I just read a post by someone who came across some fishy financing by their dealer. I know that it varies dealer to dealer and buyer to buyer, but as a customer on the waiting list for a "s" it looks like I will be financing my Mini. What experience have people had financing Minis at their dealerships?

 

They offered 6.9%, but I got 5% and change from peoplefirst.com. I don't know if there's any benefit to financing through MINI, except that the paperwork aggravation is reduced slightly.

 

Geez, i got offered 12.9% through peoplefirst, but maybe it's because i jsut built a home. If that's the case, i'll be paying thru the nose no matter where i go (and mine's big).

 

Either your debt to income ratio is pretty high or you have some red flags in your credit report. I recommend ordering a copy of your credit report from all 3 Bureaus (Experian, Equifax, TRW) to make sure that you don't have any derogatory information in there that could be affecting your ability to get credit or get a decent rate.

If you have spotless and substantial credit, I tend to agree that Peoplefirst.com has the best new car loan rates in the market right now. I live in FL and I was quoted a rate of 4.79% APR for a 36 month loan. Since our MINI is still over 2 months away, I will proceed to apply and get the financing thru them closer to delivery time. Peoplefirst.com totally beats the lowest rate of 6.25% APR for 36 months offered by my Credit Union. I doubt I could do much better going directly with BMW/MINI financial services.

Also keep in mind that if you are waiting for your MINI and decide to apply with Peoplefirst.com, the approval "Blank Check" status is only good for 45 days since the time the loan was first approved. Make sure to coordinate your financing/MINI delivery to avoid having to apply twice for the loan.

 

I'm using AAA at 4.99%. If you are a member that's hard to beat for 48-60 months. :smile:

 

yeah, come to find out there is some stuff on my credit that isn't even mine. fighting it now, wish me luck.

As for debt, i would think that less than $1,000 is better than most other Americans =) (not counting home loan of course)

 

DomTom, I got offers from other banks, but in the end, MINI beat them all. If you get a low offer elsewhere and show it to your dealer, they'll most likely beat it and you win! The cool thing about MINI financing is that through the owner's lounge online you can track your account. It's unlimited 24-hour access. Plus the monthly statement has a MINI as the background of the paper! :smile:

 

PeopleFirst has been great so far for me. I made the mistake of applying too early--my blank check expires on the 15th of July, but I may not be able to get my MINI by then. There's no need to reapply, though--just give PeopleFirst a call and they'll send you a new blank check good for another 45 days.

 

>>DomTom, I got offers from other banks, but in the end, MINI beat them all. If you get a low offer elsewhere and show it to your dealer, they'll most likely beat it and you win! :smile:

Interesting that MINI came down in their rate for you. I got 4.99% from AAA and the best my MINI dealer would counter offer with is 6.9% through Elite Credit. I have a perfect credit rating and if that's the best they can do, forget it!
What rate did you get with MINI financing?

 

CCM, of course everyone is different. If I had perfect credit (like a 785 score) then I could have gotten a loan for close to nothing. But not too many people have such high credit ratings. Hell, I spend money faster than I can ever make it- but my philosphy is live WHILE you're alive and enjoy it, so I do! My credit isn't perfect, but it's still pretty good for a young person. When I told the MINI dealer I would finance elsewhere, they said "let me know what rate you get." I did and they beat it by 2.5% which means quite a lot over a 5 year loan. It's directly through BMW financing. I'm happy and I have my MINI, that's my bottom line.