Sometimes it can be better to finance a car rather than lease it! Some of the reasons this may be true include:
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Federal EV credit - some lease originators may not pass the full Federal EV credit or state credits. Through financing or balloon loans (another type of financing, you can take advantage of these credits if you have the tax liability)
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High Lease Money Factor - some lease originators have a very high money factor, higher than what it would cost to lend from another bank! Combined with other factors this may be an incentive to finance
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The car will hold its value - Sometimes when you are looking at a new car, it will greatly hold its value in comparison to what you paid! Some examples can be Audi RS cars, certain Mercedes AMGs, and so forth! This may not hold true for all vehicles, but some may be worth holding long-term.
Key Points on Finding the Best Place to Finance:
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Look at different sources of financing! Credit Unions and Community Banks can often offer lower interest rates, especially if you switch to a direct deposit with them.
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Lending institutions can often offer lower interest rates for alternative energy vehicles (Electric, Hybrids, Hydrogen, etc)
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Extend your search, in the age of the internet you don’t need to end your search within 50 miles, shop nationwide, you can join a credit union or bank remotely!
BETA GOOGLE SHEET
This is a beta auto scraping spreadsheet I made while sick with COVID that pulls from a variety of credit unions nationwide. The rates autoupdate, and all necessary requirments are stated or linked. Please PM or link new rates or Banks/Credit Unions so I can add them to the scraper. It will pull that latest rates whenever you open the sheet.
User Compiled List of Lowest Rates (New Cars) As of May 18th
12-36 month rates
| Lender | Month Range | Rate | Notes | Link |
|---|---|---|---|---|
| IDB Global Credit Union | 0-24 | 1.25% | Requires less than 80% LTV, add .5% between 80-100% LTV | Link |
| IDB Global Credit Union | 25-36 | 1.75% | Requires less than 80% LTV, add .5% between 80-100% LTV | Link |
| Affinity Credit Union | 0-36 | 1.89% | Membership Requirments | Link |
| Allegacy Credit Union | 1-66 | 1.99% | .5% discount for shown rate for automatic payment from outside account | Link |
| Northwest Credit Union | 1-72 | 2.19% | No Special Requirments | Link |
| Sharon Credit Union | 1-60 | 2.24% | No Special Requirements | Link |
36-60 month rates
| Lender | Month Range | Rate | Notes | Link |
|---|---|---|---|---|
| My Auto Loan . com | 37-48 | 2.25% | Unknown lender till this time, requires more research | Link |
| IDB Global Credit Union | 36-60 | 2.25-2.75% | Requires less than 80% LTV, add .5% between 80-100% LTV | Link |
| Affinity Credit Union | 37-48 | 2.04% | Membership Requirments | Link |
| Affinity Credit Union | 49-60 | 2.26% | Membership Requirments | Link |
| Allegacy Credit Union | 1-66 | 1.99% | .5% discount for shown rate for automatic payment from outside account | Link |
| Northwest Credit Union | 1-72 | 2.19% | No Special Requirments | Link |
| Sharon Credit Union | 1-60 | 2.24% | No Special Requirments | Link |
60+
| Lender | Month Range | Rate | Notes | Link |
|---|---|---|---|---|
| RBCU | 24-72 months | 2.99% | TX Residents only, must join American Consumer Council | Link |
| Star1 Credit Union | 84 months | 2.39-6.39% | Depends on credit, requires NorCal residency or corp. member found here. | Link |
| Affinity Credit Union | 61-72 | 2.61% | Membership Requirments | Link |
| Affinity Credit Union | 73-84 | 2.86% | Membership Requirments | Link |
| Allegacy Credit Union | 1-66 | 1.99% | .5% discount for shown rate for automatic payment from outside account | Link |
| Allegacy Credit Union | 67-75 | 2.54% | .5% discount for shown rate for automatic payment from outside account | Link |
| Allegacy Credit Union | 76-84 | 2.79% | .5% discount for shown rate for automatic payment from outside account | Link |
| Northwest Credit Union | 1-72 | 2.19% | No Special Requirments | Link |
| Northwest Credit Union | 75-84 | 3.29% | No Special Requirments | Link |
| Sharon Credit Union | 66-84 | 2.49-3.99% | No Special Requirments | Link |
