Nothing changed in my finances (aside from looking at a new vehicle which we had a payment on last time)Last July I bought a new car .9% apr. My wife wanted to trade in her 6 year old van on a new one. Same bank, same dealership. 5.75%.
Rates seriously suck right now. We didn’t buy and will wait to see what the rates do
Even promo financing isn’t that great right now from what I say at the dealership. We could’ve gotten a great rate at 36 months. Which would be fantastic but on a 50k vehicle that’s a bit hard to swallow. 60 months is what I like to stay with.
>Mine 810 and seeing 5%+
The advertised rates are the best available, they won't get lower just because you have a higher credit score... they'll get higher if you have a lower credit score though.
i.e. I would qualify for the best rates available, but if someone had a 640 FICO they'd probably qualify for a couple of percent higher APR than the advertised rate.
Depending on the level of exclusivity a credit union could potentially offer a rate better than the federal rate.
Though even with high exclusivity I am still skeptical anyone within the last month in the USA got a 3% rate
the credit union i’ll be using with my new job offers 3.15% in new 60 months as well, but it’s also a credit union only local “government” workers can use and i’m fixing to take advantage of that
I'm at 1.99% for 66 months at my credit union. It's a 1 branch credit union and that was how low they went during covid, I got in right before they started raising the rates last year. It was awesome going into dealerships knowing I had a rate that good too, takes away one of their bargaining chips
Wife just signed a 5.94% yesterday, but that is also on a used, and that's one of the best rates we've found, including credit unions.
I guess used vs new is whole different ballgame for rates
No idea why you're getting down voted for not potentially doxxing yourself now or in the future. It's not like this information will just disappear one day. Your unborn great great grandchildren will be able to read this post if they wanted to. Hi kids! 👋
Use it when at the dealer, when they offer financing, wait and see what they will give you and then tell them you have your own. It's EXTREMELY likely that they will give you a lower rate than that just so they can keep the financing.
Or just tell them up front that you have your own financing and will happily finance with them if they can beat it. Being honest and upfront is the best way to do business, don't hide things and waste time
>Or just tell them up front that you have your own financing and will happily finance with them if they can beat
I *always* do this, one time I bluffed (accidentally) and told them I was preapproved for 2 percent (this was years ago) and that I would finance through them if they could beat it. They got me 1.8% so I financed through them... when I got home I realized the preapproval was actually 2.9% not 2%.
Whoops.
Glad they didn't ask for proof! I've only had ONE time that they couldn't beat a legitimate preapproval, and I financed through USAA instead of the dealership.
But some dealers hide things and waste time. The only way to play this game of theirs is to either play it back or be willing to walk away at any time.
The worst thing so far with our current car shopping is my wife visited a Toyota dealer to test drive a new Highlander Platinum and a used Acura MDX, both in their inventory.
The sales goon claimed that a Platinum Highlander does not exist then started pushing her away from the used car towards the RAV4.
Imagine if she didn’t know exactly what she wanted.
Tell me how this goon is helping. Tell me how I should approach this in good faith.
Car sales earned their rep. It is up to you to build a better reputation and out the goons.
Unfortunately we can't get rid of bad salesmen. That's a bad salesman. Automotive sales doesn't require an education and is easily accessible.
Future advice, check the dealer reviews and ask for the salesman who has good reviews. Bad salesman don't get reviews.
Every single time I’ve walked in with an approved loan, the dealer has beat the rate. Pretty sure I always got a better rate than I would have otherwise.
Opposite for me. Past 2 times my local credit union has beat the dealer rate by nearly 2%. I have a 720 credit score and have bought ~5year old used cars typically. Paying 2.74% on a 2016 Cadillac ATS Coupe. Dealer came in at 4.5. This was 2 years ago.
Wait how are approved for a 5.24% interest rate if the fed is at 5.25%?
That's (very little) free money, right? They're essentially paying you to finance through them, right?
Somebody school me. I don't get it.
Hell, there are dealerships that will do zero percent interest for a significant length of the loan term. They make money selling cars, not just financing them.
Whose posting Mark ups. Never pay a mark up. I paid under msrp 3 weeks ago. The sooner all buyers walk out when presented with Mark ups the sooner it'll all end. Never pay mark ups.
tons of people are paying mark ups if it's a brand with a short supply, like Toyota (especially any hybrids, such as all their minivans which are hybrid only now). That doesn't mean it's a good financial decision for the buyer, but lots of dealers are making plenty of money on just selling cars, even now.
