Anyone have good/bad experiences with MINI financing? Are they competitive?

I've looked at E-LOAN and LendingTree.com and the best rates I've seen is 6.35% for 60 months. Anyone use online financing? Good/bad experiences online?

Our MCSa DS/W should be arriving at the port tomorrow in Bayonne, NJ and then it will start it's trip thru VDC and then onto Morristown MINI. If MINI's financing isn't competitive I plan to go with E-LOAN or LendingTree.com (which paired me with Capitol One).

Thanks in advance for shared experiences and suggestions!

sbp

 

Hi,

At last report (a few weeks ago), MINI financing was at 6.8. Ick! And due to be readjusted tomorrow (I presume up).

I did go through my MA, though, to get set up with a local bank who did 6.15 for up to 64 months. I didn't need to do any legwork--my MA picked the bank, had me fill out the paperwork right at the dealership, and we were done.

 

i am gonna get the miniS too, going to meet the dealer today. if their APR too high, i may check around other bank too~ please keep update for me too~
thanks guys~
g

 

I ended up going with Capital One through Lending Tree - it was really easy. They just sent me a check and I filled it out at the dealership!

 

Did you get an actual check from them or was it one of those draft checks, where there are all these req's from the dealer before they approve? Because I got the draft and it was a hassle (not Hassle-Free)... Not on the end of the dealership at all.. Just needing all these requirements it took me a week from when the car arrived to the dealership to actually have everything go through and be able to pick it up.

 

In today's electronic world, it shouldn't matter who you get your loan from. Once you have a loan agreement, the dealer should be able to take care of any money transfers. When it comes time for your monthly payment, it's just a few clicks of the mouse.

Having said that, my preferance was to do business with my local (small) bank but not at the expense of a higher interest rate. I told them to give me their best rate and, if it was competative, that's were I would get my loan. I also told them I was going to shop around and would not give them a second chance to "match" a lower interest rate.

Wouldn't think interest rates other's are paying are of any value to you. Since rates are dependant on your credit history, what one person is paying at bank X is not necessarily what you will pay.

Good luck.

 

I leased both my Cooper and MCS with MINI Financial. They seem great to me. I lease, but then I don't much keep cars more than three years. That being said, my last lease was a MINI and I just leased a new one. I never think in terms of a 5 year loan, I don't keep cars that long. Short attention span I guess. Because MINIs have such high residuals my payments on my MCS are under $350, a traditional buy would have been over $550.

 

Shop around...

My MA got me a 4 yr at 5.89%, but that was 4 months ago, but the point is, the dealer has neighborhood banks that will be more competative than MINI.

Just tell him their rate is too high and find something better....they will

 

i would love to hear more from "miniprof" who used lendingtree.com and was hooked up with capitol one. i began the process at lendingtree.com as well and have the chance to go with capitol one.

i told my MA that if he couldn't match or better what i've been getting online (6.35%) that i'd be arranging for financing on my own.

from what i've read the checks from E-LOAN and this one from capitol one are to be used just as a personal check

sbp

 

I just went to bankrate.com and they led me to E-Loan or Capitol One as offering the best rate in my area. So I followed the link to Capitol One and filled out their online form. A few minutes later I got an email saying I was approved. The following week they mailed me my loan "package" including a blank check to write out to the dealership. According to Capitol One my dealership can treat my purchase as a cash buy using their check.

I told my MA the rate I got and they were not able to match/beat so we'll stick with the Capitol One route when our Mini arrives later this month.

 

I have used Captial One, HSBC and Lending Tree... Lending Tree actually 1st referred me to Capital One who then sent me an email saying they had receive a duplicate application! DOH! HSBC was awful, and quoted me a rate of 7.30%!!

Anyway, Capital One gave me a rate of 6.10%, which I think is rather good, and it's valid for 90 days (45 days to actually decide to get the check mailed out, and then 45 days for the check to be valid once issued). However, one of my local credit unions had a rate of 4.99% and a $50 gas card before Memorial Day, but I couldn't use it since it was only valid for 30 days and I dont' get my MINI till September

I'm hoping they have that again, but if not, I'll prob use the Capital One rate unless MINI can beat it!

