Who Has the Best Rate in NoVA for Used-Car Loans--CU, Bank, Other?

[Carlingtonian]

Thanks, guys. I'm eligible for both PenFed and Navy Federal, but it looks like the former has the best rate as of right now.

[gammann]

Yeah PenFed is better if you are buying used, NavyFed if you are buying new. Remember you have to apply online for the PenFed loan, as it's an internet only rate.

[Carlingtonian]

And then there are guys in the Fed Pen who will also lend out money--but I hear the rate is much higher.

[bmwguydc]

Late to the discussion, but a credit union probably will offer the best overall package as they seek to retain customers, not excessively fee them to death.

With respect to rental cars, I agree that you can find a good bargain on one. Friends of mine buy their cars from rental fleets, and they ONLY buy vehicles from the rental agency, itself. Any problematic cars are sent back to the manufacturer and are then sold through the dealership network as "program cars." Odds are it was a rental fleet return that had an issue, and they returned it under warranty for a replacement. Ultra high performance cars, however, I would be dubious about in a rental as they are more prone to abuse, but a garden variety vehicle (Camry, Accord, Buick) from a rental fleet would not be a bad buy.

[saganista]

Originally Posted by gammann

Yeah PenFed is better if you are buying used, NavyFed if you are buying new.

As of today. Rates can and do change all the time and without notice. What's true today may not be tomorrow.

Originally Posted by gammann

Remember you have to apply online for the PenFed loan, as it's an internet only rate.

The rate actually stays the same. Like many places, they offer a discount if you apply on-line. If you applied on-line to NWFCU, used at least three of their services, and had been a member for at least three years, you could get a used car loan out to 60 months at 0.99%, thanks to three different discounts. Credit unions operate for the benefit of their members, not some bunch of stockholders. This doesn't guarantee that they will help you out if you are a member, but it does give them the chance to, and a great many take that up.

[gammann]

Originally Posted by saganista

As of today. Rates can and do change all the time and without notice. What's true today may not be tomorrow.

Sure but I gave the OP enough credit to know that.

Originally Posted by saganista

The rate actually stays the same.

Wait, doesn't this contradict what you said above?

NavyFed's rates don't change that often. Sure the current offer may go away any day, but the current rates for new cars have been around since at least Dec. Their mortgage rates only change every couple of months too, unlike most places where they change daily/hourly with the market.

[saganista]

Originally Posted by gammann

Sure but I gave the OP enough credit to know that.

Well, as I read it, you kind of made a sweeping generality out of it.

Originally Posted by gammann

Wait, doesn't this contradict what you said above?

No, it doesn't. I gave you enough credit to know that.

Originally Posted by gammann

NavyFed's rates don't change that often. Sure the current offer may go away any day, but the current rates for new cars have been around since at least Dec. Their mortgage rates only change every couple of months too, unlike most places where they change daily/hourly with the market.

Every lender is playing against the market. Each is also playing against all the other players. They all state in plain black and white that their advertised rates may change at any time and without notice. You can't count on anything until it's in a signed, written offer.