Dealer financing isn't normal financing. 1.9% (or even lower) was a thing for a while around 2014 or so. They bounce around with benefits. Low interest rate OR $2000 off OR some "free" add-ons, etc
Would you really say that? I’d say if Lexus is struggling for sales, that’s a bigger issue to do with marketing and positioning — the NX is one or two, the RX is brand new, the LX is two or three, and the UX has just had a pretty big update which vaaastly improved its… UX, the biggest complaint about the car.
Yea not sure what he/she is going on about.
Sure Lexus’s aren’t everyone’s taste, but they have the top selling luxury vehicle in the US (RX), and are the only brand with 3 cars in the top 10 (NX, ES).
For example, the NX hybrids where I’m at still have markups and/or waitlists.
Subaru is still offering 2.9%-4.9% for well qualified buyers.
Ex: 2.9% financing in a new Base model WRX
https://www.subaru.com/shopping-tools/special-offers.html
~~Scooby~~ Scoob aka Subaru had to do this because vbs are selling as fast as depends. For once ~~butters~~ buyers are telling ~~Scooby~~ scoob *eat a dick, shit design.*
Edit: auto correct got me
The outback and crosstrek are Subarus top selling vehicles.
And both have financing deals for 3.9% for the 2023 models, and 4.9% for the 2024 models.
Also WRX sale numbers are back to where they were pre pandemic, infact February WRX sales were the highest for any February ever.
https://www.thedrive.com/news/the-subaru-wrx-hit-record-high-sales-in-february
I see what you are trying to say. But they aren't frontloading the interest, they are just incentivising sales so that they can move the cars.
In 2019 I paid $24,500 for a brand new Camry SE I got approved for 0% interest for 60 months. That $24,500 includes Tax, Tag, and Title fees.
Lmao no, not everyone with a good rate is paying a market adjustment. What a ridiculous statement.
I got a 3% rate straight from Toyota under msrp out the door.
Mega corps get money cheaper than you and I. Vertically integrated mega corps (ie the finance arm of each manufacturer) also bake in incentives, basically using marketing dollars to buy the rate down a bit extra on models they want to move.
Your end Credit card interest has little to nothing with federal reserve rates… Especially promotional rates
They collect money from merchant fees as well.
Every time money moves someone is collecting a fee to move it.
The fed sets the interbank lending rate, not maximum interest rates. There’s no federally legal maximum interest rate.
If someone wanted to and you agreed to it, you could legally get a loan with a 5000% APR
Who cares? Life isn't meant to be about scraping by on the least possible. If you've got savings, if you're happy with your retirement fund, and you've got the money, what difference does it make? Maybe they want to enjoy some road trips, or whatever they do on the weekends without always fixing a busted old car.
Yes, it's nice not having payments, but it's also nice being able to afford nice things.
Why would anyone take a $60k car loan? It is interesting that consumers have voluntarily contributed to increased prices by willing to accept extreme debt.
That’s way lower than any rate you will likely get elsewhere. Used car rates are between 7 to 8% for good credit most places and new car rates are about 6 to 7%.
Not even remotely anything wrong with this post. If the dealership cared they would extend the warranty, but they won’t. They would fix the car, but they won’t. Then they’ll sell it someone and not disclose anyone and a buyer will be taken advantage of - you’d do the same thing If right now the dealership called you and offered $1000 more than you paid for it.
I suppose I mean it from a standpoint like a 60k car today isn’t worth it so you don’t need one. Buy the same model used, a couple years old, chances are it was probably a leased vehicle and you can get it for a fraction of the price.
> Buy the same model used, a couple years old, chances are it was probably a leased vehicle and you can get it for a fraction of the price.
Uh yes, hello? 2019 is calling, they want their car buying advice back.
Do you absolutely need a car right now? If you can wait 6-12 months, used car prices will be much lower.
Dealerships are just beginning to feel the pain. They got a temporary reprieve from tax refund season.
Take that approval and shop credit unions....5.74% is not good you should really not even be cosnidering it.
Don't take too long between shopping around for financing you don't want a ton of inquiries on your credit report.
pro tip: pay the car with credit card no interest 18 months then roll the balance to another creditcard for a 3%fee for another 18 months work a plan finish paying the car in 3 years. also collect 2% with cashback or apple pay
Best hack to do nowadays
You should take advantage of the stupid high savings rates and not take a loan on a meteorically depreciating asset. But you didn't really want financial advice, you want to spend 60k on a car
Try to negotiated with your dealer, and have this as an Ace in your back pocket. Either to make sure they don't include silly "market adjustment" mark ups or to give you a rate better than what the bank is offering.
