R50/53 Financing
Banned
Joined: Jul 2002
Posts: 7,756
Likes: 0
Peoplefirst.com is terrific!
I highly recommend them. 2 weeks prior to take delivery of our new MINI, I decided to apply for our loan directly with Peoplefirst.com as they had the best APR rates of any bank, and thrift in town and beating the best available rates from my Credit Union by a full 2 points!.
I applied on line and within 15 minutes I received a call from a Peoplefirst.com representative to confirm full approval of our new loan. Within 2 days, we got our blank check package on the mail with detailed instructions on how to proceed with the activation of the loan, etc. They were fantastic all along the process. I have never ever obtained car financing so quickly. smoothly and painlessly, it was an amazing experience that I am bound to repeat for my next new car purchase.
We financed our MINI for 36 months @4.75% APR which beats almost every single bank in the country.
Peoplefirst.com issues you a blank check and the total amount that you were approved for. I highly suggest to request a bit more over the amount you actually think you'll be borrowing just in case there is an extra charge or another unexpected legitimate expense connected with your car purchase. However, say if you request a loan for $20K and end up borrowing just $15K you will not be penalized or charged in anyway or form to borrow any amount under the max limit approved for the loan.
In order to receive their lowest rates you have to have a PRISTINE credit record (Beacon score of 700+ with a substantial credit history) and allow for direct checking/savings account automatic withdrawal for your monthly payments. If you choose to mail in your monthly payments you'll be given a slightly higher interest rate.
If your credit is less than perfect, they can still issue you a loan at competitve rates according to your beacon score and overall credit history. If your credit is tarnished or really bad, don't bother applying with them.
We had no problems at the dealer the day we went to pick up our MINI. In fact having your financing pre-arranged gives you greater negotiating leverage and speeds up the paperwork signing process. MINI financial services could not match or better the interest rate given by Peoplefirst.com. The sales manager was amazed at the rate we got with PF and he even said very good things about them as they have dealt with their blank checks before. It was so easy I still can't believe it!
In the blank check, you fill out the amount to be financed and sign it in front of the sales manager. Then he fills in the VIN number of your car and the payee and voila! you are in the road in a blink of an eye in your new car.
Peoplefirst.com is a very organized, efficient and reputable finance company. They are owned by capital ONE, which is the biggest issuer of Mastercard/Visa credit bank cards in the nation.
So far I am very impressed withg thier service and plan to continue doing business with them for future car purchases.
Last, the blank check is accepted at most dealers while Bank Drafts used by other online lenders are often turned down because they take several days to clear out. Peoplefirst.com gives you a REAL check, which speeds up the transaction greatly.
PS: If you decide not to use your blank check, there is no obligation and no hidden fees. The loan request is not activated until you sign and endorse the blank check over to your dealer.
_________________
Delived 9/7/02: '02 MINI Cooper, Pepper White, Black roof and mirrors, CVT, Multifunction Steering wheel, 8-Spoke 15" Wheels, STD black leatherette seats with Silver Gray door panels, STD painted bumpers (No Chrome accents). Having lots of fun!!!!
I highly recommend them. 2 weeks prior to take delivery of our new MINI, I decided to apply for our loan directly with Peoplefirst.com as they had the best APR rates of any bank, and thrift in town and beating the best available rates from my Credit Union by a full 2 points!.
I applied on line and within 15 minutes I received a call from a Peoplefirst.com representative to confirm full approval of our new loan. Within 2 days, we got our blank check package on the mail with detailed instructions on how to proceed with the activation of the loan, etc. They were fantastic all along the process. I have never ever obtained car financing so quickly. smoothly and painlessly, it was an amazing experience that I am bound to repeat for my next new car purchase.
We financed our MINI for 36 months @4.75% APR which beats almost every single bank in the country.
Peoplefirst.com issues you a blank check and the total amount that you were approved for. I highly suggest to request a bit more over the amount you actually think you'll be borrowing just in case there is an extra charge or another unexpected legitimate expense connected with your car purchase. However, say if you request a loan for $20K and end up borrowing just $15K you will not be penalized or charged in anyway or form to borrow any amount under the max limit approved for the loan.
