I found out today that my MCS made it to the VDC in NJ (lot of abbreviations/acronyms eh?) today! I called my MA and he said that it might make it home by the end of the week! WOOHOO! With any luck, I'll have him home by my birthday on the 9th!

Have any of you used Mini/BMW financing? What is the prevailing rate for someone with outstanding credit? Any other financing suggestions?

 

I went with my credit union. 2 percent less than the dealer, which was 7%.

 

I going to be ordering my mini soon, how does the ordering and finance prosses work? I know that you have to put a $1000 down right, do you discuss your payments, final price, payments all that? also when do you start payments after you get the car? thanks for the help

 

Credit Unions are the way to go - they are usually a 1% less than your next best offer. I got 5.25% for 4 years earlier this month. The best my dealer could offer me was 6.25%

 

Each dealer seems to have some sort of down payment. However, this is not a legal binding agreement. As a result you can get your money back should you decide not take the car. Arrange financing with bank or credit union. This takes and hour or two, and can be down while you are waiting for your car to be built. Payments usually begin within 45 days after handing over the check, but some banks/credit unions may deviate from this a bit. Do your homework before ordering. The flow of cars arriving at dealers is picking up so take a long look before ordering. For example the cloth and leatherette seats are surprising good which would save several hundred or over 1K. Patience is what needed by anyone who is ordering a MINI. Find out your dealers policy regarding add ons that your dealer requires as well. Some dealers particularly in California and other high demand dealers have policies that add thousands to a cars final cost.

 

Since he said his MCS is at the VDC, I think he already ordered.

 

My credit union offered 6.52 for 72 months with 10% down.

MINI offered to beat it at 6.22 for 72 months if I had 20% down (which I did).

 

BMW was able to match my bank with 6.25% for 60 months with ~20% down

 

How did you make contact with BMW bank folks, through the dealer or direct? I applied online with BMW, was approved but haven't any direct contact to know what they're offering for percentage rate.

 

E-Loan (eloan.com) has good rates, especially if you have good credit. I got approved for a 36 month loan at 5.99% (more than 36 is 6.25%). They don't charge application fees and once approved, they give you a paper check that you bring to your dealer and fill out to seal the deal.

 

Well... the original plan was to put $15k down and finance the rest but now I'm thinking about just paying for it outright. I searched on bankrate.com and the rates in my area really stink. Now I'm not sure what the heck to do...

 

Credit union is definitely the way to go. My MA asked me how i wanted to finance and i told her i got it under control. She said that Mini was offering 7.5% wich i think is still outrageous for tier 1 credit. I will be using my credit union wich offers 5.0% for 72months and $0.00 down. I bought my truck last year with them and i got 4.5% with zero down. Seems interest rates are on the rise some.

 

There is a finance person at my dealership. At first she qouted me a 7.5%, so I went and talked to my bank to see whate rate I can get. Once I get the lower rate from my bank, I present that to the dealer and they (BMW) matched the rate.

 

I was able to get an AMEX 'clear card' with 0% APR for the first year, a generous credit limit (will cover at least half of the car). That leaves about 15K to finance as opposed to 30k.

 

Credit union offered me 5.99% Mini gave me 5.44%. I was happy with the 1/2 point less. Nobody usually beats my credit union, I was happy!!

 

I doubt any dealer will let you put 15K on a credit card without charging you extra.

 

6.5% at my MINI dealership.

 

BMW gave me their "best" rate in Feb which was 6.5% that is with 50% down and spotless credit, a full point at the time better than my credit union.

 

Wow. Thats a great rate from a MINI dealer. Was this recent? What dealer?

 

Why would a dealer charge you extra if you put it on a credit card? I was also planning on using a 0% card for about half of the purchase price. I've also read that it's better to put your downpayment using a card since you have better protection if something goes wrong with the car.

 

Uhmmm,..credit cards have a single charge limit in the U.S. I believe it is $5,000.00. To get above that the dealer would have to get the merchant bank involved and get granted special approval. There would be a surcharge from the merchant bank for this, which I am sure the dealer would pass on.

 

Credit card companies charge both parties. This is why a dealer would be reluctant to accept a credit card for a huge amount of money.

 

True, they lose up to 3% of the sale to the credit card company, depending on the credit card and merchant bank. American Express is the worst, in this regard.

 

The most that I have been able to charge for a car was $3000. I think I did this for both of the new cars i have purchased. They would not allow more due to the reasons that the others have stated.

I was able to find a credit union offering 3.5% for 3 years. I just applied for an account with them and then will fill out the application for the loan. Hopefully, it will go well!

 

May I ask where is your location ? I went to Bankrate.com and somehow rates depends for each state & city.