Credit Union or MB smart financing? - Smart Car of America Forums : Smart Car Forum

NCC1701 · 07-01-2008, 06:14 PM

I suspect the answer is CU, but I'd like to confirm it. Today, I applied for a loan at my Credit Union, as my smart's delivery should be 10 days or less away. It looks like my rate will be 4.79% on a 48 month loan. FICO is 680. How does my CU's rate compare with what I might get with smart financing?

Old smart · 07-01-2008, 06:22 PM

Mine at Navy Federal Credit Union (long-time member) is 3.25% for 36 months.

NCC1701 · 07-01-2008, 06:46 PM

Quote:

Originally Posted by Old smart

Mine at Navy Federal Credit Union (long-time member) is 3.25% for 36 months.

OK, but how do CU rates compare to smart financing rates? Your rate beats the heck out of mine, and probably would even if you did it through smart ... my FICO isn't stellar. I too have a long term account at my CU. Previous car financed, home refinanced through them ... account opened more than 20 years ago. I'm thinking my CU is probably more generous than smart would be. Right?

Hope this isn't too far off topic. At this stage in the game it is pretty ON topic from my perspective.

SmartCard · 07-01-2008, 06:59 PM

I don't think there are any national wide MB sponsored programs for the smart. My guess in the absence of a special deal, you'll probably pay 5.5% or better at the dealer. We got 4.5% last month at my wife's CU, so I think you're doing pretty good.

NCC1701 · 07-01-2008, 07:11 PM

Quote:

Originally Posted by SmartCard

I don't think there are any national wide MB sponsored programs for the smart.

No MB programs. But on the smartusa site there is an online credit application, and no doubt the smart dealers offer financing. I guess I misspoke when I threw MB into the financing mix. But, I think you've satisfied my curiosity, and confirmed my thinking about CU financing. Thanks.

limey · 07-01-2008, 08:14 PM

Tell the dealer what the Credit Union offered and see if they can beat it.

I don't belong to a Credit Union, but was able to get the dealer down from 7.9% to 4.9% for 60 months by playing them against my pre-approved loan from Capital One.

Da Woz · 07-01-2008, 08:58 PM

We also got our loan through the Navy Federal Credit Union at 3.25%. My wife and I are both longtime members.

When we picked up our smart, I did ask at the dealership (a Penske shop), fully expecting that they would be higher. The dealer's "paperwork guy" indicated he thought it was in the 6% range and I'd have to go over to the finance office if I wanted to pursue it. At "around 6%" it wasn't worth the trip and I handed him the check from the CU.

It's hard to beat your CU for the best rates. However, I bought my truck during one of GM's "Get Them Off the Lot" sales and the dealer beat the CU by 2%, but that was a rare occurrence.

Joe

Old smart · 07-02-2008, 03:55 AM

The 3.25% rate is for long-time members. However, for those who are shorter term members, including Army/USAF/NG folks who now recently qualify for membership, the 36 month rate is 3.50%. Still not bad.

As far as smart/M-B financing goes, I never even considered it. I'll just use however much of the pre-approved loan I already have in hand that I will ultimately need.

rawlusÂ® · 07-02-2008, 06:50 AM

we got 4.25 via credit union. best part was the blank check we just gave to the dealer. skipped about an hour's worth of financing headache and hassle with the suit in the office.

there is absolutely nothing to be gained by financing via the dealership if you can get decent rates at your local credit union.