In Reply to: Screw BMW Financing posted by JL on September 20, 1999 at 23:08:07:
: : : Anyone know what BMW Finance is asking for rates. If you have the info, please give the breakdown for 3, 4, and 5 years.
: : : Thanks,
: : : Mike
: : My dealer gave me the rate of 7.4%.
: BMWFS wouldn't approve me for enough money or at a competitive interest rate. I only wanted to borrow enough to pay for a bit less than 2/3 of the car (about 20k). Carfinance.com approved me in minutes for more $ than I asked for and at 6.99% (though that was a few months ago and their rate is higher now). Since they're part of NationsBank/BankAmerica/Bank of Borg, and my main checking account is with NationsBank, I can view my car loan in NationsBank Online over the net. I haven't tried it yet, but I'm pretty sure I can pay car loan payments over the net by just transfering money from checking/savings into carloan. If that weren't convenient enough, the office building I work in has a NationsBank on the first floor, so I paid my first payment in the lobby on the way out to lunch.
My dealer told me that BMW financing is on a tier system, which depends on your income, credit history, etc. I got approved for a 8.25% which I think is decent considering I live in NYC. Carfinanc.com approved me for 7.3%, but for less money.