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The Something Awful Forums > Discussion > Ask/Tell > AI meets BFC: Car Buying Thread: No Rentals and No Salvage Titles
 
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Tewdrig
Dec 6, 2005

It's good to be the king.

Butthole Prince posted:

Follow up question regarding PenFed...

I found a car that I like and I'll probably move on it. The dealer asked what I was going to do as far as financing and I said I can get a 3.99% loan through PenFed. He said, "Well what if we can meet or beat that?".

I haven't actually applied to PenFed yet for the loan, but my credit score is 798 and I don't see why they'd reject me.

Is there any harm to me letting the dealer try to match it? The flip side to that is, what if they can't? I haven't applied for the PenFed loan so I can't take their check in there. Should I apply for the loan and have it just in case? But what happens if I don't need to use it?

EDIT:

Dealer says they will beat the 3.99% so I may as well just go with that.

That's a very low interest rate for a used car. While some vehicles, generally if not entirely restricted to certified used, are eligible for manufacturer-subsidized interest rates, interest rates on used car loans are generally higher than on new cars. I would think that the dealer is expecting to make up for the lower interest rate with a higher price. Then the dealer could sell that $10,000 @ 3.5% note for the same price he could a $5,000 @ 7%. If you already have the price set in stone, before talking about financing, maybe the dealer really does have a lender desperate for prime loans, or maybe the dealer is willing to take a loss to get this car off the lot.

* # ¿ Jan 26, 2010 22:05
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The Something Awful Forums > Discussion > Ask/Tell > AI meets BFC: Car Buying Thread: No Rentals and No Salvage Titles