Financing for the Speed3. Please Help!

[todordd]

Hello Mazda fans,

I am a new user of this forum and hopefully will soon be the proud owner of a Black Mica Speed3 GT.
This may be a stupid question (and one that might have been discussed already) but I was wondering what kind of financing and interest rates did you guys get for your MS3?
I was just at the dealership yesterday to pick up the MS3 that I have ordered but the dealership quoted me 8% interest rate on a 48 month loan! My credit score is 770+, however I have only one credit line and have credit for just 2.5 years. The dealer is saying that because of these two issues with my credit history I can not get a better rate with them. I also asked for the 3.9% APR special rate that Mazda offers but I was shut down by them claiming it was not available for the Mazdaspeed3. (bang)
Would you guys share your experience with the financing and let me know how to proceed? I still haven't picked up my car due to that and am going to look for some better loans out there. Any advise about good loan providers is greatly appreciated.

Thank you in advance for your help.

p.s. Couldn't put my hands on my sweet new ride yesterday due to such a stupid issue!(sad1) Please help...

 

[GoFast]

i sorta had the same issue. i have 8 years of credit history with a 740 fica and they initially came at me with 9.25% i eventually talked them down to 7.25% as far i know they are correct in saying that the 3.9% isnt available on the speed3. everywhere, including the mazda site, only has that offer for the regular 3's

 

[mapicco]

You always have the option to bring outside financing. Go to your bank and see what kind of rate they can give you. You can also just tell the dealer that you are shopping around for financing. I did this when I purchased my MS3 about a month ago and was able to get a lower rate. Just remember that financing at the dealer is another way for them to make money off you.

 

[Stu C]

I got 1.9% for mine - I seriously think they screwed up since they were only offering that on the regular 3's up here. I wasn't about to complain though!

 

[Rotus8]

This is a really good place to start:
http://www.bankrate.com/
You can then use what you find to push for reasonable rates.
You might me surprised how much flexibility the dealer actually has. I went in with pre-arranged financing on my previous car purchase and the dealer finance guy said "I hate those. I have to go really low to beat them." He did beat it and I went with the dealer financing.

 

[todordd]

Thank you all for the advise. I really appreciate it!

 

[OKCMS3]

I always walk into the finance office with a blank check (from another finance source) in my back pocket. A lot of people negotiate a decent deal for a new car and then blow it in the finance office, so it's good to see that you seem to be aware of what the dealer may be trying to do here.

Check ELOAN.COM for their rates and fill out their online application. I've used them before as a bargaining tool and always gotten equal or better financing from the dealer. If you qualify, they mail you a blank check (there's obviously more to it than this) but there's no obligation to use it.

A FICO score of 770 or better shouldn't be "an issue" as you stated. The short length of your credit history may keep you from qualifying for the top tier rates, but you shouldn't get hosed for it. Shop around and go back to the finance office.

Good luck.

 

[Speed3girl]

It is true.....I don't think they offered that with the Speed 3. My credit score is 760 or so and we got 7.5 or something. So don't feel like you were taken advantage of. I have gotten 1.9 before but that was with Honda. It is different on all cars and dealers.

 

[bkw]

Wife is a teacher and belongs to a credit union, 5.99%.

 

[RobSpeed3]

I got 6.49 with a score of 721. that was one of the lowest rates i can was able to find. that was two months ago.

 

[Adammazda06]

I see this alot at my dealership. You have a great credit score but very limited. Honestly if a bank actually looks at your credit, you will get a higher rate due to your limited history. You need to hope they get an automatic approval when they send it to the bank. Don't forget dealerships can hold points on interest rates also. North Carolina limit is 2 points. If you have anymore questions PM me.

 

[gsrtype1]

7%

 

[todordd]

Thanks again guys.
I managed to get a loan from Capital One for 6.05% for 48 months. It works the same way as ELOAN that OKCMS3 mentioned and was completely hustle free. Applied online, got approved and am now waiting on the FedEx overnight delivery to be here tomorrow. They even waived the $15 fee for the delivery.
Hopefully tomorrow I'll be able to pick up the car.

 

[speed3shon]

mines 5.90%

 

[civic si hb]

7% about a month ago with a 795 credit score

 

[lebox97]

5.9% a couplo days ago for 60 months (ya ya - but I usually pay off way earlier than 5 yrs - just like to have some flexibility)

 

[CTGrey02]

5.9% a couplo days ago for 60 months (ya ya - but I usually pay off way earlier than 5 yrs - just like to have some flexibility)

Where did you nail that one down? Credit union?

 

[lebox97]

long/established credit history - Capitol One Auto Finance via Costco

 

[CTGrey02]

I've got a great credit history spanning over 10 years now and a comparable score to what everyone's posting. I'll check with BJ's to see if they offer anything like that. Thanks for the tip.

Edit : just got 6.45 from capital one.. still shopping.

 

[MX6toMS3]

6.14% with my bank USAA.