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Old 06-30-2013, 10:48 AM   #31
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Best is relative. If you want the least amount of interest for a loan term of your choosing, can you ever go wrong by showing up with lots of cash in hand? Meaning there's less money for you to borrow?

Long term financing isn't for me but that's my opinion and your decision of term length is beside the point.

Comparing other people's interest rates on their loans to yours is a faulty comparison because their lives, financial history and circumstances are different than yours.

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Old 06-30-2013, 11:59 AM   #32
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Originally Posted by scipio337 View Post
Two weeks ago I had 2.79% approved through Digital Credit Union. I had all the info and was ready to go. It is a bit of a PITA to have them overnight the checks, etc...

Anyway, I was approved and ready to go, with the "I'm not going to have the dealer jerk me around on the financing!" view. The dealer asked if he could beat my rate, if I would go with his loan. I scoffed and said "yes".

The dealer came back with 2.49 through Chase. I took it.

In conclusion, get the best financing you can lined up (I went with DCU www.dcu.org per recommendations from this site) but there is a chance a good dealer might beat it.
We went with the dealership @ Koons Jeep for 1.79% for 72 months cutting payment by $ 29.00/mo. with a 696 credit score. The Local Credit Union had us @ 2.74%. Also PenFed will only go 60 months w/o a down payment or 72 months w/15% down.

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Old 06-30-2013, 12:08 PM   #33
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Originally Posted by JeepCourtney3700 View Post
Best is relative. If you want the least amount of interest for a loan term of your choosing, can you ever go wrong by showing up with lots of cash in hand? Meaning there's less money for you to borrow?
Yes, you often get a better rate if you're financing over a certain amount. Under 35k you might be at 2.25% while over you might be at 1.75%. In practical terms, this means you're paying the bank the same amount (in interest) at 2.25% for 35K as you would be at 1.75% for 45k.

Further, because of how good the rate ares, it's better to put your money in a mutual fund or other account. Whether it's your 401k, Roth IRA, or whatever, it's statistically going to produce returns over the life of a 6 year loan.

Or, alternatively, if OP has a mortgage or student loans at a higher percent interest rate, it's better to pay those off first before the car.


Quote:
Originally Posted by JeepCourtney3700 View Post
Comparing other people's interest rates on their loans to yours is a faulty comparison because their lives, financial history and circumstances are different than yours.
It gives him a ballpark of what to expect. It seems like he can expect between 1.75 and 2.5% from the numerous people who have chimed in, which would be a good enough ball park for me.
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Old 06-30-2013, 01:07 PM   #34
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Originally Posted by n00g7 View Post
Yes, you often get a better rate if you're financing over a certain amount. Under 35k you might be at 2.25% while over you might be at 1.75%. In practical terms, this means you're paying the bank the same amount (in interest) at 2.25% for 35K as you would be at 1.75% for 45k.

Further, because of how good the rate ares, it's better to put your money in a mutual fund or other account. Whether it's your 401k, Roth IRA, or whatever, it's statistically going to produce returns over the life of a 6 year loan.

Or, alternatively, if OP has a mortgage or student loans at a higher percent interest rate, it's better to pay those off first before the car.




It gives him a ballpark of what to expect. It seems like he can expect between 1.75 and 2.5% from the numerous people who have chimed in, which would be a good enough ball park for me.
I pretty much agree with everything you said.

But if someone has a student loan they haven't paid off then a 45K Jeep may not be the wisest decision. I know it's the American way of instant gratification, but if you can't pay off your student loans then you have no business buying a brand new vehicle. Just my 2 cents
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Old 06-30-2013, 01:21 PM   #35
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2.84. But the day I got home from buying my Jeep I found a letter In the mailbox from my credit union who financed my trade in vehicle offering me a 1.99 on a new car. I am not sure if that would be good at 72 months though. I couldn't bring myself to look too close since I had just already made a deal.
Go to Pentagon Federal (www.penfed.com) and check their rates. I financed my Sahara for 5 years at 1.49%. You don't have to be military to join but if you're not I think they charge a contribution of $25 for military family's and that's a one time charge.
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Old 06-30-2013, 02:04 PM   #36
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Originally Posted by Sucker Punch View Post
I pretty much agree with everything you said.

