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they give you an extra 0.5% discount as a current customer. I've been with them for many years
@Anonymous wrote:they give you an extra 0.5% discount as a current customer. I've been with them for many years
I gotcha, I'd check with Penfed on the 2nd loan before going that route. The rate may still be better than Chase. I understand being a customer. But when buying vehicles, saving money in the long run is the name of the game. Customer loyalty should go to the wayside. lol
If they want to compete, they would have to give me the lower rate of a competitor. I asked them to match a rate. They did, but by the time they got back to me. I had already accepted a loan from a different lender.
I've had one auto loan through Chase. Hopefully they are better now. Their customer service leaves something to be desired.
What are your FICO Auto-enhanced scores? Many auto lenders now use either FICO Auto 8 or FICO Auto 9 scores. It pays to find out what yours are as they will differ from your FICO 8 or FICO 9 scores.
If you'll be buying your cars new, then check for manufacturer-subsidized loans through their captive lenders (e.g., Ford Motor Credit, Mercedes Financial Services, etc). These lenders usually can offer much better financing than banks or credit unions.
If you're buying used cars, then shop around for the best rates on your auto loans. As others have said, you can usually do better than Chase...
funny thing about Chase, they will NOT finance a Jaguar. I was directed to the Jaguar Financial website.... So I was approved for the Loan through a local credit union @ 5% for 60 months. Second vehicle I was approved at PenFed for 100% @ 3.73% for 60 months. They also gave me a bumper to bumper 5 year warranty for the life of the loan and GAP insurance. Thanks guys, couldn't have done it with out you! Will be picking up my Conv Jag tomorrow....whoo hooo!
@Anonymous wrote:funny thing about Chase, they will NOT finance a Jaguar. I was directed to the Jaguar Financial website.... So I was approved for the Loan through a local credit union @ 5% for 60 months. Second vehicle I was approved at PenFed for 100% @ 3.73% for 60 months. They also gave me a bumper to bumper 5 year warranty for the life of the loan and GAP insurance. Thanks guys, couldn't have done it with out you! Will be picking up my Conv Jag tomorrow....whoo hooo!
Just so you know, that's because Chase is the captive lender for Jaguar (and Land Rover). So if you had have applied through the Jaguar Financial website after Chase directed you there, it would have still been an application for a Chase loan. (I learned this when researching financing options for a Range Rover).