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Are there other types of car financing available besides the dealership?
You would be surprised at the amount of people that pay a higher rate on their auto financing because they use the dealership. When I was a finance manager, I used to hate it when people used to bring in outside financing because we made a lot less profit on the vehicle by marking up the rate from the bank.
We now have credit union auto financing available with excellent terms that are normally better than what you’ll find at a dealer.
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17 Replies
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When I bought my SUV from the dealership, they got me financed with ALLY CREDIT UNION. The dealership said my rate was 7.75% but if I purchased the auto warranty the rate would be 5.25%. Why is that? My payment was $8 dollars a month less with financing the auto warranty
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The reason the rate was better with a warranty was because the finance manager gets a bonus for warranty penetration (the percentage of buyers that buy a warranty)… So he’s willing to give up profit on the rate to get the warranty.
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This reply was modified 1 year, 3 months ago by John.
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This reply was modified 1 year, 3 months ago by
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I recommend getting pre-approved for auto financing before you go the dealership. The last car I purchased I was pre-approved with Capital One prior to walking into any dealership.
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We did this as well… The dealer matched them and we went with them because the credit union wasn’t open on Saturday and we would have to wait until Monday to fund it…
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I agree. I got bunch of pre-approval from Capitol One month after month and those idiots denied me fot a car loan.
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Dianne Burnett is tied to multiple credit unions that will do auto loans up to 125% LTV with 10 year amortization. Great way of solving high debt to income ratio borrowers.
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One thing we can do with Dianne that a dealer can’t do is refinance your vehicle after purchase…
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Dianne Burnett has outlets that. will finance cars up to 125% LTV.
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Is that with or without a warranty?
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Dianne doesn’t give a crap about warranty. So the answer to your question is without warranty. We do not have to go through a car dealership.
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John, you can still get car financing at 6% rates today. Could not believe how low auto loan rates are.
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Ex-Air Force Veteran John Parker saved his Great Dane’s life this morning. John Parker and I were talking this morning about non-political and non-religious issues when his unsupervised and neglected 200 pound fell into his inground swimming pool. John Parker took his jeans off, his sneakers off and jumped in the swimming pool to save his Great Dane. 👍 Once a Navy Seal, always a NAVY SEAL. Thank you for your service, Navy Seal and Great Dane Rescuer John Parker of TEXAS.
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Lmao… She has started looking both ways for the outdoor cat now…
I’m no hero but I’ve walked next to a few
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Share some stories of real heroes. The only heroes I hear about are imitation heroes
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Navy Seal John Parker. True hero and dog First Responder
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Thank you John for your service!