I always tell people the same thing and I'm sure no one listen to me but oh well, just buy yourself a 8-10 year old Lexus ES, GS or LS for less than half of that and invest the rest of your money somewhere else.
Pre approved means nothing.
You'll spend a day negotiating, they'll come back with their financing, and it'll be a couple points higher because, "they found an issue."
Get your own financing. Better yet, pay cash.
I just got 2.75 in southeast through toyota financing. So you can absolutely get a better deal from auto manufacturers finance arm.
PLEASE REMEMBER You ONLY negotiate price with dealer.
Mid response. My VW rate was better than my bank rate. We got approved for both and took the VW one since it was cheaper! Bank wanted 7% on the used car and VW wanted 6. Not a huge deal but cheaper. The next closest one was 8% at a credit union.
I got a new car in December and this is about the rate I got through the dealer. I think this is about as good of a rate as you can expect. Maybe can get slightly lower through a credit union but it's usually easier to just finance at the dealer and refi later if you can save some money.
Use it as leverage with the dealer(s). “I have this rate, if you can beat it I’ll use you.” They will try since they get a kickback from the finance company.
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How 3%
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Gimme
750+ credit score
Mine 810 and seeing 5%+
Your debt, expenses and income may be affecting it
Nothing changed in my finances (aside from looking at a new vehicle which we had a payment on last time)Last July I bought a new car .9% apr. My wife wanted to trade in her 6 year old van on a new one. Same bank, same dealership. 5.75%. Rates seriously suck right now. We didn’t buy and will wait to see what the rates do
Yep the only way to get below that it seems is mostly manufacturer promo financing
Even promo financing isn’t that great right now from what I say at the dealership. We could’ve gotten a great rate at 36 months. Which would be fantastic but on a 50k vehicle that’s a bit hard to swallow. 60 months is what I like to stay with.
5-6% is pretty normal at this moment
I’m seeing like 7-8% here and my debt is a whopping $100 on my cc with credit score of 805-809 depending on what you’re looking at
830 I got 3.49%
>Mine 810 and seeing 5%+ The advertised rates are the best available, they won't get lower just because you have a higher credit score... they'll get higher if you have a lower credit score though. i.e. I would qualify for the best rates available, but if someone had a 640 FICO they'd probably qualify for a couple of percent higher APR than the advertised rate.
Depending on the level of exclusivity a credit union could potentially offer a rate better than the federal rate. Though even with high exclusivity I am still skeptical anyone within the last month in the USA got a 3% rate
This is through my credit union
I recognize this app.. we have the same bank lol
the credit union i’ll be using with my new job offers 3.15% in new 60 months as well, but it’s also a credit union only local “government” workers can use and i’m fixing to take advantage of that
CU is the move. Just bought a new car at 3.75% and the dealers were baffled.
close I got 3.49% and got a ton of thumbs down on some other sub when I said that.
I'm at 1.99% for 66 months at my credit union. It's a 1 branch credit union and that was how low they went during covid, I got in right before they started raising the rates last year. It was awesome going into dealerships knowing I had a rate that good too, takes away one of their bargaining chips
My credit union starts at 9.85%. This is insane.
You aren’t assigned to a credit union. You can shop around for loans at different CUs.
Wife just signed a 5.94% yesterday, but that is also on a used, and that's one of the best rates we've found, including credit unions. I guess used vs new is whole different ballgame for rates
What CU?
ussfcu does 3.75% on 60mo, less on shorter terms. I just got approved this week. edit: nevermind they just upped their rates
I'm not them but I got approved for 3% from Austin Telco with a 726 credit score a few months ago
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Why would that matter nobody cares where your partner works we just wanna not pay 8% with a 740 score
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No idea why you're getting down voted for not potentially doxxing yourself now or in the future. It's not like this information will just disappear one day. Your unborn great great grandchildren will be able to read this post if they wanted to. Hi kids! 👋
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You have been on reddit less than a week and have zero posts, only comments. No one is doxxing you. Just give us a clue man.
Fair enough, understandable
Use it when at the dealer, when they offer financing, wait and see what they will give you and then tell them you have your own. It's EXTREMELY likely that they will give you a lower rate than that just so they can keep the financing.
