Question,

Probably something I should have looked into before purchasing my car, but anyways...

What's the chance of your bank (Wachovia in my case) being able to offer you better ARR on used automobile loan than what was offered at the daler? (Lexus in my case) It being my first auto loan, I didn't get exactly what I was hoping for 36 months deal. I'm not talking credit union.... just your bank. Would they normally offer something better and if so, how much usually?

If yes, do I still have the option to refinance my car loan through Bank instead? I'm not expecting my first payment from Lexus Financial until Mid-March but not sure if I'm still allowed to make changes. If so, is there a penalty? or do I basically finance it for the amount I origally wanted to finance for?

Thanks,
James

 

Wachovia probably won't be able to beat the financing that your dealer gave you unless your dealer really screwed you. I have had wachovia as my bank for quite a while and they are a great bank but not real good as far as auto loans go.

 

Most banks have publicized rates that they offer their customers. Sad to say, but most of them aren't as competitive as your local credit unions. It shouldn't be hard to refinance, but it depends. Do you mind sharing the APR which your dealer set?

 

As bad as it could be, it won't touch Eastern Motors from the DC area. Eastern Motors where "your job's your credit" ... Home of the highest allowable interest rate by law! And they aren't selling beat up jalopies ... One of their stores has 7-series, S-Class, Range Rovers, etc ... Just so uncool to prey on people's stupdity.