[Xtianh]

Hi all, I have a week 38 M2 scheduled and am currently in the process of obtaining financing. Does anyone have any suggestions for a low-rate credit union/bank? I am in SoCal with ~750 credit. I am not affiliated with USAA or any military branch. Probably looking for a 72 week term.

Thanks very much!

[emargul]

Check out https://www.penfed.org/

They had the best rate when I got my M2 in December.

[OSee]

Originally Posted by Xtianh

Hi all, I have a week 38 M2 scheduled and am currently in the process of obtaining financing. Does anyone have any suggestions for a low-rate credit union/bank? I am in SoCal with ~750 credit. I am not affiliated with USAA or any military branch. Probably looking for a 72 week term.

Thanks very much!

SchoolsFirst. I'm looking at 1.5% over 60. I'm sure 72 might be a tick above that.

Only catch is that you need to know a teacher. Any teacher will do. They provide the referral for you to join.

[termigni]

I'll be picking up my car this Thursday. My dealership already set me up with PNC finance. If I decide to go with PenFed on my own, would that decrease my credit score because I'm running it again?

[emargul]

Originally Posted by termigni

I'll be picking up my car this Thursday. My dealership already set me up with PNC finance. If I decide to go with PenFed on my own, would that decrease my credit score because I'm running it again?

I'm by no means an expert on the matter, but it shouldn't decrease your credit score. I know I had my dealer run my credit app for a number of different loan providers and I ended up going with Penfed after the dealer couldn't get anyone to match Penfed's rate. And my credit score did not go down.

[termigni]

Originally Posted by emargul

I'm by no means an expert on the matter, but it shouldn't decrease your credit score. I know I had my dealer run my credit app for a number of different loan providers and I ended up going with Penfed after the dealer couldn't get anyone to match Penfed's rate. And my credit score did not go down.

Thank you. I'll try penfed tomorrow

[pissclams]

Originally Posted by termigni

Thank you. I'll try penfed tomorrow

The bureaus treat certain hard pulls differently, such as when car loan shopping and there's an expectation that your report will be hit several times in a short time period. Don't worry about it. Just remember that not all loans are the same and some things can trump a quarter point savings on a loan.

[ORIGIN M.]

Originally Posted by emargul

I'm by no means an expert on the matter, but it shouldn't decrease your credit score. I know I had my dealer run my credit app for a number of different loan providers and I ended up going with Penfed after the dealer couldn't get anyone to match Penfed's rate. And my credit score did not go down.

That's because they changed the credit matrix so if you have several inquiries during a certain period of time when you're shopping it will not kill your credit.

[OSee]

Originally Posted by termigni

I'll be picking up my car this Thursday. My dealership already set me up with PNC finance. If I decide to go with PenFed on my own, would that decrease my credit score because I'm running it again?

Car loan hard pulls are usually clumped together. So 1 vs 30 won't hurt.

[ORIGIN M.]

Originally Posted by OCfromOC

Car loan hard pulls are usually clumped together. So 1 vs 30 won't hurt.

Same on a mortgage or any application session.

If I was just barely above a 720 I might be concerned.

[lax01]

Definitely do CU...even USAA wasn't competitive against them

[Xtianh]

Originally Posted by lax01

Definitely do CU...even USAA wasn't competitive against them

CU?

[bobert]

Originally Posted by Xtianh

CU?

credit union

[lax01]

Yeah...I believe this one is basically public... 1.89% APR - up to 84 months (doubt its 1.89 at 84 months though): https://www.ccu.com/personal/loans/auto-loans

[EstorilM]

Originally Posted by emargul

Check out https://www.penfed.org/

They had the best rate when I got my M2 in December.

Same. I got 2.49% and pay mid 600s on a payment saver with not much down

[daftsham]

since you're in socal, give san diego county credit union (https://www.sdccu.com) a try. got 1.9% rate with them 2 months ago

[lax01]

Originally Posted by EstorilM

Same. I got 2.49% and pay mid 600s on a payment saver with not much down

Wut...that's not possible...unless you are doing an 96-120 month loan...please tell me you aren't doing that

[ORIGIN M.]

Originally Posted by lax01

Yeah...I believe this one is basically public... 1.89% APR - up to 84 months (doubt its 1.89 at 84 months though): https://www.ccu.com/personal/loans/auto-loans

3.89% for 84 months.

I think BMWFS might be better.

[rouxeny]

Since when did the average car loan extend out beyond 60 months? Most M2 owners won't even keep their cars that long.

[pruettfan]

Originally Posted by rouxeny

Since when did the average car loan extend out beyond 60 months? Most M2 owners won't even keep their cars that long.

I follow the industry closely and I believe the average new car loan is 67 months so most are getting 72 month loans or even longer. In Canada 84 and even 96 month loans are pretty common apparently, that is crazy.

For car loans I strongly recommend the credit unions, they offer great rates and excellent customer service. Personally I have one car loan with Penfed and one with Navy Federal, both are at excellent rates and both credit unions have very easy processes and great customer service. There is no promotional rate for the M2 so no sense in even letting the finance guy at the dealer run your credit. Rates are bouncing around a bit right now but with 700's it is pretty easy to get under 3% for 72 months. A few months ago the rates jumped for most credit unions to 3.2% from 2.75% so shop around a bit, most credit unions advertise their rates openly unlike many banks.

[termigni]

Few issues while applying online.. PenFed.com
The website doesn't have pull down option for 2018 M2. So I've selected 440i Coupe which is the closest in MSRP.
Now I'm stuck at choosing Gap insurance option. The site keeps crashing.

I'll have to call them...

[zenmaster]

Originally Posted by lax01

Yeah...I believe this one is basically public... 1.89% APR - up to 84 months (doubt its 1.89 at 84 months though): https://www.ccu.com/personal/loans/auto-loans

It's 1.89 for 3 year loan. Or around $1715/mo payment. Nice!