Or just tell them up front that you have your own financing and will happily finance with them if they can beat it. Being honest and upfront is the best way to do business, don't hide things and waste time
>Or just tell them up front that you have your own financing and will happily finance with them if they can beat I *always* do this, one time I bluffed (accidentally) and told them I was preapproved for 2 percent (this was years ago) and that I would finance through them if they could beat it. They got me 1.8% so I financed through them... when I got home I realized the preapproval was actually 2.9% not 2%. Whoops. Glad they didn't ask for proof! I've only had ONE time that they couldn't beat a legitimate preapproval, and I financed through USAA instead of the dealership.
But some dealers hide things and waste time. The only way to play this game of theirs is to either play it back or be willing to walk away at any time.
I hope I never have you as one of my customers if that's the way you approach it.
I hope to never have you as a salesperson if you don't understand the reputation your 'profession' has earned.
Fr. Car lots suck ass lmfao. Shouldn’t even be a thing how it is.
The worst thing so far with our current car shopping is my wife visited a Toyota dealer to test drive a new Highlander Platinum and a used Acura MDX, both in their inventory. The sales goon claimed that a Platinum Highlander does not exist then started pushing her away from the used car towards the RAV4. Imagine if she didn’t know exactly what she wanted. Tell me how this goon is helping. Tell me how I should approach this in good faith. Car sales earned their rep. It is up to you to build a better reputation and out the goons.
Unfortunately we can't get rid of bad salesmen. That's a bad salesman. Automotive sales doesn't require an education and is easily accessible. Future advice, check the dealer reviews and ask for the salesman who has good reviews. Bad salesman don't get reviews.
Bless your naivety
I'm not naive. I sell cars. I don't like when people play games, because I'm honest and upfront, I expect the same courtesy.
Every single time I’ve walked in with an approved loan, the dealer has beat the rate. Pretty sure I always got a better rate than I would have otherwise.
Opposite for me. Past 2 times my local credit union has beat the dealer rate by nearly 2%. I have a 720 credit score and have bought ~5year old used cars typically. Paying 2.74% on a 2016 Cadillac ATS Coupe. Dealer came in at 4.5. This was 2 years ago.
Wait how are approved for a 5.24% interest rate if the fed is at 5.25%? That's (very little) free money, right? They're essentially paying you to finance through them, right? Somebody school me. I don't get it.
Lexus just gave me 4.99%. Couple things can be going on, trying to make sales or guessing later down the line interest rates will be less.
Moving product and hedging bets on interest rates.
Thats it. They can borrow at lower in the futures curve.
Or they just make up their own financing in order to sell more cars. Slightly better deal on financing = more sales
Ford is at 4.99% where I am. They have their own financing companies and cash on hand so they can do this.
Yeah car companies have been doing this for a long time. Rates were down at like 0.9% in the early 2010s
Hell, there are dealerships that will do zero percent interest for a significant length of the loan term. They make money selling cars, not just financing them.
Yea Ford next to me is 0% on new vehicles currently
Dealerships make very little money in the sales. They make money servicing cars, extended warranties and add ons
that was true before the mark ups since 2020, now their margins are pretty high
Whose posting Mark ups. Never pay a mark up. I paid under msrp 3 weeks ago. The sooner all buyers walk out when presented with Mark ups the sooner it'll all end. Never pay mark ups.
tons of people are paying mark ups if it's a brand with a short supply, like Toyota (especially any hybrids, such as all their minivans which are hybrid only now). That doesn't mean it's a good financial decision for the buyer, but lots of dealers are making plenty of money on just selling cars, even now.
Go check it out now. Almost no one is doing 0% financing.
Dealer financing isn't normal financing. 1.9% (or even lower) was a thing for a while around 2014 or so. They bounce around with benefits. Low interest rate OR $2000 off OR some "free" add-ons, etc
Lexus struggling for sales rn as they’re lineup is aging fast.
Would you really say that? I’d say if Lexus is struggling for sales, that’s a bigger issue to do with marketing and positioning — the NX is one or two, the RX is brand new, the LX is two or three, and the UX has just had a pretty big update which vaaastly improved its… UX, the biggest complaint about the car.
Yea not sure what he/she is going on about. Sure Lexus’s aren’t everyone’s taste, but they have the top selling luxury vehicle in the US (RX), and are the only brand with 3 cars in the top 10 (NX, ES). For example, the NX hybrids where I’m at still have markups and/or waitlists.