In order to receive their lowest rates you have to have a PRISTINE credit record (Beacon score of 700+ with a substantial credit history) and allow for direct checking/savings account automatic withdrawal for your monthly payments. If you choose to mail in your monthly payments you'll be given a slightly higher interest rate.
If your credit is less than perfect, they can still issue you a loan at competitve rates according to your beacon score and overall credit history. If your credit is tarnished or really bad, don't bother applying with them.
We had no problems at the dealer the day we went to pick up our MINI. In fact having your financing pre-arranged gives you greater negotiating leverage and speeds up the paperwork signing process. MINI financial services could not match or better the interest rate given by Peoplefirst.com. The sales manager was amazed at the rate we got with PF and he even said very good things about them as they have dealt with their blank checks before. It was so easy I still can't believe it!
In the blank check, you fill out the amount to be financed and sign it in front of the sales manager. Then he fills in the VIN number of your car and the payee and voila! you are in the road in a blink of an eye in your new car.
Peoplefirst.com is a very organized, efficient and reputable finance company. They are owned by capital ONE, which is the biggest issuer of Mastercard/Visa credit bank cards in the nation.
So far I am very impressed withg thier service and plan to continue doing business with them for future car purchases.
Last, the blank check is accepted at most dealers while Bank Drafts used by other online lenders are often turned down because they take several days to clear out. Peoplefirst.com gives you a REAL check, which speeds up the transaction greatly.
PS: If you decide not to use your blank check, there is no obligation and no hidden fees. The loan request is not activated until you sign and endorse the blank check over to your dealer.
_________________
Delived 9/7/02: '02 MINI Cooper, Pepper White, Black roof and mirrors, CVT, Multifunction Steering wheel, 8-Spoke 15" Wheels, STD black leatherette seats with Silver Gray door panels, STD painted bumpers (No Chrome accents). Having lots of fun!!!!
1st Gear
Joined: Aug 2002
Posts: 13
Likes: 0
From: Lexington, Kentucky
I agree with cooper4us completely. I went through the process, got a blank check, and found the whole thing very easy. That said, I ended up using dealer financing through Chase Manhattan because my dealership had gotten a special deal and offered the 4.75% rate through 60 months. I've been using a PeopleFirst-CapitalOne credit card for a while, and really like their service. Highly recommended.
Neutral
Joined: Aug 2002
Posts: 3
Likes: 0
From: California
Peoplefirst.com is great! I applied on their website today and received a call in 15 minutes with the good news of being approved for my car loan. The rates are excellent (5.49%-60 months) and the blank check in hand when you're ready to purchase is another plus. Highly recommended.
3rd Gear
Joined: Jul 2002
Posts: 220
Likes: 0
From: SoCal
wow. I wish I had done that first, i've been in credit report HELL for the past week. I thought I had ideal credit, never ever made a late payment, repaid my student loans early, minimized my credit card debt, did not use store credit cards etc etc.
::well:: turns out I had a 'bad mark' on my credit that was a clerical error of a store credit card and now I'm screwed. Majorly. One credit union offered me 8.99% and then MINI offered me 7.9% and the finance guy was not being very nice to me.
I just joined another credit union today, got offered 6.9% and will look at people first right now. That is the ONLY thing "wrong" on my report and it is from 1999. I paid my other lease off early, in full and same w/the first car.
UGH. I can't wait to get my GIDGET- hopefully tomorrow.
::well:: turns out I had a 'bad mark' on my credit that was a clerical error of a store credit card and now I'm screwed. Majorly. One credit union offered me 8.99% and then MINI offered me 7.9% and the finance guy was not being very nice to me.
I just joined another credit union today, got offered 6.9% and will look at people first right now. That is the ONLY thing "wrong" on my report and it is from 1999. I paid my other lease off early, in full and same w/the first car.
UGH. I can't wait to get my GIDGET- hopefully tomorrow.
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cdrober
R50/R53 :: Hatch Talk (2002-2006)
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Jul 30, 2002 08:42 AM