I spoke to my CA in regard to financing an ED and he told me that it was best to do this through BWMFS and not through a credit union. He told me stuff about banks/credit unions not knowing about ED and all that. Is there any truth to that? I can imagine that it would be convenient to finance through BMWFS but they are offering me a rate of 7.1%, which is so much higher than what I am getting through my credit union.
I have read on these ED boards where people finance EDs through BMWFS and then come back and re-finance. Is it easy to refinance a car after you get back from ED and do you think i will be able to get the same rate from my credit union?
Thanks for your responses.
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Its technically true but many have been able to explain the idiosyncracies of ED to a friendly credit union loan officer to get financed. Some conveniently "forgot" telling their finance company what ED is.
As for refi after delivery, the rate is not as good as a new purchase loan since the car is considered used.
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As for refi after delivery, the rate is not as good as a new purchase loan since the car is considered used.
Not true, my credit union gives new car rates for cars model year 2002 and newer.
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Not true, my credit union gives new car rates for cars model year 2002 and newer.
Good for you!
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Good for you!
I just refinanced- 5.28% 60 Months. www.thinkcu.com
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Samething with my CU, I checked the rates and no difference between new and newly owned.
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Is this right?
I just refinanced- 5.28% 60 Months. www.thinkcu.com