Got a buddy looking at used M35s. How do you go about getting financing for a CPO?

My expertise is in leasing, so I have no idea.

 

Is IFS offering any special rates for CPO's? If they are just go to dealer and apply. If not, find a credit union that he is eligible to join, apply with them. Don't really understand the question if it is any deeper than that.

 

so the car company generally doesnt offer cpo financing? and if they do, is it competitive?

 

^^^This. The car company, Infinity I assume, never gives credit. That is a financing option that is up to the particular dealer the car is being bought from. It will essentially be the same as a CU finance deal. CPO will have no impact on credit approval.

 

Did you try looking at their website? http://www.infinitiusa.com/content/d...CPO.CPO_Offers

 

^ This.

 

The buyer is essentially financing a used car. Interest rates at banks for used cars are slightly higher than new car rates.

FYI, Infiniti is currently offering 1.9% financing for 36 months on their CPO cars. Banks like Chase and Wells Fargo cannot touch this low rate.

 

They do but they are not always the most competitive. I purchased my TL CPO but got my loan through Bank Of America. Their rates were 0.5 % better than AFS at the time. Usually when you apply for financing at the dealer they will shop around for you.

The other option is to go directly to the bank. I have used Capital One in the past. They send you a "blank check" and tell you the limit. Then all you do it fill in the amount at the dealership. Very easy process.

1.9% is awesome though. IF he qualifies then there is no bank that will beat it. When I did mine AFS was offering 3.9%.

 

I couldn't get any better than 5.9% for my CPO but then again it was also my first loan as well.

 

to the OP to get financing your buddy will need to fill out a credit app and let the finance/business manager submit it to their banks. then youll see what rate they can approve you for. financing through banks such as infiniti,nissan, honda,acura,ect....with banks like those they can usually try and do tier bumps to get a better rate as well.

CCColtsicehockey 5.9% is good rate for your first loan...

 

My first loan was over 10%....but that was many moons ago.

 

ouch, jason.
i'm at 4.25% for the TL.

 

Good to hear that it isn't that bad then.

I never even had a credit card in my name till basically the same time as well. I always only paid for things I could with the cash I had at that exact moment. While I like doing this and it keeps me from getting into money trouble it also hasn't helped me build an credit unfortunately.

 

I'm at 2.49%. If anyone has PenFed, they're offering 1.99% on new, used, and refinanced car loans.

 

Still not as bad as the summer of 1984.......people with good credit were paying over 13%.

 

^ But a checking account could get you 3%, and a savings could get you 6%. It's all scaled down.

I'm at 2%.

 

do good on your current loan and your next big loan youll get top tier without a problem. since it was your first loan your risk factor is higher which leads to higher rate. but you should have a good solid history after your loan.