Financing
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
Financing
Went to my bank (Chase) today to inquire about a loan for my new C7 coming and got an apathetic response from the suit behind the desk. We just kind of went through the standard rates they are showing and explained my situation, been at my business for 14 years (partner), 815 score, 6 figure income, putting 20%down and reserves left over. He said I should get around 3.35 or so for 72mo. He was also saying those rates from PenFed and the like are teaser rates and aren't realistic expectations. My dealer says he would get me at least 2.99 when we are ready and the car is delivered in a couple of weeks.
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
Le Mans Master
Joined: Apr 2012
Posts: 6,956
Likes: 4,810
From: Camden SC
Instructor
Joined: Feb 2010
Posts: 184
Likes: 0
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
5 MOST and 5 LEAST Popular Corvette Model Years in History!
Joe Kucinski
2027 Corvette Buyer's Guide: Everything You Need to Know!
Joe Kucinski
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
Credit unions around here aren't being very competitive, the credit union I belong to and have a home loan with shows 4.3%... pitiful. I have a Bank of America Account too... may try them. I was told the dealer can shop you through their network and get wholesale rates compared to what I can get on my own.
Last edited by TopBeer; Mar 19, 2014 at 10:29 PM. Reason: Typo
Race Director
Joined: Apr 2009
Posts: 10,581
Likes: 252
From: SE TEX
Local credit union gave me 1.99% for my 2008 Z06 that I financed just last September (yes, 2013). Hoping when I am ready to buy my C7 that the rate is as good or better. Shop around and good luck!
Edit- That was with my GS as trade in, but that only came out to about 4k down.
Edit- That was with my GS as trade in, but that only came out to about 4k down.
Melting Slicks
Joined: Jun 2013
Posts: 2,758
Likes: 470
From: Pittsburgh PA.
I own a car lot... What you need to do is go back to your dealer and tell them that you can get 2.00%. See if they can do any better. I bought mine last June and I put half down and went 72 months at 2.49%. My credit score was 797 at the time. I just paid it off last month and checked my score and it is 812 now. I financed it just to keep my credit active. Anyways just them you would rather do everything in one place because your so busy with your business. Even if you get 2.50% that is good... Good luck and congrats on the new Vette..
Race Director
Joined: Jun 2000
Posts: 13,733
Likes: 66
From: Hurst, TX USA
Meh, once you get below 2% the gains aren't that much with a bit lower rate. 1.99% vs. 1.50% is about $8/mo. difference. 1.99% vs. 1.00% is about $15. ($35K - 6 year loan) Sure $15 in your pocket is better than $15 in their pocket, but not enough for me to run around to find "the lowest rate" and risk multiple hits on my credit rating.
Melting Slicks
Joined: Jun 2013
Posts: 2,758
Likes: 470
From: Pittsburgh PA.
meh, once you get below 2% the gains aren't that much with a bit lower rate. 1.99% vs. 1.50% is about $8/mo. Difference. 1.99% vs. 1.00% is about $15. ($35k - 6 year loan) sure $15 in your pocket is better than $15 in their pocket, but not enough for me to run around to find "the lowest rate" and risk multiple hits on my credit rating.
exactly!!!
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
Melting Slicks
Joined: Feb 2005
Posts: 3,287
Likes: 995
From: CA
Well I guess it is a good thing that I have a "relationship" with them. Sometimes it pays to be in a relationship. They have been very easy to work with. Quick phone call asked for $50k they asked a couple questions and said no problem. 
