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-   -   Best financing option for used car (https://www.corvetteforum.com/forums/c7-general-discussion/4226885-best-financing-option-for-used-car.html)

gcadby1 12-31-2018 12:23 PM
Best financing option for used car
 
I just thought I would ask before I checked with my local bank. Is there a preferred option that offers good interest rates for high end cars?

chefcg1 12-31-2018 12:35 PM
depending on mileage and year penfed has good option. you have to be a member, but its easy to do.

Maxpowers 12-31-2018 12:53 PM
Can you get a HELOC?

Mayor111 12-31-2018 12:57 PM
Check out DCU (Digital Federal Credit Union). They offered the best rates around when I bought my C7 last year. It cost me $5 to become a member.

https://www.dcu.org/loans/auto-choices.html

dbirdhouse1 12-31-2018 05:02 PM
Credit unions
 
varied by location, etc. but why go to a bank?

spireland 12-31-2018 06:55 PM
Local credit union is usually the best choice.

jdk541 12-31-2018 07:00 PM
+1 on the credit union option.

KenHorse 12-31-2018 07:22 PM
I have NEVER found a bank that can match a credit union's rate. NEVER

Sixgun95 12-31-2018 08:44 PM
Originally Posted by KenHorse (Post 1598597638)
I have NEVER found a bank that can match a credit union's rate. NEVER
Exactly! Penfed, Andrews or even USAA - either will do.

hemistar1 12-31-2018 08:53 PM
Check this out
 
Originally Posted by gcadby1 (Post 1598594816)
I just thought I would ask before I checked with my local bank. Is there a preferred option that offers good interest rates for high end cars?

Agree with others credit union is best but you have to be a member. If you are buying new most dealers have 0 to 2.9 based on credit.


if used then
  • Capital one auto finance is okay if you are putting down a lot on the vette. They max out at 45k
  • Carmax has in house financing if you are buying used I recommend them

this one has your name on it:

https://www.carmax.com/car/16587928

papillion 01-01-2019 11:29 AM
Something Borrowed
 
So why not board the CU train? Most everyone lives close to a Credit Union. Joining is usually as easy as opening a savings account for a hundred bucks i.e. With a little patience and some dickering, I think they will have consistently the lowest rates. And don't take the rate on the sign out front. Ask for a half point off that. Ask to match another CU even if you don't have a better rate to match. Interest rates are absolutely negotiable. If you qualify for USAA, good chance they will have a killer rate.

Zjoe6 01-01-2019 11:30 AM
Credit union for sure. Mine is only a mile or so away.

justplainjim 01-03-2019 01:15 PM
:iagree:

Carqwik 01-03-2019 03:38 PM
No doubt monthly payments are now higher than before. I decided to look into residual based financing. I think people forget about this option, but it works great IF it has the buy back guarantee (fairly new option). The guarantee lets you return your car after paying the loan down to the residual value. So I don't have to worry at the end of the loan about how much I owe since I can return the car to the lender. It is probably easiest to go to fiwize.com to check out a lower payment option on a loan. That’s what I did. Worked well for me.

449er 01-03-2019 04:48 PM
Credit union if you have that option

jsharrad 01-03-2019 05:33 PM
Lightstream is great if you have good credit, they did an unsecured loan for me with a great interest rate.

FSJim 01-09-2019 12:06 AM
Penfed

Oneslackr 01-09-2019 12:30 AM
I agree with the everyone above use a credit union. We belong to a couple of different ones including PenFed.


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