But if someone has a student loan they haven't paid off then a 45K Jeep may not be the wisest decision. I know it's the American way of instant gratification, but if you can't pay off your student loans then you have no business buying a brand new vehicle. Just my 2 cents
Financing a vehicle builds your credit. The first thing I did out of college was take advantage of BMW's new grad program. That afforded me the financial history to purchase a house -- much more important than paying off my student loans right away.
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Old 06-30-2013, 03:52 PM   #37
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Originally Posted by Tagg View Post
Also PenFed will only go 60 months w/o a down payment or 72 months w/15% down.
Maybe this has changed since October 2013, but we financed for 72 months with no downpayment. Unless they considered the trade as a downpayment, the only cash out of our pockets was the $500 deposit we paid to place a custom order.
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Old 06-30-2013, 10:09 PM   #38
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Originally Posted by n00g7 View Post


It gives him a ballpark of what to expect. It seems like he can expect between 1.75 and 2.5% from the numerous people who have chimed in, which would be a good enough ball park for me.
n00g7 couldn't of said it better...

JeepCourtney3700, I understand your point and I know every situation is different; based on different incomes, credit scores, etc.
But my question of what's the best rate only helps me figure out if what the dealer is offering is truly "the best rate"...

I'm 35 yrs old, no student loans, no mortgage, income over $140k and credit score is over 750. I have purchased 3 other vehicles in the past where I have put down $10k or $15k to have a comfortable payment...
I don't want to do that now.
I just want to have the lowest payment possible with little to no money down and have the option of just putting big deposits into the principal and finish paying of the vehicle sooner then the scheduled time.

I have a 2010 Nissan Murano that I got at a 1.99% rate for 60 months.
I'm paying it off in 3 months (a little under 2 years earlier then scheduled) because i've been doing what I just mentioned, comfortable payment but always sending more & paying off sooner, but with the liberty that if I don't want to put more this particular month then I just pay the regular payment...
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Old 07-01-2013, 12:34 AM   #39
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Lots of sensible people in the thread. That's good so thank you n00g7, Sucker_Punch and BIGLex.

@n00g7, as I mentioned in another thread, that's a valid point and a different way to spend/invest. Ball park ideas are a good measure but ultimately it's going to be different for him and based on what he's told me, I'd be surprised if he isn't able to get the smallest interest rate on a 72 month loan.

@Sucker_Punch, I agree. Student loans take priority right now and they prevent me from taking out any more loans, whether credit cards or another auto loan.

@BIGLex, that's cool. It seems like if you do your diligence in research it'll pay off and you can get a small interest rate on your loan. Keep us posted.
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Old 07-01-2013, 08:42 AM   #40
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Originally Posted by Tagg View Post
Also PenFed will only go 60 months w/o a down payment or 72 months w/15% down.
If your credit is over 720 PenFed will allow you 72 months with 0% down. No deposit, no trade in, ZERO.
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Old 07-01-2013, 09:03 AM   #41
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I just rechecked the PenFed.org website again 10:00 AM. It states that a 15% down payment is required for New Auto Loans of 61-72 months. Interest rate of 1.74%. The deal we received at Koons Jeep thru their financial dept was 1.79% for 72 months. Found that Extremely Hard to BEAT !!!
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Old 07-01-2013, 09:48 AM   #42
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Originally Posted by Tagg View Post
I just rechecked the PenFed.org website again 10:00 AM. It states that a 15% down payment is required for New Auto Loans of 61-72 months. Interest rate of 1.74%. The deal we received at Koons Jeep thru their financial dept was 1.79% for 72 months. Found that Extremely Hard to BEAT !!!
They take a different approach from most, and show what the average person will get rather than the dreams that only the high credit folks can get. I talked to them on Friday morning, high credit gets you zero down if you want. USAA effectively beat their 1.75 for me.
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Old 07-01-2013, 09:56 AM   #43
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Originally Posted by DC Dennis View Post
They take a different approach from most, and show what the average person will get rather than the dreams that only the high credit folks can get. I talked to them on Friday morning, high credit gets you zero down if you want. USAA effectively beat their 1.75 for me.
I'd probably give my money to USAA even if they didn't beat it.
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Old 07-01-2013, 10:22 AM   #44
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I'd probably give my money to USAA even if they didn't beat it.
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Old 07-15-2013, 07:39 PM   #45
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Question

