Hi all, my sister in law wants to buy a new car( already decided what she wanted to the specifics) , she is getting a Volvo XC60, and wants to finance around $39,000. The dealership gave her a APR of 3.99 but there is a current promo of 2.7Apr financing at Volvo, she is sure that she qualify for the rate so did the dealer skimped her?, her fico scores are 755-770 across the board , and she had a previous auto loan in the amount of $20,000 paid off and never late. Should my SIL try to get a quote at penfed since she is a member to see if she can get the rate of 2.99/60 months.
Always go into a dealer with pre-approved credit in hand. Penfed, DCU, and NFCU are all offering better rates than 3.99%. Get preapproved and then go back to the dealer and say I have my financing already since you bumped the rate up, I'll go with my own lender. Usually I wouldn't even bother with dealer financing, but since they have already pulled your credit, tell them beat my rate from PenFed (or whoever) and I'll let you finance the purchase otherwise, I'm good. Be very careful about dealer add-ons like Gap insurance, warranty, etc.
RBFCU is offer 1.98% if you apply online. I think a CU is the way to go for any auto loan.
Is there is way to double dip?, because right now there is a incentive that if you finance with Volvo you get $1000, so can I like get a preapproval, have them match the rate, then refinance right away?
You can but you need to read the terms of the loans and do the math. Make sure there is no prepayment penalty (or if there is, for how many months) -- typically there aren't any. Also note any refinance "fees" for originating the loan.
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