Dealer is giving me high interest rate - How soon can I refinance?

[M3WAL]

Sorry this might be a noob question, i did do some googling but thought id ask here also-

Ill be purchasing a 2018 from a dealership and they gave me a 5.9% APR. (Assuming theyre trying to make back some $$ through the finance)
Loan is around 60K. My credit fico last month was 762. Ive been 750+ for years now.

Obviously this all depends on length of credit/history. But ive had credit for about 8 years. And the past 4 years ive had big car payments/credit cardpayments. Ive never missed a payment.

I think 5.9 is too high for 60 months.....

I Was planning on just signing and then refinancing within 30 days..
Ive never used a credit union and was going to apply through there for a refinance, and hopefully get less than a 4% interest.

Thoughts/Has anyone done this before?

[f80er]

Yeah its high, tell them to do better or walk.

[R3dliner]

I just bought out my wifey's lease on her 2 series. Got a 4.67% via lightstream which was their prime rate. Try elsewhere or refi later on.

[agentrnge]

I had the same thing at the dealer ( non bmw ) that I bought mine from. Essentially perfect credit. they offered 5.9%, Had already lined up something with a credit union at 3.5. Dealer says they basically get $1000 kick back from the bank to finance with them, and if I used my own finance, they would charge me the $1000. They asked me "as a courtesy" to wait at least 90 days to refinance. So it cost me a few hundred in finance charges for those 3 months.

[Yessir]

Try a credit union or walk. 5.9 is high. I've had a lot of luck with Penfed and got really good rates with them.

[NickyC]

What everyone else said, try another finance place or walk. Refinancing the loan will hit you with extra fees, and if you refinance $60k right away the fee won't be insubstantial. That's just more wasted money.

5.9% is a joke with good credit.

[jzhu625]

if you like the dealer re-finance in after 3 months, if you want to be a d*ck re-finance as soon you walk out.
or you can simply walk or ask them do better on their rate!

[G35POPPEDMYCHERRY]

lol penfed or BOA can get you a better rate. why 60month at such a high interest rate.

[N1rve]

That's pretty high..... excessively high. Try your normal bank.

[yayaya]

I have loan from Bank of America 3.89 try there.

[secretanchitman]

I was able to get 3.99% direct from BMW but this was in late July. I *think* you can refinance after 90 days but I’m not sure.

[mbadger]

You can try DCU(digital federal credit union) theyhave nice rates I have financed 50k for 3.24.

[T1M3LESS]

Try PNC as well as back up... They give you a check for the loan amount and it's as good as cash at the dealership.

I've never financed through PNC, but I've used it in 2 transactions to negotiate. The dealership's finance manager can match or give you a better offer...(I believe they get a % from the bank if you finance through the dealer)

Current rates @ PNC -

[danchee]

Walk. Even Chase's bend over and take it rate is only 4%.

[M3PGH]

I will get my own financing from the start , rather than refinance afterwards
as others have said , you can get better rates in multiple places

[Wmf80]

Bmw gave me around 2.31 two years ago exactly. 35k Loan for 60 months.
Think I only had my first car loan and a couple credit cards for only 3 years. 5.9 isn’t even what I got on my first Loan ever. Best of luck

[RickFLM4]

Check AAA or any of the other suggestions made.

[SD ///M4]

When we bought my wife's M3 last year and did Euro Delivery we pretty much had to finance through BMW FS, as we did with our two previous Euro Deliveries. The BMW FS rate was over 4%. In contrast, my 2016 M4, also with Euro Delivery, had a BMW FS rate of 0.9%, but you can't get rates like that anymore.

As soon as her car was redelivered we went to our credit union and re-financed at a much lower rate. They're currently offering 3.65%.

[VChenz]

I got 1.49% for 7 years from BMW finance. 5 year rate was 0.99. CPO vehicle.

I would recommend waiting (if you can) for when BMW advertises low rates on used inventory.

[Fender150]

Yeh according to bmw ur credit is just under their best tier I think, as others said, way too high, call around, bank of America was around 2.1 percent 60 months, 1.5 yrs back

[Pauldunlop13]

Originally Posted by Fender150

Yeh according to bmw ur credit is just under their best tier I think, as others said, way too high, call around, bank of America was around 2.1 percent 60 months, 1.5 yrs back

You can refi in 2 or 3 months at a CU

I used RateGenius and got 1.99 one time and 3.99 another time.

[zamboni]

I qualified with BMWFS last year on my F80 for 2.99% but when I picked up the car from dealer they won't honor that rate ending up with 4.99% for the deal, then I turn to my Credit Union and got 3.5% for the loan. You can apply the loan immediately with credit union don't need to wait.