So the time is almost here...
Last week I received a final update letting me know that the Rubi is on it's way to the dealership.

I just applied at Pen Fed and got approved, but I'm confused.
I didn't know exactly how much I am going to need as I have not been to the dealer just yet and I'm not sure how much they are going to give me for the trade in.

It also doesn't tell you on the screen after completing everything if the rate is indeed 1.74% for the 72 months.

I just submitted an email to them via their "contact us" link so that someone can call me and explain a little more since the website and it's approval doesn't tell you much.

DC DENNIS,
How did you manage to get the 100% financing?
Did you have to call them?
Because I didn't see anything in the application process that gave me the option...
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Old 07-15-2013, 08:08 PM   #46
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My credit score was 730 when I got my JKU a few weeks ago.

The dealer started by telling me that Chrysler never goes below 3.94% for the Wrangler at 72 months.

When I insisted that I needed a lower monthly payment, I got them down to 1.99% on 72 months.

This was through the dealer.. The bank ended up being First Niagara Bank out of Buffalo, NY.
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Old 07-15-2013, 10:55 PM   #47
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Here's the update after I called them.


Got approved at the 1.74 for 72 months.
Initially when I applied, the web page automatically did the math with 15% down payment but when I called and they reviewed my credit score, they removed the need to put anything down.
So I got 100% financing.
Basically all I have to do now is, figure an amount with the dealer (Trade in Value, Incentives, etc)
Get a final number (purchase) amount.
& then contact Pen Fed with exact amount info.
Pay $15 to get the check overnight and that is that...

Now all I need is the 10a to come in already!!!!

Thank you all for your help & advice.
So far it's been awesome!!!

Can't wait to pick her up...
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Old 07-16-2013, 06:41 AM   #48
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Congratulations, Lex!

Glad PenFed worked for you and that your jeep will be here soon.

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Old 07-17-2013, 07:27 AM   #49
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100% Financing

Quote:
Originally Posted by BIGLex View Post
So the time is almost here...
Last week I received a final update letting me know that the Rubi is on it's way to the dealership.

I just applied at Pen Fed and got approved, but I'm confused.
I didn't know exactly how much I am going to need as I have not been to the dealer just yet and I'm not sure how much they are going to give me for the trade in.

It also doesn't tell you on the screen after completing everything if the rate is indeed 1.74% for the 72 months.

I just submitted an email to them via their "contact us" link so that someone can call me and explain a little more since the website and it's approval doesn't tell you much.

DC DENNIS,
How did you manage to get the 100% financing?
Did you have to call them?
Because I didn't see anything in the application process that gave me the option...
Lending institutions will apply a "credit score" to your application based upon a number of factors. The higher you score the more they want your business (remember they are in the business of selling money so they want you as bad as you want them). Once all of the factors that they use have generated a score then the bank, credit union, etc. will decide which products you qualify for so in this case your score put you in the 100% financing category. What's the upside for the lending institution? The more you borrow the more interest that they earn from the loan.

Congratulations on the new Rubi A buddy! You're going to really enjoy Jeepin'
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Old 07-17-2013, 08:18 AM   #50
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Originally Posted by BIGLex View Post
So the time is almost here...
Last week I received a final update letting me know that the Rubi is on it's way to the dealership.

