Mini in SoCal).

Steve

 

I financed my mini through Julie at classic mini when i bought mine in feb last year and she got me 3.5% through chase or citibank. my companies credit union wouldn't finance me below 4.5% with my fico score over 700 and I was only financing 12,000.00..

 

I was offered 5.9% by my MA through MINI in mid-February 2005. I got 4.5% through my credit union, Clearview FCU. My MA told me there was no way MINI or Chase, their alternate, could touch that...

 

True true credit union always has a better rate..........

 

My credit union got me 3.75 a couple of weeks ago. 100% financing if I want, no restrictions such as automatic payment, etc.

At the same time the MINI dealership was offering almost 6.