Hola again guys,

The dealer's finance person approved the wife and I at 4.69%, saying it was their best rate, "elite status".

Has anyone out there gotten a better rate through MINI?

What about outside of MINI? I got the same 4.69% through a different lender as well.

I'll take it if I have to but if I can get it lower, well...

TIA
Matt

 

got 3.99% from my local credit union..... I was given 4.5% by Julie at Classic Mini but refi'd it to my local CU for the better rate and easier access...... :smile:

 

Try:


www.capitaloneautofinance.com

I have financed both of my MINIs through them. Best car loan experience barnone and best of all, you get approved within 15 minutes of completing your online application and you get a "Blank Check" mailed to you within 1 or 2 days.

Most MINI dealers have absolutely no problems accepting checks from Capital One Auto Finance and my dealer (Lauderdale MINI in Ft Lauderdale, FL) is one of them.

They current lowest rate is 3.95% APR for a 36 month loan. Click on the "Auto Rates" link at their home page to find out about thwir lowest rates according to the term you want to choose.

My '04 MCS was financed in October 2003 with Capital One on a 36 month loan @ 3.99% APR. I have 22 months left on the loan, but I plan to pay it off a lot sooner than that.

My wife's '02 Cooper CVT was also financed through Capital One but we paid it off in less than a year, so her car has a clear and free title.


Give them a try. I find them to be extremely competitive in comparison to local banks, thrifts and credit unions (Yes they did beat my Credit Union twice!)


Best of luck!:smile:

 

Capital One was one of the others I tried and they offered the same as the dealer, 4.69%. That is for 60 months, forgot to mention that.


Lowering the # of increases the payment too much for us. We're just a couple of lowly state employees.

 

Matt:Let me give you another piece of advice: Get a copy of your credit report. Check and see how your report and beacon score looks like to ensure that you are getting a fair interest rate on the loan before you sign. Shop around, it pays to do your homework!:smile:

For a copy of your credit report, go to:

www.equifax.com

www.experian.com

www.transunion.com

Those are the 3 MAIN reporting credit bureaus. Dependending on your state of residence the report can be anywhere between $7-$10 a copy or FREE, so check thier websites for more info. Make sure you get a copy that reflects your current BEACON or FICO credit scores which is ESSENTIAL in making final credit and interest rate decisions in the part of lending institutions.

The reports can be downloaded online, so no need to wait for your copy to arrive in the mail.

I have some expertise on this subject, so if you have any questions, just fire away.

 

i believe i got 4.25

 

Have you tried your credit union? State employees typically have access to a good credit union.

Rates have gone up just a bit and it seems that mostly everywhere else rates are in the same ballpark. However, it is important for you to find out in what shape your credit report is as credit history has a direct impact on rates quaoted to you.

For the rates you have been quoted it looks like you have very good credit, but it pays to dig up a little further.

 

Thanks for the assistance Coop.

Credit is good to excellent last I checked. Both the VW dealer and MINI dealers told us they could give us the best rates thet offer anyone, but then again their noses were growing.

I have seen a copy of my credit report this year and there was nothing on there out of whack. In fact the wife and I have paid off 2 student loans this year freeing up more income.

The "score" doesn't come on the credit report, you have to pay extra for that. Not sure I want to bother with all that but I might.

I don't have specific questions, just general really...how can I get a better rate on a 60 month loan?

 

The rates suck through the CU right now. 5.5% for 60 months and 5.3% for 36 months.

 

Shop around, that's the best you can do. Check some other internet lenders such as "E-Loan" and compare against say Capital One to see if thier rates are the same or lower.

Best bets are local non-commercial banks or "thrifts" such as AmTrust Bank (Based in Ohio) and local Credit Unions. Savings and loan banks and Credit Unions are more willing to give attractive rates to people with very good credit like yourself.

Commercial banks are usually more expensive than most (Wachovia, Nations Bank, etc) but you never know.

 

I recieved 4.04% through Mini for a 60 month loan. That's after I got better loan rates from Capital One and Synergy after I got an initial rate of 6.45 through Mini. They went back to the bank they use and got a better competing rate. Not too shabby.