I just applied at Pen Fed and got approved, but I'm confused.
I didn't know exactly how much I am going to need as I have not been to the dealer just yet and I'm not sure how much they are going to give me for the trade in.

It also doesn't tell you on the screen after completing everything if the rate is indeed 1.74% for the 72 months.

I just submitted an email to them via their "contact us" link so that someone can call me and explain a little more since the website and it's approval doesn't tell you much.

DC DENNIS,
How did you manage to get the 100% financing?
Did you have to call them?
Because I didn't see anything in the application process that gave me the option...
I have good credit, I bought well below MSRP(well below invoice in fact), and I asked. If you have good credit you should have zero problems getting 100% financing. Call them, don't wait on them to call you. Check out USAA, PenFed, and Navy Fed if you qualify.
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Old 07-17-2013, 12:52 PM   #51
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Originally Posted by DC Dennis View Post
I have good credit, I bought well below MSRP(well below invoice in fact), and I asked. If you have good credit you should have zero problems getting 100% financing. Call them, don't wait on them to call you. Check out USAA, PenFed, and Navy Fed if you qualify.
DC,
Check the previous post...
I already did
100%

Thanks for all the tips!
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Old 07-17-2013, 01:02 PM   #52
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Originally Posted by BIGLex View Post
DC,
Check the previous post...
I already did
100%

Thanks for all the tips!
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Old 11-27-2013, 08:33 PM   #53
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What are the requirements to meet in order to qualify and can anyone apply and qualify? I am in SC, can I still apply?

I picked up a 14 unlimited rubi with 4.99% looking to refi asap.
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Old 11-27-2013, 09:23 PM   #54
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For PenFed, you pay a membership fee and open a checking account with them for about $25. Once you are an account holder you can apply for a loan.

In October they were at 1.99%, 72 months, zero down. When we picked up my 2014 the dealer asked if he could beat our financing if we would use it. He was able to get us down to 1.85%.

Good luck!
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Old 11-27-2013, 10:39 PM   #55
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Im at 1.3% on my 14 (TD Bank through dealer.) Was going to pay for it in cash, but at 1.3%, its free money, and I make way more than 1.4% a year investing it instead.
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Old 11-28-2013, 12:04 AM   #56
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I think jeep should do what ford did, no interest 5 year loan. I think they'd sell more jeeps!
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Old 11-28-2013, 08:00 AM   #57
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I think jeep should do what ford did, no interest 5 year loan. I think they'd sell more jeeps!
They already sell a whole lot of them. I don't think there's any sales problem with Wranglers right now that is motivating the company to offer free financing on them.

We are refinancing our loan tomorrow. I was going to use PenFed's 1.99% for 60 mo (I'm a member) but a local credit union was running a commercial this past week and giving $100 to anyone who would refinance an auto loan with them. I applied online, they called me a few days later and told me the interest rate will be 1.99% for 60 mo and I'm going in tomorrow to sign the papers. The only fee is a $13 Missouri title origination fee.

The lower rate plus knocking off two payments (we have 62 months left on our current loan) will save us approximately $1,000 over the life of the loan. That, plus an extra $100 Christmas spending money. My wife likes the fact that they're local to us and she can drop by any number of their branches in the area to make a payment. Also, we don't have to make another payment until mid January when the new loan starts.
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Old 11-28-2013, 10:01 AM   #58
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Last week I financed at 1.84 for 48 mo. at Compass bank. Wranglers are selling about like hotcakes so Jeep has no special financing or rebates. If you want zero financing and rebates then wait until gas goes back to $4 gal. or get a Dodge.
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Old 11-28-2013, 11:03 AM   #59
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1.75% @ Suncoast Schools CU. They are based here in Florida.
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Old 11-28-2013, 12:27 PM   #60
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