Dodge Challenger Forum banner
  • Hey everyone! Enter your ride HERE to be a part of October's Ride of the Month Challenge!
1 - 15 of 15 Posts

·
Registered
Joined
·
722 Posts
Discussion Starter · #1 ·
I'm about to purchase a Hellcat and, regrettably, because of the price I'm going to have to finance part of the cost of the vehicle. In the past, including my current '12 Challenger SRT8, I've been fortunate enough to be able to pay cash for my cars at the time of sale, i.e. I haven't had to deal with a dealer finance manger in a long time.

My question is this: I'm pretty sure that dealer finance rates are negotiable like everything else related to the sale of new cars, but generally how flexible are the parameters of the rates? I know that a lot of that depends on my credit rating, and without divulging the actual credit score, my rating falls about midway between "average" and "good". I am travelling over 1200 miles to swap cars, but I don't want to feel like I have to accept whatever finance rate the finance manager throws at me just because I'm from out of town. I may try to secure the funds from my bank or one that is local to me - at least that way I pretty much know how they operate.

Any helpful input will be appreciated.
 

·
Premium Member
Joined
·
1,456 Posts
I have always found that local banks can be quite competitive when it comes to financing a car, credit unions especially. This also works for the buyer in that it gives the dealership one less place to try to hide more fees.
 

·
Registered
Joined
·
31 Posts
You mean there is no go to dealership that always has competitive deals ? on the 370z website they have dealers as support members ,listing prices ,inventory , options ,they even negotiate online . many forum members list cars they have seen at dealers etc .
 

·
Premium Member
Joined
·
1,473 Posts
Join a Credit Union. Find one in your area and make a friend in the loan department. You will never regret the relationship.
 

·
Registered
2015 Scat Pack
Joined
·
2,321 Posts
I've been shopping rates lately in preparation for my '15 coming in. I'm in the 750+ credit score range. The dealer told me 2-4% should be no problem. my bank offered 2.8%.

I'm hoping to get 2% or below
 

·
Registered
Joined
·
678 Posts
My credit union has already approved 1.9% for 72 months. Credit Unions are the way to go in my opinion.
 

·
Registered
Joined
·
260 Posts
You need to have the finance manager get you the best rate he can. I purchased 2 cars this year and he was able to get a better rate than I could at the same bank. You need to be on your game though. The dealership makes money by getting the financing. They always ask you what you want your monthly payment to be and then without realizing, the price of the vehicle can go up or the rate could go down, depending on your answer. Make sure you get a firm price for the vehicle and get the exact loan rate.
The best part of going through the dealer was I walked out with my car the same day because the financing was approved within an hour, no paperwork needed (paystubs, W-4, nothing). Locally, the banks take 3 days for approval and want proof of income.
 

·
Premium Member
Joined
·
1,456 Posts
Locally, the banks take 3 days for approval and want proof of income.
This is where a solid relationship with a Credit Union helps. I can literally call mine right now, tell them that I want $40K for a car, and be approved within 5 minutes. When I bought my RT, I didn't set foot in the CU office until I had already picked up the car from the dealer.
 

·
Registered
Joined
·
106 Posts
As others have posted, your best bet is to join a credit union. If your credit is good, you'll never regret it.

Example: Current rates from my credit union: (Western Federal)

1. 36 months: .74%

2. 48 months: 1.74%

3. 60 months: 1.99%

It's worth the effort to find one and join.

Good luck!
 

·
Registered
Joined
·
678 Posts
This is where a solid relationship with a Credit Union helps. I can literally call mine right now, tell them that I want $40K for a car, and be approved within 5 minutes. When I bought my RT, I didn't set foot in the CU office until I had already picked up the car from the dealer.
Ditto
 

·
Premium Member
Joined
·
10,422 Posts
When you look at dealer ads and the loan rates they usually list the credit tier you're expected to be in, usually its a tier 1 or a tier 0. Go to a dealers finance person and ask for the current rate based on your score, they have it on a sheet on their desk. The lower your score the higher the rate.
Hope it works well in your favor but think they will try to get top dollar in financing the hellcats.
 

·
Registered
Joined
·
352 Posts
Always walk in to the dealership with financing ready to go. When i bought my RT, had it lined up ahead of time @ 2.4% /72 months. Didn't tell the dealership though. They came and offered me 5.5%. Told them no way, try again. They returned at 3.5%. Then i told them what i was already approved for and if they could beat it, I'd use there financing. Wouldn't you know it, walked out at 2.1%.

Sent from AutoGuide.com Free App
 

·
Premium Member
Joined
·
667 Posts
I'm about to purchase a Hellcat and, regrettably, because of the price I'm going to have to finance part of the cost of the vehicle. In the past, including my current '12 Challenger SRT8, I've been fortunate enough to be able to pay cash for my cars at the time of sale, i.e. I haven't had to deal with a dealer finance manger in a long time.

My question is this: I'm pretty sure that dealer finance rates are negotiable like everything else related to the sale of new cars, but generally how flexible are the parameters of the rates? I know that a lot of that depends on my credit rating, and without divulging the actual credit score, my rating falls about midway between "average" and "good". I am travelling over 1200 miles to swap cars, but I don't want to feel like I have to accept whatever finance rate the finance manager throws at me just because I'm from out of town. I may try to secure the funds from my bank or one that is local to me - at least that way I pretty much know how they operate.

Any helpful input will be appreciated.
Since you're traveling 1200 miles, you'd better have financing in place first. Dealers will keep a cut of the financing, or, if they feel it will help the deal, give up part or all of their cut. By financing elsewhere you eliminate that nonsense and can concentrate on the deal, no wasted negotiations on finance, it's already done.

As others have stated, credit unions are a good way to go. we have a pretty good credit score and last summer, when we bought the wife's work car, the quoted rate for us was 1.99%. This May, when we bought our 2014 sxt, the going rate was a bit higher at 2.50% (72 month loans). Contrast that with the last time I financed through a dealer, in 2011, they got me a "special rate" of 4.0% ( basically the same credit score).

Good luck!
 

·
Registered
Joined
·
722 Posts
Discussion Starter · #15 ·
I joined a FCU today and it only cost $25 for a minimum deposit to hold the account open. But the best part is that they're offering varying rates of 1.39%, 0.89%, 1.49%, etc. - practically free money.
 
1 - 15 of 15 Posts
Top