You may also want to check out PenFed (Penfed.org) for car loan. They were offering .79% APR awhile back, but it is .99% now. It is still a good rate (Depend on your credit history), but the catch is 48 months payment plan (New or Used).

I used PenFed to finance my old BMW 335, unfortunately they do not open on the weekend when I was at the dealer, so I end up going with Mitsubishi Financing...Yes I couldn't wait. Hah!

 

I really appreciate all the feedback. I know I'm getting a brand new X only thing in in the fence about is trading I the 05 or just doing a $0 down loan..I'm weighing my options. It's hard for me to part with my VIII because it was my first evo and while no where near the cleanest, I waited a LONG time to finally have one.

 

Do they finance more than 100% of the car value?

 

Kendogg,

I do not believe they will finance more than 100% of the car value, but definitely 100% of the car value based on "NADA" database (http://www.nadaguides.com/). Why would you want to take more loan out of the bank? Planning to mod the car with extras?

You can read more on this by going to their site (PenFed.org) and read on "Details and Disclosures" section or simply call them and ask. To join PenFed.org is really easy and available to anyone, even if you are not affiliated with government or military.

 

VegasJuice,

I just bought my X last week. I put 1k down, OTD with taxes (traded in old car for exact i owe on it) came to 40k on the dot. since i decided to use mitsu financing to drive it off the lot, they gave me the 8.9% bringing my monthly to just over 600, however, the next business day which was monday this week at Navy Fed I took them my paperwork, explained to their finance dept that i had just bought a house in San Diego and my credit looked horrible cause of it and they financed my 40k at 3.75% bringing my payments below 525.

Note: if you get a high interest rate and pay the bill bi-weekly, you will be saving on the interest and your 72 month (assuming) loan really becomes a 55 month loan.

 

You would need to finance more than 100% if you owe more on the car than what its worth. If you put $0 down when you buy a car, then for the majority of your loan roughly first 3 years) you will always owe more than what the cars worth.

Also (as in my case) you rolled over negative equity. Eitherway even if you didnt roll over negative equity you most likely purchased gap insurance. Then you also had "dealer fees" and tt&l tacked on to the price of the car. That along with the car loosing around $5k when you drive it off the lot, causes you to owe more than the value.

 

Kendogg,

I see what you mean now, but if you think you can save a thousand or two in interest over the years. It may be worth the trouble to ask around. Most of the time credit union is willing to work with you.

 

Gonna apply through navy federal they have 1.99 apr

 

I'm also with Navy Fed, they're great!

I negotiated down to $42,650 on a 2013 MR Touring with nav and wheel locks when I placed the order. I came in with a military discount at pickup so I ended up with a price of $42,150. After taxes, licensing, and the LoJack I was around 46k. I put just over 8k down to make the loan an even $38,000. I was approved for the lowest APR they offered at the time, 1.790%. My payments are around $662/month on a 60 month loan. This all happened in April 2013.

 

That's reassuring. I'm gonna trade my VIII to lower the total price. I'm super excited. Shouldn't be long before a wicked white is mine!!

 

some of your numbers are fluffed here. 40k financed for 72 months @ 3.75% is $614/month and at 8.9% you would've been at $719/month.... i'm sure having some factual information would better benefit the OP!

 

Hahaha yea I looked at those numbers earlier, I just didn't call him out on it, but I know my payments and interest rate, and had to question those

 

I consider myself an investor, so I too wouldnt put anything down on a car. Mitsubishi dealerships have been offering 0%/36 mos for a long time now. A typical 60 mo loan should be no more than 1.99% for someone with good credit.

If you buy an X for 40K on a loan like that, your payment would be around $750/mo

 

I reall, really appreciate the feedback. Gives me a good starting point. I'm going for a gsr, there going for around 35 at the local mitsu brand new 2014 models. I plan on getting atleast 13 for my VIII then ill go from there.

 

Used the trade in value for my 2012 wrx plus 5K cash. Financed the remaining ~10k through mitsubishi at 0%/36 mo. My payment is 280/mo.