I am in the process of purchasing a 2012 Jeep Wrangler from CarMax. I had them transfer it from another location so they put a 72 hour hold on it for me. It arrived yesterday and I went to look at it today and test drive it. Love it! Their price is $23,599. I am trading in my current vehicle and after the pay-off of my current loan, it gives me $2,000 for a down payment. I have until tomorrow to obtain financing or the Jeep will be available to the public (no longer held just for me). They ran my credit and offered me a 72 month loan @ 16.99%. My current FAKO according to CreditKarma is ~650. I have a clean auto loan history and no lates/derogatories but I have high credit usage (~55% overall but for a few cards I have 90% usage). My pre-tax annual salary is ~$60,000. They said that I can accept their loan and then have 5 days to obtain better rates elsewhere and use that instead.
I applied for a loan online for a brand new Wrangler with my credit union on Saturday but due to it being the weekend, I have not heard back yet. I am going to talk to them tomorrow about using the same credit pull for a used loan instead. Any suggestions on where else I should apply? The rate CarMax gave me seems incredibly high, especially when I refinanced my current vehicle less than a year ago with a different credit union and have a 6.9% interest rate. I moved to a new state and a new job ~9 months ago, but my previous residence and job were the same for more than 3 years. Any suggestions would be appreciated!
