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All American
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I plan to purchase a vehicle in the next 3-6 months; I would purchase one tomorrow if the right deal came through. Where is the best place (rate) to secure a loan? I'm looking @ a Toyota, so SET isn't going to offer much int he way of a good rate. The best I can find is 1.99% through LightStream; not eligible for USAA. Any suggestions? My last FICO was 800+.

9/25/2016 6:40:13 PM

dtownral
All American
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Is that a rate for a 60 month loan? I'd bet it's among the lowest, try RTP Federal Credit Union and Pentagon Federal Credit Union.

9/25/2016 6:55:10 PM

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play so hard
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Are you buying new or certified used? If so, Toyota might have a good financing deal going on (I see 0% for some models)

Outside of that I don't think you're going to beat 1.99%, unless you're willing to do a 36 month loan.

9/25/2016 7:08:20 PM

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All American
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New. Looking to buy a T4R, so there is never financing for em.

9/25/2016 7:11:17 PM

theDuke866
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^^^ Yeah PenFed is often good (I got 1.49 on a used car. Don't think they offer that any more, though.)

Search bankrate.com.

9/25/2016 8:11:49 PM

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All American
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PenFed is 1.99 on anything over 36; I want to do a 48. I'm a member @ Navy Fed, but they got nothing either.

9/25/2016 8:54:01 PM

theDuke866
All American
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Yeah I think 1.99% might be the best available.

[Edited on September 25, 2016 at 10:59 PM. Reason : yeah that's the best i see on Bankrate...Lightstream @ 1.99]

9/25/2016 10:58:42 PM

richthofen
All American
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My loan is through lightstream. Easy to work with, all online. Not sure if it would be the same for new (mine was used, buyout on a lease) but the nice thing with mine is there is no lien on the title. That makes registration less of a headache.

9/26/2016 1:07:50 AM

stowaway
All American
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PNC was giving me 1.99 last fall/winter.

9/26/2016 7:17:16 PM

wdprice3
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Quote :
"If so, Toyota might have a good financing deal going on (I see 0% for some models)"


I thought these MFR / dealer finance deals pretty much always meant no discount for 0% APR?

9/27/2016 9:55:37 AM

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play so hard
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Ya got me...I haven't ever bought a new car. I did get a great deal on my certified BMW though, and got either 0.9% or 1.9% on it in 2011.

9/27/2016 11:07:05 AM

wdprice3
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Yeh, I think it's fairly standard for very low and at least for 0% APRs that you often don't get any rebates, etc. Though, I guess if the dealer really wants to make a sale they can give you what they have in reserve.

9/27/2016 2:27:41 PM

dtownral
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i'd be surprised if toyota gave 0% for a 4Runner even without any rebates or anything just because of how popular they are

9/27/2016 2:52:20 PM

DropsOfAir
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RTP currently has 1.49% on terms up to 75 months.

10/3/2016 2:46:59 AM

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play so hard
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^Good tip - http://www.rtpfcu.org/home/rates/loan#auto

10/3/2016 11:42:31 AM

dtownral
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(i recommended them in the first post)

10/3/2016 12:35:43 PM

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play so hard
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(except you didn't post the rate)

10/4/2016 10:16:50 AM

theDuke866
All American
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PenFed now has 1.49% on new cars, 1.99% on used cars.

Also 0.99% on new cars with their car buying service for 36 months, but that seems pointless to me. Just pay the half-percent more in interest and stretch the loan term out as long as you can. Doesn't make sense to pay it off any faster than you have to at rates like those.

10/5/2016 7:43:53 PM

Chief
All American
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Late to the party but figured I'd throw my experience in since it still is within the 3-6 month timeframe, plus I just bought the same vehicle about 5 months back, a 2016 T4R Trail.

Called around and most credit union and bank loans were 2-3% on 36-60mo term. Dealer wouldn't give me less than 2.9% on a new 4Runner, but they'd give me rebates galore and 0% financing on a Camry all day. I ended up with same experience as richthofen. LightStream came in at 1.74% which was pretty good but not great, until they mention that you actually receive the title from the seller and it's purely an unsecured loan. It really shouldn't make that much difference, but no other loaner could touch that and knowing I could sell the car at the drop of a hat if needed and not deal with the bank/impatient buyers feels good. I, too, have a 800+ credit score but during the phone/online application they'll ask a bit more details and it's more based on your income and other debt factors not just score.

Just be aware if you go that route with a dealership to stay on top of their paperwork before signing the 10+ forms and let them know it's essentially cash payment or they'll fuck it up since they aren't used to cash buyers. My dealer kept putting the bank I was transfering my money from as the lienholder on all of the paperwork.

1/15/2017 2:41:41 AM

dtownral
All American
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That's really good to know about Lightstream

For buying, do they just send you a check? One thing I liked when i used PenFed was they just mailed me a check for the amount I wanted and I just had to endorse it over to the dealership and then give PenFed the vehicle info. With other banks in the past it required phone calls and coordinating and having the bank send payment to the dealership, which wasn't a huge deal but it just made everything take longer at the dealership.

Does anyone know if it makes a difference for your credit if its an unsecured loan vs auto loan?

1/16/2017 8:09:02 AM

richthofen
All American
15714 Posts
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In my case they sent the check to the dealer, who then maintained for a solid two weeks that they had not received it yet. Not Lightstream's fault, but a reason to ask if they'll send it to you.

Also, fuck Hendrick Kia and their finance department.

1/22/2017 1:22:09 PM

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