Scanman

Latetly I have been wondering If I should just secure a loan from my bank to pay off the balance on my Z rather than go through the dealer. Interest rates are rather low right now, but will they still be that way when the car comes (whenever that will be)?

Anybody with some pros and cans?

Thanks

3502GO

Tell the dealer unless he can beat the percentage rate that your bank offers that you will be using your bank. There is a 99% chance they will beat it because dealers skim a couple points off the top unless you push them in a position where they can't.

all_bark

iTrader: (5)

I told them that I had 5% already

They gave me 4.74!

Actually a great rate.

I got mine today and I LOVE IT!

JamieH

Where are people finding rates as low as 5%? My bank has a rate of 5.75% right now.

drivebywire

I did the same thing as as_barg. Ended up at 4.4%.

Scanman

Thanks .....I'll give it a shot.

kyle jones

Scanman,

As a general rule to car shopping, ALWAYS get financing approved at your local bank (or some other financial institution) prior to going to the dealer. Then, assuming that you've finished negotiating the price of the car, let the dealer know that you already have been approved for financing else where and let them know the rate. Ask them if they can beat it. If not, then no problem as you've already got financing. If they do, then great as you'll save yourself some $.

Kyle

I posted a thread telling you how to get 4.64% and I am sure if you come in with this for ammunition ( I will be in a month) they will go below it.

https://my350z.com/forum/showthread....&threadid=8520

Dr Bonz

iTrader: (1)

Scaf: Have you considered Peoplefirst.com? They will beat any rate you are quoted. They send you a "blank check" that you use to pay off the dealer for the car. Their application was the simplest I have ever seen.

They even said that while I was at the dealer, if they offered a good deal on the spot, I could fax their (the dealers) offer to them (peoplefirst) and then they would beat THAT one too. Of course the dealer wouldn't let me use their fax machine since they knew they'd get beat. I didn't want to NOT pick up my car so I took it and went with the dealers rate, then the next day I called peoplefirst and told them what happened and they then offered a "refinance" loan at an even lower rate. I will now pay off the dealers loan on my first payment using the peoplefirst check.

It seems they really go out of their way to get your business and to help you.

giovanni

I know that here in Alabama the dealers can add up to 3 points on the interest rate, that is by law.

So its best to shop around and then you will be knowing if you are getting the best deal or not. Dealers can get a better rate because they are in the business. But shop around bc they can increase it a little bit.