I'm in the mist of getting all my moneys in order to see what kind of deal I can work but when I first went to the dealer for a used 05 just to see some numbers they told the me 7% is what they start out with this seems very high even for a used car. I was hoping to be around 4 or 5% what are some other people paying for intrest for there USED minis???

also the 7% was threw bmw bank

 

try a credit union..

heck .my home equline just dropped to 3% .
FEDS cut rates to 0 -.25 base..

if you have good credit.. money is cheeeeeap

 

Er, used vehicles demand a higher interest rate. Newer vehicles equate any or all of the following;

1. More money borrowed, which means more total interest earned
2. Longer terms for loans(see number 1)
3. Less risky equity since its value is higher.

I believe there's a few more reasons but used vehicles have always been more interest in my experience.

 

Yeah, used vehicle loans are usually higher (kinda stinks- I know). We got our loan for a new one and I think it's about 4.94% for 5 years. MINI financial guy got it for us through Bank of America.

Hopefully with the fed funds rate drop we will start to see lenders becoming a little more competitive. Good luck.

 

5.84 for my '08 MINI for 84mo., it will be paid off alot sooner. I'm happy with the payment and the rate. A CU will give you a much better rate.

Good Luck!!

 

3.9% for 60 months at my credit union for Ferris

 

4.5% at Pentagon Federal Credit Union and it is open to all, not just government employees.