Cal Club Autocross Forums

Mini changed their finance rates at the start of this month and now they pretty much blow. Anyone know of a bank or credit union with good auto loan rates? The best I've found (by a long shot) is Bank of America at 3.94%. Gotta figure something out by the middle of the month.

click on Refresh until you get Steve Equina's ad at the top of the page ... or is it Mike S that offers the car loans? Maybe Tom B can also make a recommendation?

Mako Koiwai wrote:click on Refresh until you get Steve Equina's ad at the top of the page ... or is it Mike S that offers the car loans? Maybe Tom B can also make a recommendation?

It looks like Steve is home mortgage, but if I'm wrong, I'll definitely give him a call. Mike does car loans, but they're targeted at high-risk customers with rates that make your eyes water. Tom, if you have a rec, I'd love to hear it!

I can't see you beating 3.94%

http://www.bankratemonitor.com" onclick="window.open(this.href);return false;

Got a call from the Mini dealer yesterday informing me that they'll be offering 2.9% interest on loans up to 60 mos. through the ned of November. :gpower: :gpower:

Check VERRRRRYYY carefully that it is simple interest not the rule of 78 on the interest calculations. I made that big mistake the last New car I bought with a dealer loan.

Craig Naylor wrote:Check VERRRRRYYY carefully that it is simple interest not the rule of 78 on the interest calculations. I made that big mistake the last New car I bought with a dealer loan.

Thanks for the heads up. I never even heard of the rule of 78 until you posted this. Sounds like typical old-school auto dealer BS. I'll be sure to read the contract very carefully.

Craig Naylor wrote:Check VERRRRRYYY carefully that it is simple interest not the rule of 78 on the interest calculations. I made that big mistake the last New car I bought with a dealer loan.

Excellent point. A rule of 78 isn't much different than putting the car on your Visa card.

http://en.wikipedia.org/wiki/Rule_of_78s" onclick="window.open(this.href);return false;

It really only bites you if you pay off early & expect to save some interest, you don't.

Like any loan the APR matters most.