Used Car Financing

UCSBMW · 04-20-2009, 08:05 PM

As some of you may know, the sale of my E92 is just about finalized...which means I will be purchasing another car shortly. I was just wondering if any members on here had any recommendations for used car financing? I'm looking for a lender that has competative rates and easy qualifications with top tier credit borrowers. Any information is greatly appreciated. (Any personal experiences good or bad is welcomed) Thanks!

MisterSkiMask · 04-20-2009, 08:20 PM

Are you trying to secure financing before car shopping?
Going to buy a used car from a private seller or dealer?

Dealers can get killer financing rates on good used cars. (my brother got sub 5% on a used E55)

Spool · 04-20-2009, 08:27 PM

what car are you looking to get? rates depends on the car as well...it's hard to get financing for an old car such as a Supra or RX-7 if you are still into those kind of cars...i had to buy my Supra with cash

UCSBMW · 04-20-2009, 08:28 PM

Quote:

Originally Posted by MisterSkiMask

Are you trying to secure financing before car shopping?
Going to buy a used car from a private seller or dealer?

Dealers can get killer financing rates on good used cars. (my brother got sub 5% on a used E55)

I'm looking for both private purchase and through a used car dealer, whomever I find a great deal with. I'd like to be pre-approved if I do decide to go private...any thoughts? thanks

achenator · 04-20-2009, 08:52 PM

try some credit unions, some have great rates. I always hear penfed mentioned.

FStop7 · 04-20-2009, 08:53 PM

Penfed has killer rates but they're tough to get qualified with if it's your first time borrowing from them

stimpy · 04-20-2009, 08:57 PM

Quote:

Originally Posted by FStop7

Penfed has killer rates but they're tough to get qualified with if it's your first time borrowing from them

+1

I've yet to really see a place that has better rates than Penfed (besides new car 0% of course).

It can't be that tough - last 5ish people I referred to them got approved no problem. They do require more paperwork than any other place I've seen though...
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UCSBMW · 04-20-2009, 09:05 PM

Probably a dumb question, but would I have to join the credit union to benefit from their low auto loan rates as other credit unions, or is this something I can apply for without membership? Thanks for the info guys

FYI: I'm in the market for a used Rover, E55, or Cayenne Turbo (2004 +)

1cleanm6 · 04-21-2009, 04:24 PM

I WORK for a credit union and good luck getting a car loan right now the qualifications are really high!!...

you need to be be buying it from a franchised car dealership to even get your app run, besides that you need good credit, and a good D/I ratio, along with a good *true* income..that can be proven.

MisterSkiMask · 04-21-2009, 04:40 PM

Quote:

Originally Posted by UCSBMW

Probably a dumb question, but would I have to join the credit union to benefit from their low auto loan rates as other credit unions, or is this something I can apply for without membership? Thanks for the info guys

FYI: I'm in the market for a used Rover, E55, or Cayenne Turbo (2004 +)

I would check out a Lease Return type of dealer. (Not that you asked, but DO NOT BUY THE ROVER) Like this one.
http://www.eleasereturns.com/
The owner is good guy, my brother got his E55 from this place.

IrateSpeed6 · 04-21-2009, 04:53 PM

My local credit union has 4.79% on a 2007+ car for 48 months... Banks just can't beat credit union rates...

UCSBMW · 04-21-2009, 06:16 PM

Quote:

Originally Posted by MisterSkiMask

I would check out a Lease Return type of dealer. (Not that you asked, but DO NOT BUY THE ROVER) Like this one.
http://www.eleasereturns.com/
The owner is good guy, my brother got his E55 from this place.

THanks! I was actually leaning towards the Rover...hmm, what are the horror stories about it?

yomama69 · 04-21-2009, 06:20 PM

I have a car financed through a credit union. I had to open a checking account and throw 50 bucks in there, but no big deal.

MisterSkiMask · 04-21-2009, 06:22 PM

Quote:

Originally Posted by UCSBMW

THanks! I was actually leaning towards the Rover...hmm, what are the horror stories about it?

