I know people have asked related questions in previous threads (and sometimes have not had them answered), but I was wondering what the benefit of the Signature Graduate program is? Do I just get 90 days without payment or is there something more? Most other companies give you lower financing rates and won't deny you for bad credit.

I don't have bad credit, I just don't have a lot. My credit score is just below 700, so does anyone know what kind of interest rate I'm looking at? Also, this is my first time financing a car, so can anyone give me advice on how to approach it (i.e., do you haggle over the interest rate and such)? My purchase price is VPP ... so no haggling there.

Thanks in advance.

 

I bought my car when I was in the same boat as you. I am going to graduate May 05. That graduate program they have, mainly puts you in the Teir 1 group for interest rates. I was unaware of the 90 days delayed payment. But with your credit score and VPP price, you will be fine.

With the grad program, they would have given me a 2.9% APR. But since I have not applied for graduation yet, they could not give me that rate. With my credit score of 680, a Tier 2 score, they gave me a 3.9% instead. This was my first car that I purchased too; those college loans and credit cards helped me with that.

If the finance manager gives you higher than 3.9%, argue and fight with him. Before, I did not know you can negotiate the APR; thats how the FM makes some of his money besides selling all the other types of warranties.

 

I'm in the same boat right now, 680 credit, no previous auto loans. If they can really put me in tier 1 AND give me 90 days delayed payment, that is amazing. Combine that with VPP through my company and I might have to start looking more seriously at buying soon.

Joey, when did you buy your car to get those rates? Do you remember what the 'average' new car loan rate was when you bought yours? one way or the other, awesome deal!

 

I haven't applied for graduation yet, either. Do you know what they need to prove I'll be graduating? Would just a letter from my advisor work? Probably not.

2.9% interest looks pretty good. I heard from someone that they're asking for more like 5.1% without the Sig Grad thing ... which would be kind of crazy.

Do you guys know the VPP prices? The dealer told me the MSRP and told me that the VPP is invoice + $400 (approx. I think it should be 1%).

 

Are you guys talking about 04's or 05's?

 

i'm talking about getting an '05 6MT

 

5.1%? Thats what they started to offer me.

Im letting you know this first hand. YOU SHOULD get 3.9% if you are in the Tier2 group. And 2.9% in Tier1 group. If you are in Tier2 group and they put in 5.1%... they are making 2.2% of from you.. get it? You can negotiate the APR like how you negotiate the buy price.

To prove you are about to graduate, you need to have applied for graduation already.