Hello all. I'm getting ready to place an order on an IB/W MCS before the end of Feb., and so far my biggest (and least exciting) decision is whether or not to go with the MINI financing option with the balloon payment. So has anybody financed their car this way, or have any experienced info on how it works or doesn't work?

I figure that the deal is pretty much to have lower monthly payments for four years, at which time I will be able to either refinance or take out a traditional used car loan to pay any remainder on the car. But my concern is that the remainder will still be fairly high for a used car loan, and you never know what your financial situation might be in the future. This is my first new car so any help that anybody can give here would be very much appreciated. Thanks!

 

Go to:

http://www.capitaloneautofinance.com


For the lowest rates in the nation!


I currently finance my '04 MCS...got a 3.99% loan for 36 months!

 

Fish around credit unions and other car loan agencies for your best apr's.
3.99% is a good deal. :smile:

 

Capital One beat my Credit union by a full point. They rock!

 

I got 3.99% from my local bank for 60 months.

I'm sure you can beat the rates offered by MINI financing.........


R.E.

 

I work at a Mini store and we can offer 3.99% up to 60 mths with a good credit score. Check your local dealer if not send me an email. We have one of the largest inventory in the country at the moment.

 

>>Go to:
>>
>>http://www.capitaloneautofinance.com
>>
>>
>>For the lowest rates in the nation!
>>
>>
>>I currently finance my '04 MCS...got a 3.99% loan for 36 months!


If you are a Costco member they have a link to capitol 1 on their websight which will give you a lower rate then the normal public. However MINI finance was willing to match any rate I got privatly so I went with them.

 

I too considered the balloon payment option for my MINI. The whole big car payment on a used car at the end of the terms scared me though. My MINI is my first NEW car too. I checked my Credit Union (KY) and they offered 3.75% and they were dang proud of it too. I told my MA about my Credit Union's offer and MINI Finance came back with 3.7%. Just before Pickup my MA told me they would give me the Christmas Special of 3.49%. I took it.

Shop around and bargain with all of them...but not too much to over-extend your credit.

 

I'm getting 2.99% through AAA here in the Boston area...they're working thru a credit union...you have to allow direct withdrawl from an account you open w/ the CU. The AAA person assured me that you don't have to tie up $10k or anything.

Without the direct w/drawl the rate is 3.24% which still isn't bad. I was going to do a home equity line but the savings is less than $100 over the life of the loan assuming a .5% increase in the rate and I'm sure the rate will go up over the next few years.

Check your local AAA, it might be worth the $35 membership fee to get the lower rate.

 

Wow....some of you got really good financing. Maybe I can re-finance my 3.99% loan at an even lower rate?


R.E.

 

2.99 is a fantastic rate. I'm still considering the balloon payment just because of the lower, more flexible payments, but I will definitely check around for some good auto loan rates.

 

I use the Mini Select option. I know I'm going to have a fairly large balloon payment at the end of the 4 years, but I better be making more money by that time since I'm only on my first job out of college right now. With this option, the monthly payments are much cheaper and that works great for me right now. I'd say if you can get the monthly payment down to where it will work for you without using Mini Select, then definitely go for it. If not, and you're fairly certain you will be able to afford larger payments later on, and you'll still want the Mini in four years, then go for it. Also, you can always sell the Mini at the end of the term or any time during the four years (they let you see online at any time what it would cost to pay off your Mini) and pay off whatever you owe.