09-14-2017, 01:47 AM | #1 |
Lieutenant
269
Rep 505
Posts |
Who has the best 84-Month Auto Loan Rate?
Penfed is currently 3.84% for 84-months. However, I can get a 72-month auto loan from AAA at 2.29%, which makes a lot more sense. If there is an 84-month loan out there for around the same rate, I would go with that instead.
If anyone has found a better rate than these offers, please let me know. It would be very much appreciated. Thanks in advance! |
09-14-2017, 02:09 AM | #2 |
I INDIC8
612
Rep 1,288
Posts
Drives: 2018 LBB M2, 6MT
Join Date: Dec 2016
Location: Cleveland, OH
|
jebus, a 7 year loan? I thought I was a little crazy looking for 60 months.
__________________
2004 Matrix XRS 6MT => 2008 VW R32 DSG => 2012 Audi TTRS 6MT => 2018 BMW ///M2 6MT
I'm an IT guy by trade and tech nerd by choice. I like HPDEs, parts of US Hwy 129, NC 28, and the Cherohala Skyway. I'm also a fan of aural pleasure. |
Appreciate
2
BMWBIASED28.50 Tumbleweeds78125.50 |
09-14-2017, 08:20 AM | #4 |
Second Lieutenant
183
Rep 229
Posts |
If you plan on keeping the car for your yet to be born son, and your rate is under 3, why not finance as long as possible? You can put in any index fund and make more. The discipline is not spending that extra your not putting towards the car loan into mods
__________________
18 M2 lbb manual exec (Euro Delivery) and PDC
11 e92 335i xdrive BSM/PE (Sold) 09 335i xdrive Monaco Blue (Traded) 02 330xi (Sold) |
Appreciate
0
|
09-14-2017, 09:59 AM | #5 |
Lieutenant
106
Rep 441
Posts |
Not true. If you finance at a low rate, it's like free money, better to put money into something that will make money. Especially on the M2. With the used car values this good, you will never really be upside down on the loan. Also you can always pay the car off at any time without pentalty, so it's really Personal preference.
|
Appreciate
2
bimmer4life24268.50 Nortdort1.50 |
09-14-2017, 10:35 AM | #6 | |
Lieutenant
269
Rep 505
Posts |
Quote:
Again, I can easily do a 72 month loan, even a 60 month. But I would rather keep my monthly payments low on a car that holds its value well, and put my money elsewhere. In addition, the car will be tax deductible for my business. Unlike a lease where the monthly payments get deducted, a percentage of the purchase price is what gets deducted instead. So I appreciate the financial advice from others here, but I got that covered already |
|
Appreciate
0
|
09-14-2017, 11:29 AM | #7 | |
Major
1404
Rep 1,466
Posts |
Quote:
How were you able to get 2.29% over 84 from AAA? I'm not a member, but would consider becoming one if I could get a rate like that!
__________________
2018 ///M2 LCI, LBB, 6MT...
Current Performance Mods: CSF FMIC, ER CP, Fabspeed Cat, Aquamist WMI, GFB DV+, NGK 97506, BM3 (Stage 2 93 OTS), CDV delete, UCP, M2C/M3/M4 Strut Brace, M3/M4 Reinforcement Rings |
|
Appreciate
0
|
09-14-2017, 11:56 AM | #8 | ||
Lieutenant
269
Rep 505
Posts |
Quote:
AAA membership will also get you free towing and roadside |
||
Appreciate
0
|
09-14-2017, 12:09 PM | #9 | |
Major
1404
Rep 1,466
Posts |
Quote:
Having said that, as soon as I go to www.aaa.com, I'm forwarded to calstate.aaa.com, and nothing on that site mentions auto loans. I tried looking through the discounts section and can't find anything there either. Are loans region specific?
__________________
2018 ///M2 LCI, LBB, 6MT...
Current Performance Mods: CSF FMIC, ER CP, Fabspeed Cat, Aquamist WMI, GFB DV+, NGK 97506, BM3 (Stage 2 93 OTS), CDV delete, UCP, M2C/M3/M4 Strut Brace, M3/M4 Reinforcement Rings |
|
Appreciate
0
|
09-14-2017, 12:18 PM | #10 | |
Lieutenant
269
Rep 505
Posts |
Quote:
|
|
Appreciate
0
|
09-14-2017, 12:22 PM | #11 | |
Major
1404
Rep 1,466
Posts |
Quote:
I took a look at your local website - chicago.aaa.com, and it's WAY different. There is no reference to auto loans on the calstate site at all, but it was easy to find on the Chicago one.
__________________
2018 ///M2 LCI, LBB, 6MT...
Current Performance Mods: CSF FMIC, ER CP, Fabspeed Cat, Aquamist WMI, GFB DV+, NGK 97506, BM3 (Stage 2 93 OTS), CDV delete, UCP, M2C/M3/M4 Strut Brace, M3/M4 Reinforcement Rings |
|
Appreciate
0
|
09-15-2017, 04:06 AM | #12 | |
I INDIC8
612
Rep 1,288
Posts
Drives: 2018 LBB M2, 6MT
Join Date: Dec 2016
Location: Cleveland, OH
|
Quote:
Paying off a car over 6-7 years is not my idea of fiscally prudent... Especially when a huge chunk of that value is instantly flushed down the toilet the second it drives off the lot. How are you deducting the car? Can't imagine it's Section 179 since that loophole has been closed for a while... (Or did you just mean that the interest on the loan is deductible?)
