Financing Question?
Racer
Joined: Sep 2021
Posts: 360
Likes: 129
Typically Credit Unions will give you the best interest rate but it is best to shop around because the money you save would be well worth it. Having top tier Credit (830) allows you the best rates.
Instructor
Joined: Oct 2006
Posts: 197
Likes: 185
From: Back woods Michigan
They SAID they will RAISE the interest rate this month. The Federal Reserve will meet on 3-15-22. I was fortunate to get a February C8 Stingray Allocation and currently sit at Event Code 3100 with a TPW of 3-21-22. I have already locked in my 1.79% interest rate with Navy Federal Credit Union and the application last 90 days. After I reach Event Code 3400 GM will assign me a VIN number where I can complete the process with my Credit Union. Being proactive will save a lot of Money over the course of the Loan. It would be wise for those using Credit in the near future to lock in their interest rate now.
Racer
Joined: Sep 2021
Posts: 360
Likes: 129
Not sure if I will finance or not but I contacted Navy Fed. The rate quoted is only valid "At that time" and could go up based on current rates when the check is cashed. I specifically asked them about this and they said the rate you are approved for could go up if rates go up before funds are actually transferred. Meaning if you got 1.79% and that rate goes to 1.99% before the funds are transferred (check is cashed) it will go up. The approval is locked but not the rate.
Instructor
Joined: Oct 2006
Posts: 197
Likes: 185
From: Back woods Michigan
Interesting!!! I was told otherwise, in detail. I was told once I signed the Promissory note the 1.79% interest rate was locked in. How can they change it after the fact. So I am locked in and on the hook under my responsibilities, but they can do whatever they want. That doesn’t sound right, furthermore they have employees disseminating false information making me sign papers under false pretenses. I will definitely find out tomorrow.
Racer
Joined: Sep 2021
Posts: 360
Likes: 129
Certainly keep me posted on what you find out. It was my understanding that they will mail you a check. It sounded like you take that to the dealer not cash it yourself. The rate isn't set in stone until funds are transferred. I'd certainly like to know if that's not the case. I don't have VIN so if I could lock in @ 1.79 as well I'd love to do it. They also told me the approval was only good for 30 days and not 90 like they told you. With 30 days I'd like to lock in just before the 15ht if I go that route to avoid any rate increases.
Instructor
Joined: Nov 2020
Posts: 168
Likes: 90
You might check with USAA and/or Navy Federal. They both had great rates when I last looked and I believe that they have dramatically loosened the requirements for membership in recent years. You may qualify.
Racer
Joined: Jan 2022
Posts: 351
Likes: 221
From: DFW, TX
Cool, I will take a look, I saw something about Penfed with good rates and they did not require military to join. I will be talking to my dealer this week to see what they can offer but if it's not 2% or so I will be talking to a credit union.
Instructor
Joined: Nov 2020
Posts: 168
Likes: 90
Yeah, USAA gave me 1.79% for 66 months. I believe it was 1.99% for up to 84 months. Check them out.
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