 

well right now... Capitol One and E-LOAN are both at 6.35%

not sure if my MA is going to be able to match it... today is his day off... our MCSa should be getting off the boat today in Bayonne, NJ... who knows when we might be able to take delivery but i'm assuming within a week's time... if he can't match it on Wednesday... i'm going with Capitol One...

 

I have pretty bad credit (made some bad decisions when I first moved to the US), and I was actually pretty happy with the 7.9% I ended up getting for my MINI. My last car (03 Toyota Matrix) was 11.3% over 72 months....very glad to be out of that loan early.

 

just to follow up... i told my MA that unless they could match or better (preferably better) the 6.35% (8/2/06) i'd be going with the "Blank Check" from Capitol One.

MA called back this afternoon... got CHASE at 6.24%

not a big difference but still shows effort on the part of my MINI MA at MINI of Morristown

sbp

 

I got 5.9 minus .25% for filling out the application online with my local credit union. It was more of a pain than lending tree but I beat their rate. To join a credit union you have to open a savings account, generally you only need to keep 20$ in the account and they have very good rates.

Just a thought

S

 

My mom called our bank today (Wachovia) and they said their car loan rates were, as of now, 8-8.5%. Yikes.

 

My wife and I just purchased a cool blue 06 convertible yesterday. We're using it as a third vehicle for the w/e. Guessing a bit of a mid-life crisis for both of us. No motorcycle, as we have two girls (5 and 8). We paid exactly sticker - they wouldn't negotiate at all, other than free mats (what's up with that - how do they not come with them). I haven't done much searching, are others getting a deal on new ones? Anyways, I got a 6 yr loan at 5.99% thru my credit union, which I thought was pretty good. BTW, new to NAM. Will try to post pix later.

 

That's a decent rate - as the rates are rising, these days. Welcome to NAM.

 

Went to dealer yesterday, got 7.59%?! for 60m...way too high. well, i can shop around before they can place an order which is Oct, and the mcS will arrive in Dec.. damn.. long wait time...
by the way, my credit score is 730!! not bad but the MINI's APR rate is high, right? what is your rate with 730 credit for 60m?? and which loan company? please post~ thanks!!

 

I have a 722, and got 6.10% from Capital One for 60 months... I'm waiting to see if MINI can beat it or if my local credit union brings back there 4.99% + $50 gas card promo - one can only hope! Otherwise, I'm going with Capital One.

 

Wow, 4.99% is a good deal and $50 Gas Card~ is there any credit union in CA? have to check it out. I still have time to shop around the loan company, cuz the waiting line for my mcS is Oct. The ma told me it should come in the state in Dec!! damn...

 

Just use capital one it the best out there they pull the money right out every month so your never late with payment it's great and you go to the dealer and you call all the shots whats better

 

hahaha, just to follow up... i told my MA that unless they could match or better (preferably better) the 6.35% (8/2/06) i'd be going with the "Blank Check" from Capitol One. MA called back this afternoon... got CHASE at 6.24%

I too have the 6.35% rate blank check from Capitol One ready to go and emailed the above response to my MA to see if he could do the same and beat it. (p.s. the rate is for 60 months, most likely paid off way way early)

 

I was real disappointed with the financing options offered at the dealer.... I was looking to lease and it the packages then dealer offered were expensive. I ended up finding a great lease package at www.leasecompare.com and they saved me hundreds of dollars a month.. seriously! The deal was very smooth... I found a great Cooper S at the dealer, negotiated a cash price, gave them a down payment to hold the car, filled out a short on-line application, and in 3 days the dealer had their money and I had my car with the exact lease package I wanted at a price that was far less than any package the dealer offered me. The dealer didn't exactly want to or like doing the deal this way but they eventually got with the program. If you are looking to lease I strongly recommend this company and approach.

 

update: my ma could NOT beat or even match the 6.35 from capitol one. grrrrrrr