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I’m looking to get into a used R8 and will be financing about $120-130k so I can minimize the cash I put down.

All of my credit unions will not lend more than $100k for an auto loan.

Looking for options...
 

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Ha! I just went online to the Banking Portal and yup, I qualified for Preferred Rewards. I’ll get a 0.25% discount on the finance APR.

Thanks!
Nice, I've done a bunch with them in the past, good rates and terms for big loans. Its good too if your a customer, makes paying the loan easy with online banking. Feel free to send me a referral check ;)
 

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Wells Fargo offered me the loan but I went with one of my credit unions. APR was awesome.... Ive heard of wood side. They do really long loans but the APR‘s are obviously a lot higher on the longer term loans.
 

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Some of the bigger banks like bofa or wells will only loan you that amount if you purchase the car from a franchised dealership...ask me how I know.
 

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Some of the bigger banks like bofa or wells will only loan you that amount if you purchase the car from a franchised dealership...ask me how I know.
Correct private sale or a dealership that sells new cars. If dealership only sells used cars most banks will not fund you. You'll have to take loan from car dealership's bank and then pay it off in a month as a refinance through the loaner of your choice. Ask me how I know this one too lol.
 

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I also used BoA; mine was bought used from an Audi Dealership. Their rate was very good.
 

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I also got my loan from BofA for my R8 V10. They gave me the best rated compared to even the local credit unions like Ally. The dealer was surprised I got such a good rate even and told me to just finance through BofA.
 

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I also got my loan from BofA for my R8 V10. They gave me the best rated compared to even the local credit unions like Ally. The dealer was surprised I got such a good rate even and told me to just finance through BofA.
Same here, BofA gave me the best rate compared to all the local credit unions. I bought my R8V10 from a Ford dealership, in my R8 buying experience I found that dealers that don’t regularly sell R8’s are more likely to have wonderful deals as opposed to Audi themselves who know the car well lol.
 

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For those that finance through BOA, what rates are considered low? I just placed an order for a 2020 S7 and probably will finance it so curious to know what's considered a good rate.
 

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For those that finance through BOA, what rates are considered low? I just placed an order for a 2020 S7 and probably will finance it so curious to know what's considered a good rate.
There are definitely a number of variables at play - most notably:

  • Loan Amount
  • Term
  • Credit Rating
There's typically a sweet spot on loan amount - too low or two high, and the the rate goes up. On term, the shorter the term, the better the rate. Again, there's typically a sweet spot - I would say between 24 - 36 months. Once you exceed that, the rate goes up. And obviously credit rating - top tier credit will give you the best rate and then down from there. So, regardless of advertised rates, a number of factors will play into it.

Next you have whether it's a new car or used with new getting better rates. If used, the "younger" late models will get better rates, with the older cars seeing increasing rates.

So, I'd say "it depends" - you really do need to take into consideration all of the factors before you can determine what's good or bad (comparably speaking between banks).

But if I had to sum it up, in today's rate environment (fed funds at 1.50 - 1.75), I'd say anything at 2% - 3% and you're doing "very well." Anything in the 3% - 4% range, and you're doing "a bit better than average." And at 4% - 5% you'd be average to below average. Above 5%, you're probably being ripped off or you have some very special circumstance (old car, high loan amount, longer term, etc.).

If it's a new car, and you're financing through the brand's financial arm, it's still possible to get "super" deals that are 0% - 0.9% depending upon how desperate the brand is for business at any given point in time.

Lastly, I'd say if you're going to be paying above 3%, you may want to consider temporarily shifting money from non-equity investments to pay for the car. The 3-month to 10-year yield rates are both under 2% with a pretty shallow yield curve, so most bonds, money markets, and CDs are doing next to nothing right now. I'd probably sooner shift $100k from there than take a 4% or 5% loan on $100k (or more). As equities continue their sky-high move, just shave off some profits and move it back to non-equities to re-balance, alongside paying it back (with what you would have otherwise been paying the bank) in monthly installments.
 

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Thanks ezmaass for the profound insight. Are you a financial advisor by trade? :p
Dentist. :) No, I'm just kidding with you - I'm in software / technology. But I spend quite a few waking hours absorbed in finance and the market.
 
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