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Hi fellas,
Just a quick story here that could be useful to some of you in the future.
As you know I bought two vehicles. Before buying, I got pre approved loans from InTouch Credit Union at 1.99%. That's the best rate I could find at the time. With this information in hand, my dealer got me a lower rate on both vehicles from Bank of America (that was surprising). They offered me 1.54% on the Jeep and 1.69% on the Ram. That was good enough for me and sealed the deal.
Well InTouch called me a couple of days ago and I told them their rate was beaten by BoA. They promptly ran my loan app through the underwriters and came back with 1.49% for both vehicles.
So my suggestions to any of you planning to finance a vehicle.
1. Get a pre approved loan
2. Have a phone number for the loan officer
3. Get the dealer to beat the pre-approved rate
4. Call the loan officer on your pre-approved loan and get them to beat that one.
Oh, and it helps to have good credit to start with. Does anyone else have suggestions to add?
Just a quick story here that could be useful to some of you in the future.
As you know I bought two vehicles. Before buying, I got pre approved loans from InTouch Credit Union at 1.99%. That's the best rate I could find at the time. With this information in hand, my dealer got me a lower rate on both vehicles from Bank of America (that was surprising). They offered me 1.54% on the Jeep and 1.69% on the Ram. That was good enough for me and sealed the deal.
Well InTouch called me a couple of days ago and I told them their rate was beaten by BoA. They promptly ran my loan app through the underwriters and came back with 1.49% for both vehicles.
So my suggestions to any of you planning to finance a vehicle.
1. Get a pre approved loan
2. Have a phone number for the loan officer
3. Get the dealer to beat the pre-approved rate
4. Call the loan officer on your pre-approved loan and get them to beat that one.
Oh, and it helps to have good credit to start with. Does anyone else have suggestions to add?