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Can a dealer do better than this?

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tisch0791
New Contributor

Can a dealer do better than this?

Just got pre-approved from my CU and CapOne.  CU is $35K 72 mos. 3.49 interest.

CapOne is 38400, 72 mos, and 3.65 interest.

95% sure we will be buying a Nissan Maxima.

Anyone think a dealer could beat this rate?  We're using it as a leverage tool to see if they can do better, but figured I'd throw this out there to see if anyone has had experience with negotiating the interest!

Regular EQ scores are 699 and 665 so I'm sure auto enhanced will be higher since payment records on auto loans are clean.

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maiden_girl
Valued Contributor

Re: Can a dealer do better than this?

If I were you...I would not go past 60 months. 72 months is too long to be paying on a car loan. Plus way more costly in the end despite the lower payments. A dealer will typically try and negotiate with their finance company if they are trying to earn your business.

 

I was preapproved by Chase at 4.9% at 60 months. Hyundai initially came back with 6.99% at 72 months. I turned them down and was firm about going to Chase. They came back with 4.9% at 60 months with GAP and 4 year maintenance included. Lol. I couldn't resist afterward.

As of 2017, rebuilding...
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MovingForward_2012
Valued Contributor

Re: Can a dealer do better than this?

Those offers are pretty good. I know that a lot of dealerships are running 0.9-0% APR holiday sales but most often the term is 1/2 what your offers state so the monthly payment may be higher but you would save on interest. It doesn't hurt to show your offers to the dealer to see if they can beat it but be sure they can under the term you want before having them load you up with more inquiries.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
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