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What finance rates are offered right now?

2K views 14 replies 11 participants last post by  Reyther 
#1 ·
I can't get to the dealer to pick up my truck until Saturday. Does anyone know what finance rates Ram is offering for the 2014's?
 
#5 ·
If you can get 2% or better you're doing good....

If you have a Equifax Nextgen FICO of 740 or better and don't mind having your payments directly withdrawn, you can get 1.49% with Alliant Credit Union for up to 72 months.

Other then a promo rate with the captive lender (Chrysler financial, in this case), the best rate I've heard was 1.49% though the dealer.. This rate was with Bank of America and was the wholesale rate to the dealer. You as a consumer can't get it directly from BoA.
 
#6 ·
You wont get a straight answer from Chryslers lending arm unless and until you actually apply...you wont find anything online except anecdotal stories that probably wont apply to you...If you havent done your homework, you put yourself at their mercy when you walk into the dealership, and they know it....they arent there to do you any favors...especially if you have to use their lending process...I expect to receive 1.65% on whats left after a substantial down....they KNEWI had shopped around...The dealer is affliliated with a Credit union of which i am NOT a member...but Im getting that rate..It was a simple 1/2 page application and approved on the spot.....you have a couple days, make some calls...assuming you have a reasonable credit score, you have options that can, conceiveably, save you thousands...if not, you take what you can get...good luck...
 
#7 ·
Pentagon Federal CU (penfed.org) is offering 1.99% (depending on your credit). You can join and apply for the loan in about 10 minutes online with instant approval. They send you a bank draft for up to the amount you request. Since it is Friday and you want to pick up your truck tomorrow, it might be tough to get it in time, but I understand you can pay to have them next day air the blank check. Not sure if they could process it fast enough for Saturday delivery, but Monday/Tuesday would be possible. They might be able to work directly with the dealer also so you don't have to wait for a check.

Personally I would apply somewhere online like PenFed that will give you instant approval. If you get approved, you know you are qualified and can pressure the dealer into getting you better than their rate. If they can't, you may have to wait a day or two to get your truck, but the savings would be worth it.
 
#8 ·
A condition of getting a free Mopar lifetime max care warranty with my '13 order was that I finance through Chizzler at 2.69% and wait three months before I refi. Of course they know and I know that they can't hold me to that three month pledge. I'm free to refi the second I take delivery. But, I won't, since I said I wouldn't.

- DAA
 
#9 ·
Don't forget to check your credit union where you usually can get better rates than a dealer. Then you can collect the entire incentive ...if available. Dealers factor a loan so they get part of the payment. Use dealer only if exceptionally favorable rates are being promoted. New vehicle purchases engender the lowest rates for your given FICO score.
 
#10 ·
Reactivating thread!!

My truck is now at the local rail yard, waiting to be delivered to the dealer.

As of yesterday, I had my dealer run my credit to see what rate they could get me on a 72 month loan... They came back with 1.89% with BoA and 1.69% with Capital One Auto. I can go Alliante CU @ 1.89%, with a $100 bonus or 1.49% with auto draft..

Originally, I was going to go with Cap 1, but after speaking with a few people, I'm not so sure... I was told I do NOT want Capital One Auto, on my credit report, because they are a known subprime auto lender... They stated, no matter how good my credit might be, under a manual review for future credit, Cap 1 auto will stick out like sore thumb and if I was border line, it would put me into a "Decline" category.

I guess what I need to know is if there's anyone else I should look at for financing and what anyone's thought are on going with Cap 1. Also, is there anyone else I should be looking at? I'm thinking about going with BoA because they have branches all around me and I like the idea of being able to walk in to make a payment ... but that Cap 1 rate is really bothering me... even though the savings is only a few dollars a month..
 
#15 ·
Reactivating thread!!

My truck is now at the local rail yard, waiting to be delivered to the dealer.

As of yesterday, I had my dealer run my credit to see what rate they could get me on a 72 month loan... They came back with 1.89% with BoA and 1.69% with Capital One Auto. I can go Alliante CU @ 1.89%, with a $100 bonus or 1.49% with auto draft..
Contact BoA and tell them you want to have the loan through them but Cap1 is given you a better APR and ask if they can beat it or atleast match it. At my dealer they started me at 2.99 but i already had a pre approved amount at 1.99 with my bank, i told dealer they would have to do better. They returned with 1.59. So, i called my bank said this is their offer and they matched it for me.
 
#11 ·
I went to my Dealership & told them that i belonged to a Credit Union & wanted to buy a new Ram 1500
The dealership shopped around & got me a good rate with a different Credit Union other then my own C.U. They beat the rate by .5, my own CU could not match it
That was a few years back & i didn't know that you can get pre qualified, before you go shopping

My CU is currently offering 1.99 %
 
#13 ·
Subprime lenders don't give car loans at 1.69%. I have never heard of the bank name affecting your credit score. Half the time the bank name that shows up on your report is not even close to who you think you have a relationship with. If you are being offered those low rates, your credit is fine.

If they offer the best terms, go for it.
 
#14 ·
Subprime lenders can and do give prime rates... You just have to be a prime borrower. Capital One Auto Finance is a known subprime lender. Just google "subprime auto loan" or "subprime auto lender", Cap 1 will come up. That's how they got into the business, and even though they do lend to prime borrowers, they are known as subprime... It's hard to shake, once you get a rap...

My issue with Cap 1 isn't my credit ... My auto enhanced FICO came in at 813 and it's not that the name effects the credit score, it's what happens during a manual review... It's what others are telling me about Cap 1's tactics.. some times posting payments late, posting extra cash toward the next months payment versus toward the principle... etc.. The other issue is from my understanding, lenders don't like to see subprime lenders on a credit report. For example... let's say you need a loan and the the lenders guideline is 40% DTI. You come in at 41% DTI.. Lender sees a subprime lender, so they decline versus them approving, because they see only prime lenders.. I've been told my a few loan underwriters they will do this, because a subprime lender, on a report, adds risk, even if everything else is perfect.
 
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