It is ALWAYS worth getting some rates from outside the dealership before you go in to sign the papers. See what else is out there. Multiple "hard" inquiries on your credit within 30 days from lenders only count as one hard pull, so don't let anyone tell you that you're going to ruin your credit by applying at different places. Check your local credit unions, check bank rate.com, check any banks where you have an existing relationship. In the end, if you have good credit, BMW probably has better rates than you'll find outside, but you need to have a negotiating leg to stand on. I got 5.99% from BMW back in October for a 60 month loan. I had found 6.24% at a local credit union. The dealer initially told me the best BMW could do was 6.99% but they magically got it down to 5.99% once I told them I already had 6.24% lined up. ALWAYS have a competitive offer, as dealerships make money on marking up your interest rate over what's actually the best rate available for you.
Quote:
Originally Posted by Blue2
My M240i has been "ready for transport" for about a month now. How long does this step usually take?
Also, what interest rates have BMW been offering on new cars? I've got a trade in but I'll probably finance the balance and I'm wondering if it's worth going to credit unions instead.
Thanks for any input.
|