R55 Issues getting Car Loan yet???
4th Gear
Joined: Jun 2008
Posts: 575
Likes: 0
From: Pacific NW
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...
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...
Moderator
Joined: Jul 2008
Posts: 11,899
Likes: 2
From: Fredericksburg, VA
wandrur, if there is any way that you can scrape up that $15.62 a month difference (hell, buy something at Goodwill and sell it on eBay), you would be saving yourself $3,292.58 across the life of the loan with the lower interest rate at 72 months. My online calculator shows the total interest paid on the 72 month loan would be $3,629.38 compared to $6,921.96 for the higher interest rate for the 84 month loan. I know that taking on more might seem harder, but if it is at all feasible you might want to think long term gain, imo.
You're definitely right, though. I should look to the impact of the rate difference in the long run and balance it against the short run. Money never was my strong suit.
4th Gear
Joined: Jun 2008
Posts: 529
Likes: 0
From: Round Lake IL
Minimum d/p for PENFED is 1000.00 and isn't that what you paid the dealer to order your MINI?..as far as PENFED is concerned you made you DP. That is all you need. PENFED goes to 72 months, you have to ask for it.
Moderator
Joined: Jul 2008
Posts: 11,899
Likes: 2
From: Fredericksburg, VA
The point about the size of the down payment was pertaining to the size of the monthly payment, not eligibility with PENFED. Bigger down payment = lower monthly payment, presuming length of loan remains the same.
2nd Gear
Joined: May 2008
Posts: 125
Likes: 0
From: Everett, WA
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.....
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.....
Ed, answer to your question. I do have the VIN, but not the total amount that needs to be financed. I changed a few things around after the initial order. I do believe that anyone applying for a loan will need to show the purchase order to the lender.
Moderator
Joined: Jul 2008
Posts: 11,899
Likes: 2
From: Fredericksburg, VA
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.
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.
wandrur, if there is any way that you can scrape up that $15.62 a month difference (hell, buy something at Goodwill and sell it on eBay), you would be saving yourself $3,292.58 across the life of the loan with the lower interest rate at 72 months. My online calculator shows the total interest paid on the 72 month loan would be $3,629.38 compared to $6,921.96 for the higher interest rate for the 84 month loan. I know that taking on more might seem harder, but if it is at all feasible you might want to think long term gain, imo.
Weird. Have emailed them regarding this. Hopefully the mystery will be solved soon.
2nd Gear
Joined: Sep 2008
Posts: 77
Likes: 0
From: Silicon Valley, CA
I just found this site which looks up the best rates in your area based on your zip code and length of term: http://bankingmyway.com/product/auto-loans
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2nd Gear
Joined: Aug 2008
Posts: 139
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From: Central Texas
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