Refinance with VW dealer?

[MKSeven]

Should I refinance with VW? I have fair credit, still going up, but I was wondering if it was worth it. If I were to refinance it could help me get the golf 8. They'd also likely have other perks if I was to switch loan companies to them. What was your experience like working with VW?

 

[CaptainRatty]

What was your experience like working with VW?

They beat the rate I brought from a local credit union and I paid them until I paid off the vehicle.

Finance it with the institution who will give you the lowest rate for the desired term, plain and simple. What perks are you expecting from VW financial services?

 

[cb1111]

They beat the rate I brought from a local credit union and I paid them until I paid off the vehicle.

Finance it with the institution who will give you the lowest rate for the desired term, plain and simple. What perks are you expecting from VW financial services?

I doubt that they have credit unions (at least the way we know them) in Dubai.

The OP will need to figure out who can give him the best rate.

 

[CaptainRatty]

I doubt that they have credit unions (at least the way we know them) in Dubai.

The OP will need to figure out who can give him the best rate.

mobile doesn’t show the location.

 

[MKSeven]

I doubt that they have credit unions (at least the way we know them) in Dubai.

The OP will need to figure out who can give him the best rate.

I was temporarily in Dubai, just haven't changed my location yet. My fault. But they said deals as low as 1.99 APR, which sounds nice. (Obviously won't get approved for that low, but I would like to be a bit lower. )

 

[MKSeven]

They beat the rate I brought from a local credit union and I paid them until I paid off the vehicle.

Finance it with the institution who will give you the lowest rate for the desired term, plain and simple. What perks are you expecting from VW financial services?

I wouldn't say perks per se, but maybe better deals from offers from them if I was to go through them. I guess customer loyalty is what they call it. Not sure if that's true or not though. lol

 

[mopar22]

I wouldn't say perks per se, but maybe better deals from offers from them if I was to go through them. I guess customer loyalty is what they call it. Not sure if that's true or not though. lol

Customer loyalty is typically just to get a little bit lower price otd. A lending sets the rates so it wouldn’t be good for vw to use them and then pay them to lower the fee for you even more, they would be losing money not making it

 

[PRRGG1]

I bought my '21 GTI using VW Credit and was impressed with the clarity of their documentation and timeliness of their communications. Like @CaptainRatty , we paid it off and even that process was smooth. If they can offer you a competitive rate, I give VW Credit high marks.

 

[cb1111]

I was temporarily in Dubai, just haven't changed my location yet. My fault. But they said deals as low as 1.99 APR, which sounds nice. (Obviously won't get approved for that low, but I would like to be a bit lower. )

VW Credit is just like any other bank. If buying a new car, you might get some additional discounts, but I know nothing about "perks" on a used car refinance.

The best rates are usually for 750+ credit scores, so it depends on your score. Talk to your bank to see what they offer you and then contact VW.

 

[GTIfan99]

VW credit for my 18 0.9% and 1.9% for the 19.

Just paid off the 18 and putting that towards paying off the 19.

Moral of the story is, if you pay more than the payment amount, you pay even less interest, as long as the loan doesn't have a early payoff penalty.

 

[MKSeven]

VW credit for my 18 0.9% and 1.9% for the 19.

Just paid off the 18 and putting that towards paying off the 19.

Moral of the story is, if you pay more than the payment amount, you pay even less interest, as long as the loan doesn't have a really payoff penalty.

Sounds good, that was honestly the goal anyways, I was just planning to pay more on it every month and hopefully get it paid off sooner. I'll talk to the banks and everyone about it to see if it's the right choice. Thanks guys.

 

[PRRGG1]

...... as long as the loan doesn't have a early payoff penalty.

Thanks for that important point @GTIfan99 . My VW salesguy told me that VW Credit has no early payoff penalty and when I expressed my want to see it in writing, he was happy to get the forms and allow me the time to read through them. He was right and all went well. Looking around on the Internet, early payoff penalties do exist at some loan sources, so it's worth researching.

For us, the worst part of taking out a loan was having to sit before the Dealership finance guy as he talked on and on and on about offers to sell us loan insurance, various extended warranties and maintenance plans. He had no brochures and all had to be decided upon right then and now. When I said I wasn't interested in any of it, he replied that "he had to offer these". With no end in sight after 20 minutes of this, I explained that I'd just spent $30 Grand on a car, was exhausted and wanted only to go home. He nodded and picked up talking where he left off. My wife then asked him, "What don't you understand? We're not buying anything more." With that, he changed up and advised us at length to not prepay the loan quickly because it would impact his commission. Sheesh.

 

[GTIfan99]

Thanks for that important point @GTIfan99 . My VW salesguy told me that VW Credit has no early payoff penalty and when I expressed my want to see it in writing, he was happy to get the forms and allow me the time to read through them. He was right and all went well. Looking around on the Internet, early payoff penalties do exist at some loan sources, so it's worth researching.

For us, the worst part of taking out a loan was having to sit before the Dealership finance guy as he talked on and on and on about offers to sell us loan insurance, various extended warranties and maintenance plans. He had no brochures and all had to be decided upon right then and now. When I said I wasn't interested in any of it, he replied that "he had to offer these". With no end in sight after 20 minutes of this, I explained that I'd just spent $30 Grand on a car, was exhausted and wanted only to go home. He nodded and picked up talking where he left off. My wife then asked him, "What don't you understand? We're not buying anything more." With that, he changed up and advised us at length to not prepay the loan quickly because it would impact his commission. Sheesh.

Having to sit through the hard sell of add-ons is always the worst part of buying a car.

 

[cb1111]

Having to sit through the hard sell of add-ons is always the worst part of buying a car.

Last time the finance guy did that to me, I picked up the sheaf of papers and said "thanks, I'll find a different dealer who values my time."

He said "hold on, all I really need is your signature on the sales order and we're done"

 

[cb1111]

Thanks for that important point @GTIfan99 . My VW salesguy told me that VW Credit has no early payoff penalty and when I expressed my want to see it in writing, he was happy to get the forms and allow me the time to read through them. He was right and all went well. Looking around on the Internet, early payoff penalties do exist at some loan sources, so it's worth researching.

For us, the worst part of taking out a loan was having to sit before the Dealership finance guy as he talked on and on and on about offers to sell us loan insurance, various extended warranties and maintenance plans. He had no brochures and all had to be decided upon right then and now. When I said I wasn't interested in any of it, he replied that "he had to offer these". With no end in sight after 20 minutes of this, I explained that I'd just spent $30 Grand on a car, was exhausted and wanted only to go home. He nodded and picked up talking where he left off. My wife then asked him, "What don't you understand? We're not buying anything more." With that, he changed up and advised us at length to not prepay the loan quickly because it would impact his commission. Sheesh.

Very few car loans from reputable lenders have prepayment penalties.