Special Ordered an IS350 bak in April. Got VIN# 2 days ago and delivery scheduled for July 6th-16th. Time to find out the best internet car loan available to compete with Lexus financing at the dealership.

So what wesite has the lowest interest rate for a car loan?

 

What's an "internet car loan"?

Most banks and credit unions that have websites will accept loan applications on their websites. Are you referring to that type of thing? For example, I just checked my credit union's website and they are offering car loans at up to 60 months for 4.70% for borrowers with Tier 1 credit.

 

I got my car loan through Costco. Check their website and goodluck. Remember to let them know you are using your own financing and give them the check when you get it so they can process it and you can get your car when it arrives,

 

If you have access to a credit union, they can sometimes get much cheaper rates. I got my loan thru Navy Federal Credit Union...

 

I bought mine using Capital One Auto Finance. I've bought 4 cars through them, and they always give good rates. I highly recommend them. If you have good credit, you can get 5.89% right now.

Javier

 

I have no access to a credit union.

Capital One Auto Finance seems good. How does it work? They give you a blank check and you take it to the dealer and pay with it? If I use Capital One do I need to take it to the dealer in advance of delivery?

 

And what interest rate can be expected from Lexus for someone with tier 1 credit?

 

i 2nd costco's program. they team up with capital one for good *** intrest rates. and u get a discount also..

 

I've applied for car loans with my credit union over the telephone. I give them the amount I want to borrow and they have usually appoved the loan within 15 minutes; then they overnight me the check made out to me and the car dealer. It's really nice going to the dealership to negotiate the price with cash in hand. By the way, credit union loans are usually at least a percentage point below those of banks. As said before, right now my credit union is offering loans as low as 4.70% for up to 60 months.

By the way, you did not say what rates are being offered by your dealer.

Good luck!

 

VitB6 - the way Capital One works is that you request a specific amount from them (request a little more to be safe). They then FedEx you a check, and then you take your "Blank Check" from Capital One to the dealership and drive away with the car. I like buying this way because it gives me a little more leverage ("This is all I'm going to pay. Period.") and I find the dealerships are more likely to deal when there's a check in my pocket. Good luck!

Javier

 

There are credit unions that will allow you to sign up for $10 and just require you to keep $20 in a checking account, requirement is that you live in their city, etc.

https://www.yourcreditunion.com/

 

I went with Costco as well.............Lexus Finacial could not come close to the rate I got. I provided them with the doccumentation and they said, sorry, we just can't match that rate....


I second the credit union thing.....I found out I could have had .5% lower rate with the CU near my work.... se la vi.

 

I too went with Costco, Lexus couldn't even match the rate.

 

take a look at bankrate.com. you can sort by apr % for hundreds of loan originators. one thing, I tried to use CapitalOne auto loan to get my Lexus. I got everything squared away and went to buy it.... they wouldn't take it. It was one of those "blank check" things; you apply for the loan and they overnight the "check" that you fill sign over to the dealer. My saleswoman told me though that it's not really a check but a draft. CapitalOne doesn't make the money immediately available to the dealer and they didn't like that. However, Lexus Financing worked with me and matched my rate (5.65%) once I submitted documentation that another provider was going to offer me that rate.

 

Use this site, they'll give you the best rates available from different lenders. Definitely recommended


http://www.thelendingtree.com/versio...defaultv5.asp?