__________________
2004 Matrix XRS 6MT => 2008 VW R32 DSG => 2012 Audi TTRS 6MT => 2018 BMW ///M2 6MT
I'm an IT guy by trade and tech nerd by choice. I like HPDEs, parts of US Hwy 129, NC 28, and the Cherohala Skyway. I'm also a fan of aural pleasure. |
|
Appreciate
0
|
09-15-2017, 09:07 AM | #13 | |
Private First Class
43
Rep 133
Posts |
Quote:
|
|
09-15-2017, 10:57 AM | #14 | |
Brigadier General
2093
Rep 3,009
Posts |
Quote:
Though if buying the car I wouldn't want to exceed a 5-6 year term. |
|
Appreciate
0
|
09-15-2017, 11:01 AM | #15 | |
Private First Class
116
Rep 162
Posts |
Quote:
I went for the PenFed 36mo at 1.49% myself. I couldn't imagine a car loan any longer than 60 months, but that's just me.
__________________
Chris H. - In the sunny PNW!
My handy Speed-in-Gears calculator |
|
Appreciate
2
BMWBIASED28.50 cornercase42.50 |
09-15-2017, 12:55 PM | #16 | |
Major
1404
Rep 1,466
Posts |
Quote:
A short while ago, my wife and I agreed to a 6 year cadence for replacing cars, and to alternate replacing each others cars therefore every 3 years. There is some flexibility in the timing, but we'll never have a situation where we have two cars on finance at the same time, and we'll also never pay more than $600 / month. So I was due to replace my car in March next year, but my M2 will be arriving in late October, so I'm ahead of schedule... According to our agreement, I can only get a new car if I'm able to pay off the existing loan on my wife's car (a 60 month loan, but we're only 18 months into it) and have a big enough downpayment and term to reduce my payments down to $600 / month for the M2. Fortunately the sale of my current car will pay off the loan on hers, and I have enough saved up to put as a downpayment for the M2, but I need a 66 or 72 month loan to meet the $600 / month limit we agreed upon. I expect to pay of the M2 in full when we replace my wife's car in about 3 years, but if for whatever reason my situation changes, I'm not stuck with a monthly finance that I can't afford. A long term and low monthly is sort of an insurance policy for us...
__________________
2018 ///M2 LCI, LBB, 6MT...
Current Performance Mods: CSF FMIC, ER CP, Fabspeed Cat, Aquamist WMI, GFB DV+, NGK 97506, BM3 (Stage 2 93 OTS), CDV delete, UCP, M2C/M3/M4 Strut Brace, M3/M4 Reinforcement Rings |
|
Appreciate
0
|
09-15-2017, 04:48 PM | #17 |
LA transplant
56
Rep 92
Posts |
So I spent some time recently shopping around for car loan rates, and generally I found that at most credit unions, you can get the same rate for a 60 mo loan as you can for a 72 mo loan, but once you get to 84 months, the rate increases. I secured a 1.99% rate on a 72 month loan with a credit union in LA. That was the best I found after trying a dozen credit unions. I was in the same boat as you; could afford to pay much more, but at 2%, I'd rather invest the money I'm saving. Didn't feel like paying 2.29% for the 84 month loan, though, which is the lowest 84 mo loan I found.
__________________
2018 M2 | MG | Dinan P2 Package | full XPEL Stealth wrap | DCT | Exec pkg. | Black kidney and side grills | Stainless steel pedals | LED door sills | LED door projectors
|
Appreciate
0
|
09-15-2017, 05:00 PM | #18 | |
Lieutenant
269
Rep 505
Posts |
Quote:
|
|
Appreciate
0
|
09-15-2017, 05:03 PM | #19 | |
Lieutenant
269
Rep 505
Posts |
Quote:
|
|
Appreciate
0
|
09-15-2017, 05:56 PM | #20 | |
Private
24
Rep 74
Posts |
Quote:
|
|
Appreciate
0
|
09-16-2017, 01:51 AM | #21 | |
I INDIC8
612
Rep 1,288
Posts
Drives: 2018 LBB M2, 6MT
Join Date: Dec 2016
Location: Cleveland, OH
|
Quote:
If you're self-employed and you use the car 100% for business, you can deduct the interest from the loan (which is to your advantage). There's something called a Section 179 deduction that is a one-time thing that you can claim on the first year you put the vehicle into service, but as of 2016 that was limited to roughly $11k, and it's only that high if you're using the car 100% for business purposes. IRS publication 463 is worth a read. Note: I am not an accountant, but my dad is... I've learned that there aren't nearly as many tax loopholes around cars as people think there are.
__________________
2004 Matrix XRS 6MT => 2008 VW R32 DSG => 2012 Audi TTRS 6MT => 2018 BMW ///M2 6MT
I'm an IT guy by trade and tech nerd by choice. I like HPDEs, parts of US Hwy 129, NC 28, and the Cherohala Skyway. I'm also a fan of aural pleasure. |
|
Appreciate
2
bimmer4life24268.50 DVG 335309.00 |
09-16-2017, 07:32 AM | #22 |
Brigadier General
4197
Rep 3,091
Posts
Drives: 991.2 Porsche GT3, BMW E46 M3
Join Date: Jul 2016
Location: Sunshine State
iTrader: (5)
Garage List 1987 BMW 325is [10.00]
2004 BMW X3 [8.25] 2018 Porsche 911 GT3 [10.00] 1974 BMW 2002tii [10.00] 2004 BMW M3 [10.00] |
I would only do that amount of months if the interest rate was very low.
I did 72 months because it was 0.9% On used cars its a different story, 3.45% at 75 months to keep payment low with no penalty of paying more or paying off before is usually what a solid credit union will offer you. PenFed offered me 1.49% on a USED car loan but at 2 years it would have a higher payment than the M2.
__________________
Follow me on IG
Garage: 2018 991.2 GT3|2013 135i|2004 M3|2004 X3|1987 325is|1987 325i|1974 2002tii |
Appreciate
0
|
Post Reply |
Bookmarks |
|
|