It's just a local credit union, Sharonview. I've been a member for years and have good credit so maybe I got a better rate than normal. Their posted rate is 5.99.

 

I guess that's the whole point of credit unions: standing membership has its perks.

Pentagon it is! With student debt sufficiently hampering my credit score and no prior membership, 4.99% still seems downright great.

Congrats on the rate, geekswrath- better yet, enjoy the car!

 

credit unions ftw.... mine gave me a new 60mo loan for 4.79%...although the one on my wrecked mazda3 was 3.99 the MINI dealer was 'shocked' I could do better than their special 4.9% on 2007's. Even if my credit union was a bit more than the dealer's offer I wouldn't ever finance through a car company!

 

Not always.... ....

I've been a member of my credit union for 25 years, and I was able to beat their interest rate and come up with 4.99%. The CU was gonna give me 5.75%..

This is actually the third vehicle load they have lost, since I have always been able to find a better rate by looking around. So now my homeowners insurance, auto insurance, and auto loan are from the same place.

 

Mind me asking what 'place' that would be?

 

Thanks for the info regarding the Pentagon Federal. I just got approved for 4.9% through PENFED. I called them to see how the process is going and the rep said that she needs my MINI's VIN, delership info and exact loan amount(?). I thought they are going to send me a blank check, but I guess not. Am I doing right? Could you please someone tell me about the process?

Thanks in advance.

 

My Credit Union also offered 4.9. The MINI dealer matched that rate. For reasons of convenience, I went with the dealer financing.

 

tjtull, did you already pick your mini up? I hope my dealer can match that rate too.

 

No, I haven't picked it up but I told them the rate my CU offered. They had me fill out the credit application and then they said they'd match the rate. You might want to call and check. I filled out the application on-line.

 

Does anyone have any idea what their loan rate for used cars is on Pentagon federal? I cannot access it without paying the $20 for membership first :(

 

Weird that you can't access it- there's a link right on their main page that you can access before signing in: www.penfed.org

Looks like the same 4.99% as they offer on new cars, and that's good on terms from 12-60 months. I confirmed this with them when I was initially applying for the new car loan as I was considering shopping used instead.

I don't think I've seen a better used car rate anywhere- good luck

 

I just looked at their payment calculator and found out that their loan rate for used cars is 8.99% (up to 72 months), bummer. I guess it really does seem like the best option is to go for a new Mini instead of a used one.

 

Something's amiss, then. Their website definitely says 4.99% on 12-60 month loans. They mention that this is an online rate only, but if I were you I'd give a call to them and let them know that you're contemplating becoming a member and want to confirm that they could offer you the 4.99% rate on a used car. Worst case scenario, they tell you that their website is wrong- best case scenario you find out you can get the loan you want for the used car and avoid being pushed into the new one (but oh what fun a new car is...)

Give them a call- they're usually available and just as helpful on the weekends: 1-800-247-5626

 

I called and confirmed that it is really 4.99% (60 months). What had happened was that I was trying to get it to 72 months and that's why it was giving me a different rate. Thanks for the help, Joshknot! I really want something for 72 months so I guess I have no option but go for a new one (I want a 2007 or newer).

 

Hmmm, 2007 is a really limited used market anyhow. If you're really pushing for the 72 months, you're right- you could probably grab a 2008 for a lower monthly payment (or at least equal) for what you'd have to pay on a 2007 used on a 60 month note. I personally went 72 months just because there was no increase in the interest rate and it was nice to have a significant buffer in my monthly payment; figure I can always over-pay and shorten the term.

Good luck in your search, either way- I should be picking mine up in a week now!

 

In late January we got preapproved before we ordered through Capital One/Costco for 5.5%

We take delivery Saturday. We thought we were finally set and happy with 5.24% (60 months) from our credit union.

Our MA called today and said they could beat that.

Now we notice that our credit union's best rate listed is 4.79%

Interesting economic times.

 

You're telling me; I had been stoked about finding 4.99% from Pentagon Federal Credit Union- I've had my check sitting here waiting for the car to be delivered for a few weeks now.

The other day my MA also said they could beat the rate- wound up snagging 4.15% on a 60 month term...best they could do a month ago was over 6%.

Good time to finance, I suppose...troubling to think about what i tall means.

 

When you guys get the check from Pentagon Federal Credit Union, how long will it last before it expire? My Clubman is not due to arrive until May and I would like to know when should I apply my load and obtain the check.

Thanks

 

They told me the check was good for 60 days from issuance; if I were you I'd call to confirm just to be sure. They definitely processed it quickly; I had a check in-hand before I even placed my order.

Good luck

 

I am 20 years old and co-signed with my dad...I got 5.5% for 60 months from BMW...my credit is medicore....my dad has good credit.

 

Anyone get lower then 4.99 from Pentagon Federal Credit Union since rate cut last week?

 

Haven't tried just recently, but they've been offering the 4.99% rate since before the Fed even started lopping off points. I asked them 3 weeks ago if their rate was changing based on the then-recent cuts, and the rep I spoke with said no- 4.99% was their stick-to auto loan rate.

Wouldn't hurt for people to keep posing the question, though- it doesn't make sense that they keep a concrete 4.99%. It's flexibility in lending that got me to go with dealership financing in the end.

Good luck.

 

For anyone in the Upstate New York area, SEFCU is offering 5.25% over 60 months, 5.00% over 48 months. They used to knock of a 0.25% with a automatic-deduct-from-your-account plan.

http://www.sefcu.com

 

I went with the 4.99% at Pentagon since the dealer was sticking to 5.5% and wouldn't match. FYI, if this wasn't mentioned, you can get a $25 membership to the National Military Family Organization to be eligible for membership to Pentagon. They do the NMFO membership and loan app over the phone. Kind of strange, but it's worth $25 for the 0.5%.

 

I just check Pentagon Federal Credit Union site and they lower the rate to 4.25% for up to 72 months loan