JH48

iTrader: (3)

Lexus dealership told me my mom got 800+ score but then her income below 5000 so her interest rate will be 8.1% unless she makes over 5k monthly then she can get 5.9% rate. is that something not right there?

another thing her lexus credit card cannot be use to pay off another person name negative on Lexus car...

mk416

Why doesn't your mom just go through a credit union and buy the car with money from their loan?

projectdna

iTrader: (56)

From experience, Lexus Financial Services usually offer higher-than-average auto loan rates. On the other end of the auto loan spectrum, credit unions have very low interest rates on car loans, but you have to work in qualifying industries to join said credit union and then apply for an auto loan through them.

Most major banks also offer car loans around the 1.9%-2.9% range for qualified applicants. As an alternative, consider obtaining a car loan through third-party lenders that specialize in auto loans (e.g. Fast Auto & Payday Loans).

Income may also affect loan rates. Given equal credit scores, the applicant with lower income presents higher risk, thus requiring higher interest rates on loans.

mk416

^Credit unions have their own specific requirements, but the common ones are that you need to be a member (have an account) and live in the area where they service. Industry-specific would be from a corporate-sponsored deal and/or if you work in a specific industry that has a close working relationship with these local unions.

hyunwoo198

I do business with Bank of America, and they offer pretty good interest rate.
I had pre-qualified for 3.29% interest rate with them before. Check with your bank first.

JH48

iTrader: (3)

Thanks. I didnt know Lexus Financial would give that high of interest rate. it would be more understand able for low score, but for that score still get 8.10%. the reason is not making enough income shouldnt it not approve and need down payment instead of charge more interest?

a year ago i got loan from credit union for used car, and they only gave me 2.89 rate which is new car cant get that. that credit union wont allow my mom to make that loan because she is not live in SB county, im not even live in that area but i got approved I dont get that part.

I dont know which bank she should apply for, cause she doesnt wants to keep going around to check the credit. any recommend?

hyunwoo198

mjeds

I got pre-approved @ my Credit Union when I bought my RCF, they came in at 1.75% when I went to the dealer they were offering 3.99% (my FICO is over 800 and I make more than 2X the price of the car annually), When I told them my CU had already approved me for 1.75% some how magically Lexus Financial was able to beat it @ 1.25% go figure.

KraziAzn

Look up Logix in Pasadena. They have one of the lowest rate in the market. But keep in mind, interest has been going up the past few years. The market is really strong right now.

vincewchan

iTrader: (1)

Logix CU in Burbank or Pasadena is a good one. A good amount of my friends have gotten an auto loan with them.

Keep in mind the interest has been going up the past few months/years just like KraziAzn mentioned above.

JH48

iTrader: (3)

Thanks guy. Finally he willing to get me 4.99% rate with 72 months

i picked it up today 😁

projectdna

iTrader: (56)

4.99% over 72 months still seems kind of high, but if you feel that you've gotten what you wanted, then congratulations.

Rudiculous

iTrader: (15)

If you're happy, nothing else matters.

Where are the pictures though?

JH48

iTrader: (3)

Thi is the picture from dealership

I havent get the time to take pic myself yet lol