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      10-03-2019, 12:26 PM   #23
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Thank you everyone. The dealer told me the price im getting the car at is because im financing through them. So my only option is to refinance as soon as I get the car.

Someone above said ill have to pay fee's for refinancing which I hope is not true but either ways I will have to take this 5.1% (They lowered to 5.1 after i complained lol) and then refinance.
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      10-03-2019, 12:38 PM   #24
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Interests rates just suck now, but it shouldn't be quite that bad. In March of last year I bought my 340i through BMW and financed through them as well at 0.9%. Rates have changed a lot in the last 18 months though.

I bought a 2018 M3 from a Mercedes dealership a month ago and they were quoting me 5.09% and my credit score is over 800. They wouldn't let me finance through them either since I wasn't buying a Mercedes. Their in-house would've been 3.5% which compared to the in-house financing with BMW just 18 months ago, wasn't all that great.

If you don't want to go through the hassle of refinancing you can always just pay additional principal every month to effectively lower your interest rate (unless it's pre-comupted interest).
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      10-04-2019, 07:08 PM   #25
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I got 2.49% from BMW Financial less than 2 months ago on a new 2018. Pen Fed was offering 2.99%
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      10-05-2019, 09:56 AM   #26
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Definitely negotiate a lower rate or walk. FWIW, I got 1.9% for 60 on a new F80 last year and put nothing down.

Try Penfed as others have suggested, and do your due diligence and call around on your own. Several credit pings will not look bad if they're in a relatively short time period, so it doesnt hurt to try.

Also, see if putting any money down will drive a better rate. Many companies want you to have skin in the game. If youre big on credit card ponts and have the cash to pay off in the same month, most dealers will allow you to put 5K on a card. I almost always do that for the points, but didnt for the F80 simply because I had a baby on the way and was spending out the wazzoo to get reaady for her arrival.

You can get better, guaranteed.
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      10-05-2019, 09:58 AM   #27
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Lots of people posting interest rates they got 1-2 years ago. Those rates are no longer relevant. Compare to other sources of financing or what others are getting from BMW now (which a few have posted), not rates BMW gave in the past.
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      10-08-2019, 09:27 PM   #28
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Definitely look into a credit union. If the dealer says the price is what it is because you are financing it through them then get the financing and throw the money in their face. If they turn you down paying cash then walk, they are not worth your business. Another dealer will take your money.
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      10-11-2019, 10:34 PM   #29
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way too high.... walk away and finance thru another bank. You can even search online to see the banks rates to get an idea.
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      11-12-2019, 01:53 PM   #30
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I got 0.9% - keep looking
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      11-12-2019, 02:55 PM   #31
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Why even bother with going with them in the first place. Just get pre approved at a credit union which will 100% have a better rate than the dealer.

Just bought my M3 at 3.49%. The wife's X5 at 2.9% last year. And my previous BMW was 1.9% 3.5 years ago. The only reason my rates were higher was because rates in general were higher.

If you have a good DTI ratio with a 750+ credit score there is no reason you shouldn't be getting the best rate available.
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      11-13-2019, 09:54 AM   #32
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So i work for a bank and worked for a few banks, we had alot of volume for auto loans/ refinances. I can tell you that you can refinance as soon as you receive the title, the dealer will feed you bullshit that you cant for a few months but legally in NY u can. As for fees associated with refinancing there are none for most institutions. I worked at NEFCU or now known as JOVIA FCU and it had great rates and great turn around with no refinancing fees, Mostly all credit unions have good rates. I financed my car through Sperry FCU if u care. I would say pull the trigger and go for the car, once the title comes in the mail go to any CU and refinance, i did that with 3 previous cars ive owned.

Last edited by Fazem3; 11-13-2019 at 09:55 AM.. Reason: Additonal info
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      11-13-2019, 09:57 AM   #33
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Quote:
Originally Posted by krotondo View Post
I got 0.9% - keep looking
where did you finance from? name of institution?
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      11-14-2019, 09:20 AM   #34
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Quote:
Originally Posted by Fazem3 View Post
where did you finance from? name of institution?
BMW Financial
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      11-14-2019, 05:15 PM   #35
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Quote:
Originally Posted by krotondo View Post
I got 0.9% - keep looking
Quote:
Originally Posted by Fazem3 View Post
where did you finance from? name of institution?
Quote:
Originally Posted by krotondo View Post
BMW Financial
And you bought a CPO, right? BMW FS offered the 0.9% rate earlier this year on certain CPO vehicles, not on new vehicles, AFAIK. But if I'm wrong, please correct me.

