I'm planning on buying my MCS when it finally arrives (scheduled 9/6/02) rather than leasing and I was wondering what kind of rates MINI Finance is giving, and if anyone has any recommendations for good financing companies. My credit is excellent, but I don't know what is good for a car loan these days.

Agro.

 

Do you belong to a credit union? Usually there are ones anyone can join like the postal cu, or just based on your address.

I had approval thru my credit union, but my Mini Dealer got me a better deal through Sovereign Bank in Pennsylvania - 5.29% for 60 month. My credit union offered 5.9%. I think the 5-6% range is probably common. Also timeframe may influence the rate.

Good Luck.

 

Agro, I had lined up financing through People First (a link is available through Edmunds.com) at 5.5% for 60 months. I was going to use that, but MINI Finance was offering 4.75% for the same term, $1000 down. Can't beat those rates!

 

My Credit Union has a lease option that was better than what the dealer offered, either through Mini or a local bank! Make sure you check about a Credit Union (to become a member at mine you just need to live in the town and open a savings account with $5)

 

Thanks guys. That's pretty much what I was looking for. If the dealership here offers me 4.75% I'll take it. Might check out the credit union to have a comparison.

 

>>Do you belong to a credit union? Usually there are ones anyone can join like the postal cu, or just based on your address.
>>
>>I had approval thru my credit union, but my Mini Dealer got me a better deal through Sovereign Bank in Pennsylvania - 5.29% for 60 month. My credit union offered 5.9%. I think the 5-6% range is probably common. Also timeframe may influence the rate.
>>
>>Good Luck.

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Yuck! My last car loan was with Sovereign Bank...Never again!
The lost 3-4 payments over the 5 yrs...I spent months getting copies of checks and mailing them to them. They kept changing their story as to which payment they were missing and anytime I asked for documentation from them I had to pay for it! Also, besides being stupid, their customer service people are never available - could only get voice mails most of the time. I eventually paid one month's payment TWICE just to get them off of my back!

BTW, they suck!

 

Okay, how about a poll. How many people on here finance their cars, and how many people buy them out right. I was always told to buy them outright, even if you have 0% financing. I have only had one car so far, by the time my number comes up for the MCS I may just be able to gather the funds...

Any thoughts? Currently my credit union is offering 4.99%... It will be interesting if the fed cuts the rates again....

 

I'm planning on financing. It depends if you have the cash lying around to put down $20k or not. 0%, ALWAYS take the financing. You can make more than that even if you leave the money in your cheque account!

 

Yeah, but if you take 0% financing then you probably will not get as good of a deal. Most 0% deals also have a cash back, which makes a lot of sense.

 

The magic number is somewhere around $16-18K depending on term... If the amount financed is less than that take the cash, more than that usually the 0% is a better savings. Is 0% financing available on Mini's??????

 

BMW is offering no special financing deals on the MINIs... or any of their cars.

They offered a rate of something over 7% which is very high. I opted to go through a local credit union, 5.69% for 48 months.

 

>>Agro, I had lined up financing through People First (a link is available through Edmunds.com) at 5.5% for 60 months. I was going to use that, but MINI Finance was offering 4.75% for the same term, $1000 down. Can't beat those rates!
I was looking at the MINIUSA website, is that for a traditional loan, or one of their weird little balloon loans?