Here is a little discussion from a while back.

http://www.e90post.com/forums/showthread.php?t=242727

04-20-2009, 08:05 PM	#1
UCSBMW Captain 74 Rep 655 Posts Drives: G05 Join Date: Sep 2005 Location: OC iTrader: (1)	Used Car Financing As some of you may know, the sale of my E92 is just about finalized...which means I will be purchasing another car shortly. I was just wondering if any members on here had any recommendations for used car financing? I'm looking for a lender that has competative rates and easy qualifications with top tier credit borrowers. Any information is greatly appreciated. (Any personal experiences good or bad is welcomed) Thanks! __________________ Ex's: E46 325i, E90 330i, E92 335i, E60 550i, E46 M3, F30 335i, m235i, G30 540i Current: G05
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04-20-2009, 08:20 PM	#2
MisterSkiMask Banned 149 Rep 2,014 Posts Drives: I Can not say Join Date: Nov 2005 Location: you must not know iTrader: (0)	Are you trying to secure financing before car shopping? Going to buy a used car from a private seller or dealer? Dealers can get killer financing rates on good used cars. (my brother got sub 5% on a used E55)
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04-20-2009, 08:27 PM	#3
Spool ****** 603 Rep 6,169 Posts Drives: A few Join Date: Apr 2007 Location: DC Metro iTrader: (24)	what car are you looking to get? rates depends on the car as well...it's hard to get financing for an old car such as a Supra or RX-7 if you are still into those kind of cars...i had to buy my Supra with cash __________________ MKIV 6spd 1000hp Club
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04-20-2009, 08:52 PM	#5
achenator Lieutenant 27 Rep 549 Posts Drives: 2017 LBB M2, 2017 R8+ Join Date: Feb 2008 Location: Louisiana iTrader: (0)	try some credit unions, some have great rates. I always hear penfed mentioned.
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04-20-2009, 08:53 PM	#6
FStop7 I like cars 344 Rep 5,051 Posts Drives: M6 Join Date: Oct 2008 Location: Newbury Park, CA iTrader: (3)	Penfed has killer rates but they're tough to get qualified with if it's your first time borrowing from them __________________ My photostream: http://www.flickr.com/photos/racelap/
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04-20-2009, 09:05 PM	#8
UCSBMW Captain 74 Rep 655 Posts Drives: G05 Join Date: Sep 2005 Location: OC iTrader: (1)	Probably a dumb question, but would I have to join the credit union to benefit from their low auto loan rates as other credit unions, or is this something I can apply for without membership? Thanks for the info guys FYI: I'm in the market for a used Rover, E55, or Cayenne Turbo (2004 +) __________________ Ex's: E46 325i, E90 330i, E92 335i, E60 550i, E46 M3, F30 335i, m235i, G30 540i Current: G05
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04-21-2009, 04:24 PM	#9
1cleanm6 Brigadier General 470 Rep 3,666 Posts Drives: M5 comp/Range/i3S Join Date: Feb 2008 Location: Earth iTrader: (7)	I WORK for a credit union and good luck getting a car loan right now the qualifications are really high!!... you need to be be buying it from a franchised car dealership to even get your app run, besides that you need good credit, and a good D/I ratio, along with a good true income..that can be proven.
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04-21-2009, 04:53 PM	#11
IrateSpeed6 ¡Roca encendido! 17 Rep 38 Posts Drives: '08 STi Stage II Join Date: Aug 2007 Location: Albany, NY iTrader: (0)	My local credit union has 4.79% on a 2007+ car for 48 months... Banks just can't beat credit union rates... __________________ Like Martin w/ no Gina
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04-21-2009, 06:20 PM	#13
yomama69 Banned 62 Rep 688 Posts Drives: 2007 E90 335i Join Date: Jan 2009 Location: Austin, Texas iTrader: (0)	I have a car financed through a credit union. I had to open a checking account and throw 50 bucks in there, but no big deal.
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