We just applied for a loan with Mini last week. Haven't heard anything back yet, but was told that they haven't experienced any problems. And if you have good credit you could get as low as 4.49%. I believe they finance with the Bank of America. I'll keep you posted.

 

Last week I asked the sales manager @ South Bay Mini, she said they are offering 6.25% to 60 months with 740+ score. I was like...

 

I just financed my car yesterday and was able to get 4.99% for 60 months. This is without owning a previous car or a home. I guess paying your bills on time actually counts for something. The finance Manager said my credit score was 760.

 

Im paying 5.19% @ 60 months. They told me my score was better than many others.....which surprised me.

 

Depends on "save"! It just meant an extra option package!

Gotta love Costco!

 

6% for 72 months. I plan on keeping the car for a long time (had my last one for 8 years) and it put the payment in my sweet spot. This is the most that I have ever paid for a car! I haven't looked back what a tremendously awesome car. I am even becoming an OCD detailer! Darn you NAM!

 

As I'm browsing this thread, I see that there's an advertisement for 0% on Toyotas on the left side of the screen. Weird.

 

When I ordered my 06, I was in Germany.. and went through USAA, did it all on the phone had my approval in 90 seconds. When I went and bought the 08, nothing had changed on my credit, but USAA said no.. but MiniUSA did. Although we only financed the 08 for 3 weeks, then paid off the loan. I'm not sure if that was the reason for USAA, that the loan really didn't yield them a profit..
What I am not sure, if I am misunderstanding.. reading a few posts, did people order their cars without securing finances first? When I ordered my 06, I remember going to the dealership.. giving them the deposit in cash, went home, called USAA.. and the money was there in a week, before the paperwork actually went to the factory. I then went and paid for the car in full prior to production.

 

Two ways...go to the Costco website to see if your dealer participates, or just ask your dealer. Regardless of the year, if your dealer is part of the Costco Preferred Dealer Network, they will honor the discount. I am sure they receive a rebate from Costco.

Don't forget to check out PENFED. The rate is 4.75% and PENDEF is open to everyone. I have seen people here with FICOs in the low to mid 600s get approved for car loans.

 

People tend to get a bit irrational about interest rates. I did too until I did the math:
Borrowing $25,000 over 5 years at 4.75% interest means $468.92 per month

The same amount over 5 years at 5% interest only increases it too $471.78

6% takes you to just over $483.00 per month while the "staggering" 8% rate means $506.91.

The difference between that great rate of 4.75% vs MINI's 8% is $35.00 or less than 10 gallons of gas these days. Hey, I'm as cheap as the next guy (certified Walmart shopper), but 3% interest shouldn't be a deal breaker. I've lowered mine to a 4.25% interest loan by paying bi-weekly out of each paycheck.

Wait until you have to go out and buy the set of 4 snow tires and wheels or actually pay for that synthetic oil change.

 

I didn't have any problems and have been working on rebuilding my credit and was pre-approved from Communist bank, oops I meant Community Bank, owed by B of A. At 6% over 72 months for 30k. The cool thing is that the approval is good for 90 days

 

My rate went up a hair between pre-approval in early August and signing the final paperwork on Wednesday, 10/1. I got 5.35% for 4 years through my credit union. There are some lower rates out there, but I like my credit union, and as I'm closing in on paying off the house, I got a home equity-type loan whose interest is tax-deductible.

 

What %rate? I am thinking of using USAA.

 

So if I read it right, $20 get you a memebership to NMFA which means your eligable for PENFED right?

Looks like USAA is advertising best of 5.99%... anyone get lower from them?

 

If one has a good credit rating, getting financing is no problem. I picked up my MAGILLA on Friday, 10/03 and had no problem getting a loan. )My credit rating is almost 800)

 

I applied online for the PenFed loan a little over a week ago (9/26) and was instantly approved at the 4.75% rate. I elected not to have the check issued yet as my car is still a month out on delivery, but I may take it early to secure the loan and start paying on it. The loan process was so easy and I was surprised that I was instantly notified. Afterwards I called to ask a few questions and their hold music states that they are not in the crisis as are other lenders as they did not participate in all the subprime loan. So, there are lenders out there still writing loans.

 

The PENFED rate is nice, for sure, but I'm not able to make as big of a down payment as I had hoped, so it's actually advantageous for me to take a higher rate loan for a longer period of time.

Speaking of, I just heard back from my MA regarding financing. He said rates have gone up pretty much across the board. I sent him the rate he initially quoted me and I'm waiting for a response back. Hope he tells me nothing's changed...

 

Aren't there eligibility requirements?
What's NMFA? I didn't see it in the list of eligible associations.
I'm a member of USAA but they are quite a bit higher than PenFed.

ETA: Found it.
Looks like if you have immediate family in the military or retired you're also eligible.
Nice!

 

I think we're all starting to see the rates go up .1 - .5 to mayby 1% point versus just a couple of weeks ago....and with the economic state, I"m thinking of paying over 72 mos than 60, just to make sure I have a good money buffer for a a "just in case" situation..... if the USA can maybe pull itself out by next summer then I'll pay my xtra payments to get back into a 60 mos sequence.... as it is I'm debating to still pay the $4-5K I was going to pay originally as down.......

either way, it would be a big help and just for the sake of discussion, I think most of us on these boards all good to go for over 700+ credit score..... it would be great if U DONT MIND posting whom u've gotten your loan or getting loan with, how many months and what percentage..... I was just looking at capital one (thru costco website).......pretty good rates there as well...... I find bankrate.com to be a bit above average.....

 

Arg. The rate I had been planning on jumped by a point.

 

wandrur, are you looking for longer than 72 months? PenFed's rates are the same regardless of loan length. They do 72 months. I am currently on board for 4.75% with 60 months though plan on paying it off earlier.

You just have to join with a $20 fee unless you or a family member is already affiliated with the military. With all the other rates I am hearing (siggiS let us know back about yours as that sounds really good), PenFed seems like a good deal.

 

Well, the finance lady at Mini told me that interest rates changed and am approved for 6.09%. The interesting thing is, that she said that she didn't bother pulling the credit report and just put in a score over 740. When I asked why, she answered that it is better if you don't have to many inquiries on your report. I do understand that, but don't you get a better rate if you have a high score??? Anyways, just came back form the local Boeing Credit Union (had our last car loan with them as well) and was approved for 5.25% for up to 72 months. Now I need to get my hot little hands on the purchase order with the VIN number.

 

Siggi

isn't your vin showing up on the owners lounge?.... mine just posted today, so you should have yours by now, correct????

just over 6% from MINI, that's interesting, most dealers are typically just a bit over the 'average' so they can make their additional sums,........ that means BMW financing is trying to keep some business in financing since BMW sales should be down also.....

 

Loan amount=$24000 (estimated, though hopefully lower)
At 4.75% for 72 months, monthly payment of $383.74
At 7.5% for 84 months, monthly payment of $368.12

I'm hoping to get closer to $350/month in order to fit my budget and should be able to get there. It wouldn't be so bad if I were in a job that paid a bit more in proportion to my education...but, that's what happens when I work full time and am in graduate school. Have to make some sacrifices.

But, I may also be able to lever my credit score up, thus dropping the interest rate down, depending on some number crunching as yet to be completed. Details, details, details...

 

My understanding is that multiples inquires within a certain time period do not count individually as there is an understanding that an individual is shopping around for a loan. I do not believe that PenFed tiers its interest rate based upon different scores, anyone know otherwise?

Congrats on the loan and good luck with the rest of the process!!