How do you get the best/lowest APR?

Primary: Short Credit History/Good-OK Credit Score
Co: Long Credit History/Great-Excellent Credit Score

Primary: Long Credit History/Great-Excellent Credit Score
Co: Short Credit History/Good-OK Credit Score

Which?

Basically, whomever has the better credit score should be the primary or the co-app? Or it doesn't matter?

How do you get the best/lowest APR?

Primary: Short Credit History/Good-OK Credit Score
Co: Long Credit History/Great-Excellent Credit Score

Primary: Long Credit History/Great-Excellent Credit Score
Co: Short Credit History/Good-OK Credit Score

Which?

Basically, whomever has the better credit score should be the primary or the co-app? Or it doesn't matter?

not sure how there can be any benefit to having a CO that has worse credit than a primary...... primary is more important.. also avoid all dealer loans... go to your own bank... good luck

If you're looking to finance with the dealer, just give them both parties information, they'll figure out who should be co/primary to get you the best rate, most of the time at least. I would think the higher credit score would be best as primary. Happens with me all the time . . . my wife's score is slightly higher than mine so she went as primary on our last vehicle purchase.

I highly recommend just going to your own bank tho like Rumplemenz said. One dealer can ding your credit report with "hard inquiries" multiple times in search of the best deal for you. When you give them your SSN and ask them to approve financing, they'll blast your information out to like 5 or 6 banks, wait fo the answers & give you what they think is the best choice. Meanwhile, you get 6 loan inquiries on your credit report which can drop your credit score by several points.

If you have or can join a credit union, they sometimes have better rates and are a little more flexible than a traditional bank.

Other than that, I'm not sure, but if you have any specific questions my wife knows this stuff inside and out because that is what she does for a living. PM me if you need detailed info, and I promise she won't try to sell you on anything because she is very specialized in what she does and has no interest in financing a loan; just willing to help if you need it.

If you have outstanding credit, the Dealer will still try to rip you off by adding on an additional point or so as pure dealer profit. They buy the Money at a set rate by the bank...say 4.25%, and will let you have the loan for 6%/ You can negotiate their rate down to say 5% ....but agree on regional banks, credit unions, or if you qualify,USAA Federal Savings Bank.

A co-signer with not the best credit can hurt you. If you can't afford the vehicle with out a co-signer, buy a less expensive car!

That's how the finance dept (me :p )makes it's money, is by adding "points" to their buy rate. A bank is not going to give you buy rate either, that's how they make their money as well, however a bank gets it even cheaper than the dealership since it is basically "their" money. The bank sells it to the dealership at X, and the dealership marks it up to make their profit. If they do give you the loan at their buy rate, they make just a flat fee, usually $50-200 depending on amt financed etc.... In terms of who goes first, they dealership/bank will figure that out to get you the best rate. The rate is negotiable, how much depends on which bank they choose to do business with. In most cases, if you quote a rate from your personal bank, the dealership can at least match it if not beat it and it saves you the hassle of having to run around doing paperwork in different places. It's mostly a convenience factor at that point. Some dealerships actually work with credit unions as well, they tend to have the best rates.


Outstanding credit has nothing to do with how much markup they put in the loan, it's all dependent on how much the person wants to pay monthly. The markup is limited by the state/fed regulation. They can only mark up so much depending on the term of the loan, no relation to credit whatsoever, at least not here in WI.

Aren't they offering $2.99 per gallon for gas for 3 yrs. with all Chrysler Jeeps right now?

Aren't they offering $2.99 per gallon for gas for 3 yrs. with all Chrysler Jeeps right now?

Not available on SRT's.

Not available on SRT's.


Figures.....:rolleyes:

That's how the finance dept (me :p )makes it's money, is by adding "points" to their buy rate

Thats why you go through a credit union!

I still work with CU's though as well, and the rate they give the customer in most cases is still higher than my buy rate, albeit not much, I still can match it, and make a flat fee rather than the customer come in with a check and a lien through the CU themselves, plus in most cases, a customer does not want to go through the hassle of running around doing paperwork etc in multiple places. By no means am I trying to get you to sway one way or the other, just stating the facts. Everyone has to make a living right?

The 2.99 thing is only on Diesel and Regular 87 octane only, 12K miles per year for the first 3 years.

I still work with CU's though as well, and the rate they give the customer in most cases is still higher than my buy rate, albeit not much, I still can match it, and make a flat fee rather than the customer come in with a check and a lien through the CU themselves, plus in most cases, a customer does not want to go through the hassle of running around doing paperwork etc in multiple places. By no means am I trying to get you to sway one way or the other, just stating the facts. Everyone has to make a living right?

Credit unions have come a long way... I belong to three small to large CUs and have never had to run around to complete a new car purchase. It's fairly simple.. get a pre-approved loan and a rate locked in for 30-60 days and go shopping.

Negotiating the price and writing a check for the down is all the buyer needs to do. In fact, Partners Fed CU (Disney) will even negotiate the deal through their on-site broker for those that don't feel comfortable swimming with sharks.

I have to agree with the credit CU portion. I belong to a few and happened to work with Navy Fed this time and it was the easiest transaction ever. Called them up, did the app over the phone (15min max) and received approval. Test drove the vehicle the next day. Called the CU from the dealership, check in hand the following day, drove home happy.

Damn, thats pretty impressive. The CU's out here are not that great. They are actually pretty disappointing to work with from what I have heard. I had one customer that purchased an extended warranty, then his CU told him to cancel it and use theirs instead, ended up doing that, and then got royally SCREWED by the warranty company when they would not cover half the components listed. Some of them here are just scam artists, so that's why I'm not big on them.

Either way, to the OP, do whatever you feel most comfortable with.