P.S. krotondo, when you post something, it would be great if you posted more details so that other people actually learn from your posts, rather than having to keep asking questions.
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      11-15-2019, 03:56 PM   #36
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Quote:
Originally Posted by SD ///M4 View Post
And you bought a CPO, right? BMW FS offered the 0.9% rate earlier this year on certain CPO vehicles, not on new vehicles, AFAIK. But if I'm wrong, please correct me.

P.S. krotondo, when you post something, it would be great if you posted more details so that other people actually learn from your posts, rather than having to keep asking questions.
It was not a CPO, I ordered my M3 new back in late 16'. It's the only time I'v seen .9 on new orders and locked it in. Regarding the OP the finance dept always seems to jack up the interest rates even with excellent credit. I would follow the advice of looking at credit unions. They are usually no BS and pretty clear on the offering
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      11-15-2019, 04:47 PM   #37
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Quote:
Originally Posted by krotondo View Post
It was not a CPO, I ordered my M3 new back in late 16'. It's the only time I'v seen .9 on new orders and locked it in. Regarding the OP the finance dept always seems to jack up the interest rates even with excellent credit. I would follow the advice of looking at credit unions. They are usually no BS and pretty clear on the offering
Well, the OP is looking for a better rate for a 2018 car that he's buying now, not in 2016. As I mentioned in a previous post, I also got 0.9% on a new M4 in 2016, but when we financed my wife's new 2018 M3 last year, the BMW FS rate was over 4%. So don't tell people that because you got 0.9% in 2016, they should "keep looking" for a better rate, because you got that rate 3 years ago, and that rate doesn't exist anymore.
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      11-15-2019, 06:14 PM   #38
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Quote:
Originally Posted by SD ///M4 View Post
Well, the OP is looking for a better rate for a 2018 car that he's buying now, not in 2016. As I mentioned in a previous post, I also got 0.9% on a new M4 in 2016, but when we financed my wife's new 2018 M3 last year, the BMW FS rate was over 4%. So don't tell people that because you got 0.9% in 2016, they should "keep looking" for a better rate, because you got that rate 3 years ago, and that rate doesn't exist anymore.
Right. Like I said back in post 27, a rate someone got 2 years ago is irrelevant. Its like when I post a question about a product on Amazon and people respond with I dont know.
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      11-15-2019, 10:21 PM   #39
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BMWFS is offering 1.99% on CPOs
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      12-01-2019, 07:05 PM   #40
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Just bought my 17 M4 two days ago. Got 2.25% w/750+ FICO. It's out there. Just gotta shop around. Mine was through a Credit Union in Florida.
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      12-01-2019, 07:11 PM   #41
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if interest rates and car price are intertwined. run far. or learn to negotiate better. idc how a dealer makes profit. either they want to sell or not. if the TOTAL number isn't right. than leave. dont fall for their dance, its all BS
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      12-06-2019, 12:53 AM   #42
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I have an 810 credit score, got 5%, what a joke. I bought on a whim and no way to secure alternative financing. Sent my payoff 1 week after purchase. No chance in hell im paying 20k on top of the 75k I spent on the car.
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      12-06-2019, 09:12 AM   #43
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Quote:
Originally Posted by e90335e36m3 View Post
I have an 810 credit score, got 5%, what a joke. I bought on a whim and no way to secure alternative financing. Sent my payoff 1 week after purchase. No chance in hell im paying 20k on top of the 75k I spent on the car.
1st world problems 😂

Back when I was a broke student I wrecked a car and had to buy immediate replacement 4.99% later I paid the dealer finance tax. Never again!

BMW wanted 3.99%. They said it's the absolutely lowest rate. (They all lie). He left out a key detail that there is no lowest rate because everything is negotiable. I countered with my credit union rate and instant 1% from BMW. You can make more than 1% interest in boring high yield savings accounts.

So my car was free.... wait, what did you say... what is this depreciation....

oh 1st world problems.
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      12-06-2019, 12:15 PM   #44
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Originally Posted by mardibob View Post
1st world problems 😂

Back when I was a broke student I wrecked a car and had to buy immediate replacement 4.99% later I paid the dealer finance tax. Never again!

BMW wanted 3.99%. They said it's the absolutely lowest rate. (They all lie). He left out a key detail that there is no lowest rate because everything is negotiable. I countered with my credit union rate and instant 1% from BMW. You can make more than 1% interest in boring high yield savings accounts.

So my car was free.... wait, what did you say... what is this depreciation....

oh 1st world problems.
I got 2.99% last month direct from BMW when I took delivery of my car. Credit unions around me weren't much lower but never hurts to look!
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