Auto loan hackr…best auto loan rates?

Anonymous · ‎09-09-2021

Can anyone recommend the best auto loan rates?
Car arriving in 3 months, putting at least 25 percent down.
Previous finance was through manufacturer (Subaru) and I’m going to keep the car instead of trade in. Rate was great. I doubt Porsche will be very competitive.

I’m looking at penfed and lightstream (SunTrust). The advantage of SunTrust is that it’s an unsecured loan and no lien on the vehicle.

I don’t belong to a credit union, but will gladly join . Home is with Wells Fargo, my professional organization has a partnership with bank of America.

And of course the market is taking a hit.

4sallypat · ‎09-09-2021

Under $100K any bank or CU can loan at a good rate.

My CU will loan at 1.99% for up to 48 months on a used car which is what I am going with when I buy out my lease.

New car rates I have seen are 1.25%...

In my past experience, Porsche financial (captive bank) may not be as competitive to a CU..

LakeLife · ‎09-10-2021

Credit unions will have the best rates for consumers with good to great credit scores. PenFed has very competitive rates. The shorter the term the better the rate. Putting 25% down won't generally help the interest rate unless you have poor credit.

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dunn2500 · ‎09-10-2021

DCU and pen fed

although some smaller ones have matched or beat them but you would have to research who they are.....generally these 2 are at top, also find out your highest credit score and use approiate lender using that model if thats applicable to you....

Kforce · ‎09-11-2021

@LakeLife wrote:
Credit unions will have the best rates for consumers with good to great credit scores. PenFed has very competitive rates. The shorter the term the better the rate. Putting 25% down won't generally help the interest rate unless you have poor credit.

This ^^^

brk1971 · ‎09-13-2021

You mention that you're gonna try PenFed and SunTrust... Just pointing out (what might be obvious) that you'll have to join PenFed to do that. (you also mention you're not a member)

Not an issue, but be prepared for that bit of extra paperwork.