MINI Financial was 7.25 for me, but I will get 6 or 5.7 from a local credit union.

 

i could get 6 if i joined a credit union but was thinking it was too much a pain to switch banks this late in the game.

 

A little pain could be well worth hundreds of $. In my case, it is just a matter of opening up an account (opening balance of $6!) and then having an automatic deposit from my paycheck to the credit union.

 

how much could i save between 6% and 6.35% ? (5 year loan i plan to pay faster)

 

You don't really save THAT much between a few % points, esp. if it's a real big hassle to set it up... My credit union had a 4.99% apr but it expired May 31st... I'm hoping they have it again before I have to finance my car, but I got 6.10% from capital one and I calculated it's about $500-$600 more in interest over the 5 years - not enough to make me too upset

 

Has anyone done an owners choice loan with MINI FS? I think it's only available in IL and TX. I've been looking at the owners choice as a way to finance an MCSC. First I need to convince my wife that we, uhum.. *cough* need a second MINI

 

- oh yeah! Top down motoring!!!! you got my vote!!!

I financed my MCC with an equity loan on our house. The interest is tax deductable so I'm not too worried about the rate....

Back on topic

 

Our local credit union does rate matching. I called around and found a bank offering 5.75% for 5 years (but only with really good credit). So I told my credit union about it and they ended up matching it!

 

I would try out credit unions in your area. I got 5.55% on a 3 yr loan. Going to pick up the new car tonight... (ordered it on June 30th...)

Paul

 

Did you fix the rate? I'd have to have a variable these days. With my HELOC our bank charges +1 or +2 to fix the rate and have a set repayment plan

 

how you guys go with credit union? go online or just get in your local credit union bank?

 

Anyone in Houston: Smart Financial Credit Union has started up their promo again! Valid August 1 - Sept. 30th, it's now 5.99% apr for 60 mos. and a free gas card up to $100 depending on how much you finance... To join, you just need to open a savings account with $5. I plan to head over there tomorrow to find out more! They had this back in April/May with 4.99% apr, but of course it was too far till i got my MINI to apply...

 

Here is some good advice from some few more experienced car salesman. ALWAYS keep a good credit line going, paying on time, with at least one, if not more, car brand financers, BMW, VW, FORD, GM credit, etc. That way no matter what happens in your financial picture, you can always get a car, get a car you can get to a job, etc....

 

Yes, this is a personal plug to my business, but we offer Home Equity Lines of Credit as low as Prime - 1.75%. With prime at 8.25% that makes the interest rate at 6.5%. I can do these for FREE for NAMers, as long as you qualify.

Feel free to PM me if you have something personal to discuss or just reply if it is a general question.