I am not a financial advisor, the research below is for informational purposes only. If you want to learn How To Pay No More Than MSRP, see my post here.
Always look for local credit unions around you first.
Avoid credit hard pulls
Just for fun I decided to check what is the Volkswagen US National
interest rate for loans. Looks like up to 48 months the interest rate is 6.39% and up to 60 months 6.39%. Searching the "internets" I found:
1. Interior Federal Credit Union
offering 5.00% for loans up to 36 months and 5.25% up to 60 months. The Credit Union has an open membership
for anyone who join
the New Mexico Wildlife Federation.
2. Fort Financial Credit Union
offering "as low as" 5.49%. The Credit Union has an open membership
for anyone who joins
the Financial Fitness Association with an $8.00 donation. Rates are based on credit qualifications, including credit score, minimum amount financed and term, and includes Premier relationship discount of 0.25% APR.
Park Community Credit Union offering 3.25% up to 48 months and 3.50% up to 60 months. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. They are not accepting virtual applications at this time. You need to visit a local branch.
4. SRI Federal Credit Union
offering 4.99% up to 72 months. Possible 0.26% rate discount
on Zero Emission. The Credit Union has an open membership
for anyone who joins
the Financial Fitness Association with an $8.00 donation.
5. Tower Federal Credit Union
offering 5.74% up to 36 months, 6.49% up to 60 months and 6.99% up to 72 months. The Credit Union has an open membership
for anyone who becomes a member of the TowerCares Foundation
with a $35 donation. Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing checking account
6. Insight Credit Union
offering 4.49% - 17.45% up to 84 months (Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing Insight Credit Union checking account). The Cedit Union has an open membership
with a $5.00 donation to the Insight Community Foundation.
7. United States Senate Federal Credit Union
offering 2.99% up to 36 months, 3.24% up to 48 months and 3.49% up to 60 months (rates include 0.25% rate discount for automatic payment from a USSFCU account). Membership is open to anyone through a contribution to the US Capitol Historical Society (USCHS)
8. CommonWealth One Federal Credit Union
offering 2.74% up to 36, 3.99% up to 48 months, 4.49% up to 60 months and 4.99% up to 72 months. You can join CommonWealth One FCU by becoming a lifetime member of the non-profit, consumer education organization, Virginia Consumer Council (VACC).
9. Gold Coast Federal Credit Union
as low as 3.49%. You can become a member by making a contribution to $5.00 to the New Horizons Elementary School PTA. GCFCU is no longer accepting out of state applications. See post here.
11. Taleris Credit Union
rates as low as 3.49%. You can become a member
by making a $5.00 contribution to either the Public Animal Welfare Society (PAWS) or Seven Hills Historical Society. Loan Rate Discounts: Fuel Efficient, Electric, or Hybrid vehicle purchase = 0.10% discount Fuel Efficient Autos, which are five years old or less, and get 30 mpg Hwy or more, and have less than 75,000 mile
12. Digital Federal Credit Union (DCU) with rates as low as 5.74% up to 65 months
. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. You can get an additional .25% off if you finance an energy efficient vehicle. You can become a member by following this referral link
for a chance to get $20 with qualifying account with qualifying activities
Non-Traditional Car Lending
a revolving line of credit is designed to seamlessly finance all of the vehicles in your garage – new or used, present or future. You’ll never have to apply for an auto loan again! A Carputty line of credit is tied to you—not a specific car.
2. First Republic Personal Line of Credit
offering 6.95% – 8.45%. You can use your line of credit for whatever you want. Per their FAQs "First Republic Bank has a limited service area for retail banking. Personal Line of Credit applicants must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Bellevue (Washington), Jackson (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City."
More info here https://www.bogleheads.org/forum/viewtopic.php?t=342046
3. Bank of America Business Auto Loan
Fixed rates as low as 6.19% - You can get up to four Small Business Auto Loans with one Experian hard pull the same day. If you wait till the next day to apply, you will get a second hard pull on your Experian credit report. What you need:
1. Properly established LLC with EIN (The LLC I used I established it last month for my Turo business)
2. Stated personal income
3. Stated business income
4. Maximum combined loan amount $75K. For example, you can do three $25K loans or divvy up the $75K between 4 loans.
5. You need to wait till a loan is approved before applying for the next loan.
6. All four loans have to be requested the same day. If you wait till the next day or later, there will be another Experian hard pull.
7. Minimum Experian FICO score 720
8. Make sure that you write down exactly the same information on each application
If you need help establishing an LLC and/or getting business funding up to $250K in unsecured business credit cards, go to this link.
Did any of you get a lower interest rate recently? If so, what bank or Credit Union?