 

You could press your dealer to give you a better rate thru MINI financial services (BMW) and this is why I think paying a little extra for a copy of your credit report with the current beacon score is worth it and it is an excellent weapon for this purpose.


If you credit report is above 730+ points, MINI can certainly better the rate from 4.69% APR. If your beacon is over 750 points, the world is yours! Any customer with a high end score over 750 should be given the absolute A1 tier rates available. That's basically like being a member of an elite.

 

Coop - I'll PM you a little later with my score. After I run an errand I'm going to get one through Experian.

 

I would find the best available and then get Mini to beat it. Thats what I did.


Art

 

I'll be here.

 

I got 3.7% from the F&I Dept. at my MINI dealership, but only after showing them the 3.7% rate I got from CapitalOne from an on-line quote.

That was in mid-September, rates were lower then. The rates above are outstanding. This is coming from someone who remembers 11% rates for folks with excellent credit.

Take anything below 5% and run, I'd say!:smile:

 

hey guys , i got a question , i just turned 18 got accepted on a bose credit account for 1500 dollars , and i work fairley enough to pay a car if i get the chance too , now i was wondering ive been wanting to buy a mini s for a while already but havnt had the opportunity too , as you can see , i am a starter here in financing ,i dont earn a big amount of money , and im basically on my own here , do you guys think if i applied for the capital one auto financing loan i would get seom help from them or do you think that i wouldnt , also would a credit joint be better off ??please i need your help guys .thank you for your time .

 

My first ever new car, a 1988 Ford Tempo GL (Gasp! don't even ask how I got suckered into that one) was given to me with a 60 month loan @ 18.5%!!!!!!

But I had no credit history at the time, so rates in the 11-13% range were quite common back then for people with decent credit.

The car was such a piece of crap that I dumped it 1 and a half years into ownership and got a 1990 Honda Accord DX.... That was like going from a Yugo to a Mercedes!

 

I had 3.8% from my credit union, but a couple months back moved the balance of the loan to my discover card at 0 (that’s zero)% interest. Not only do I have zero percent interest, but I get a cash back bonus at the end of the year on the money that was spent on the card.

They’re paying me to drive my MCS.

Also because the loan was paid off at my credit union, I now hold the title to my MCS.

 

Hmmm, that is a pretty good idea! Let me look into that.

Do you mind if I ask how much you transferred over to your Discover Card?

 

Also, for how long is your 0% rate with your Discover Card? Is it just introductory or runs for a long time?


If it runs for a long time, this would be absolutely worth it.

 

Back when I came out of college with some credit card debt my mastercard offered me a deal I couldn't refuse. Transfer the balance to them with 0% interest until its paid off.


I couldn't figure out why they'd do that but they did and I did it. Saved some money.

 

If you have never bought a big ticket item on credit like a car or a house before, it is almost 99% probability that you will need to find a co-signer to get a loan. Your age also plays an important role because typically 18 year olds don't yet have solid incomes, jobs or education for them to be able to assume the responsabilities that come with large purchases on credit.

If you already have a credit card and if you have been paying it off monthly and never go over the limit, you are in the right path towards good credit but for now you will need to get a co-signer (Mom, dad or someone else with good credit and a good job) to do this for you. Also don't be surprised if you are quoted a high interest rate than most, because first timers pay higher rates than someone with established credit.

My first new car ever (back in 1988) was given to me with a 18.5% interest rate and my dad was the co-signer. This happens to everybody.

You can try applying directly with Capital One but I seriously doubt you will get approved on your own and if you do, you will be charged a high interest rate for the new loan.

Also check into the cost of insurance. Being male, under 25 years old and unmarried is the worst thing you can be for most insurance companies and they will charge you a pretty penny to give you coverage specially on a sports car like a Cooper S.

Good luck and let us know how it goes.

 

cooper4us , yes your right , well yea applied on my own got denied , well my mom doesnt have the best of credit , but she has had a vw that will be done this december of payments , never been late , also has had a house on her credit payed as well and some things , but still doesnt have the best of credit , somewhat good credit is what she was told , do you think as her of co signer we will get accepted ????thanks for your time , hopefully soon ill be motorin with u guys

 

According to State Farm the Cooper S isn't a sports car. It's only $6.60 more a month than my Galant is.