The Lotus Cars Community banner

1 - 10 of 10 Posts

·
Registered
Joined
·
2,234 Posts
Discussion Starter #1
i've looked up some stuff online but wanted to see if anyone here could offer some advice.

when you're shopping for a new car and the dealer offers you some rate, is it always best to shop around for a better rate at that time? if i wanted to take the car that day, is it plausible to take the rate the dealer gives me and then go shop around for a better rate if available and then refinance the car?

i don't know if anyone here financed their Lotus, but can anyone suggest some reputtable places to look for a better rate. my bank is bank of america but i don't think i've heard of them having great rates.
 

·
Registered
Joined
·
1,564 Posts
try a credit union, they're usually cheapest unless it's a promotion that the bigger manufactors use like a zero or 1-3%apr. it would be a bad idea to take the dealers rate and then refinance to a lower rate somewhere else as from what i've seen the refi rates are usually more than if you finance a new purchase. it's also good to have your finance sorted as you can work a better deal on your purchase price. also you can buy the car and put a deposit it ($100 has worked for me before) until you find a rate
 

·
Registered
Joined
·
451 Posts
I recommend getting a pre-approval from a credit union or bank at a good rate before you go to the dealer. For instance, I have a pre-approval up to $60,000 at 5.5% with no money down for a 5 year loan. If I found a car I wanted, my bank would overnight a cashiers check. This way you can go to the dealer, know the rate you have and if they can beat it, great... but chances are they won't, unless the dealer is running some promotion (Mazda right now has 0% for 5 years, can't beat that)... I don't think I've heard of Lotus offering financing for a low rate, though - that's usually done by the big manufacturers.
 

·
Registered
Joined
·
278 Posts
B of A has eloans available and they're pretty damn competitive.. If you finance 90% of the wholesale value and over $30K you get the best possible rate.... So make sure you have a good down payment. That works with most banks.

I believe their best rate is 5.59% for 60 months.. I would be careful with credit unions because I've ran into a few people that have financed their vehicles through their credit union but it doesn't appear anywhere in their credit bureau because the C.U. doesn't report to Experian, Equifax, or Transunion.. Sometimes it's worth paying a couple of bucks to have a large bank finance your loan.
 

·
Registered
Joined
·
2,399 Posts
make sure you are actually aproved if you go the pre-approved route... I was "pre-approved" by my bank for my car then when I was ready to go they said "hey we are gonna give you 25k less than what we pre-approved you for"

good thing this was over the phone or I woulda killed somebody... I was SO PISSED... So I had the dealer shop around a bit for me and they finally found someone willing to finance as much as I needed... so be careful about "pre-approval" apparently financial institutions arent very good at english
 

·
Registered
Joined
·
278 Posts
Oh, also, most major bank auto loans are simple interest and won't charge you the interest if you pay if off early. Only for the months you actually financed.. Credit unions are notorious for charging the interest for the entire loan term.. For example, If you pay off your CU loan in 21 months they may charge you the interest they were expecting for say 60 months....

And what Monsi said could also happen.. They can change their mind if they don't like the structure, payment, or vehicle you're financing...:panic:
 

·
Registered
Joined
·
2,955 Posts
What state are you in?

I work for a credit union in Florida and if you refinance your car loan with us and are approved, we guarantee to reduce your rate anywhere from 1/2% to 5% less than what you are currently paying and give you $200 in cash when the loan closes. Our lowest rate is 4.99% and you have to borrow 10K or more to get the $200 bonus

However we can only make loans to people that live or work in Dade, Broward, Palm Beach or Sarasota counties in Florida.
 

·
Registered
Joined
·
2,234 Posts
Discussion Starter #10
dang it. i figure if it's between 5%-6%, it'll be good from the dealer. but thanks for the advice. open to reading more advice though.
 
1 - 10 of 10 Posts
Top