Subaru is still offering 2.9%-4.9% for well qualified buyers. Ex: 2.9% financing in a new Base model WRX https://www.subaru.com/shopping-tools/special-offers.html
~~Scooby~~ Scoob aka Subaru had to do this because vbs are selling as fast as depends. For once ~~butters~~ buyers are telling ~~Scooby~~ scoob *eat a dick, shit design.* Edit: auto correct got me
How high are you?
Yes
Unfortunately, not very... I changed keyboards on android and it's not going every well.
The new wrx is fine. It happens every generation. People say it’s ugly and lacks performance and then the aftermarket comes through and saves the day.
The outback and crosstrek are Subarus top selling vehicles. And both have financing deals for 3.9% for the 2023 models, and 4.9% for the 2024 models. Also WRX sale numbers are back to where they were pre pandemic, infact February WRX sales were the highest for any February ever. https://www.thedrive.com/news/the-subaru-wrx-hit-record-high-sales-in-february
I got 0.9% from Mazda
Yup. They’re still doing this promotion and might be for a while. It’s even enticing me
That’s like 36 months though right? I doubt they’d do that for a full 5 year finance
I can sell you a new camry for $50,000 at 0% financing for 3 years. Do you get it now?
Why charge many interest when few interest do trick
I see what you are trying to say. But they aren't frontloading the interest, they are just incentivising sales so that they can move the cars. In 2019 I paid $24,500 for a brand new Camry SE I got approved for 0% interest for 60 months. That $24,500 includes Tax, Tag, and Title fees.
Lmao no, not everyone with a good rate is paying a market adjustment. What a ridiculous statement. I got a 3% rate straight from Toyota under msrp out the door.
Dodge giving everyone a 2.9%
To get them in a Durango
No free money for you, you’re still paying them 5.24% interest on the principal
I got 2.9% from Subaru and on the paperwork it shows that the borrowed from Chase at 5.9%, so I guess Subaru paid the extra 3 points.
Yep it’s called buying down the rate and typically manufacturers do that as an incentive, usually, but not always in lieu of a cash incentive.
Mega corps get money cheaper than you and I. Vertically integrated mega corps (ie the finance arm of each manufacturer) also bake in incentives, basically using marketing dollars to buy the rate down a bit extra on models they want to move.
CUs by me are sub 5 right now, not quite sure how that maths out but I'm not complaining.
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Navy federal is running a special, I just got a 4.74% from them.
I got Subaru loan for 2.9% few months ago
My Mastercard and Amex is giving 3.99 until end of year, so something is definitely up.
Your end Credit card interest has little to nothing with federal reserve rates… Especially promotional rates They collect money from merchant fees as well. Every time money moves someone is collecting a fee to move it.
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The fed sets the interbank lending rate, not maximum interest rates. There’s no federally legal maximum interest rate. If someone wanted to and you agreed to it, you could legally get a loan with a 5000% APR
This isn't completely true. Look up usury laws. Some states set specific limits of different types on interest loans.
How much cash do you have in hand?
Like 10-20k depending on what I get
hellcat
then get a 10-20k car
Oh no! Someone might finance something at an incredibly affordable interest rate! BURN IT ALL DOWN 🔥🔥
Just not the smartest option
Who cares? Life isn't meant to be about scraping by on the least possible. If you've got savings, if you're happy with your retirement fund, and you've got the money, what difference does it make? Maybe they want to enjoy some road trips, or whatever they do on the weekends without always fixing a busted old car. Yes, it's nice not having payments, but it's also nice being able to afford nice things.
But he can’t afford it
Found Dave Ramsey’s burner.
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I already have an emergency cash stash. Im not blowing on my savings on a down payment
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Why would anyone take a $60k car loan? It is interesting that consumers have voluntarily contributed to increased prices by willing to accept extreme debt.
If you make good money why not?
I got 0% on 60k from Ford today.
Ford…LOL
What do you think I should have bought?
I think your **F**(ix)**O**(r)**R**(epair)**D**(aily) is fine
Anything else
That’s way lower than any rate you will likely get elsewhere. Used car rates are between 7 to 8% for good credit most places and new car rates are about 6 to 7%.
I would. This is a great APR especially in this market.
Sadly all used cars are overpriced af
hellcat
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You seem like a great person
You are a huge part of the problem and I sincerely hope you get exactly what you deserve with your next vehicle.
Good for you man, but also it’s not really something to be proud about
Not even remotely anything wrong with this post. If the dealership cared they would extend the warranty, but they won’t. They would fix the car, but they won’t. Then they’ll sell it someone and not disclose anyone and a buyer will be taken advantage of - you’d do the same thing If right now the dealership called you and offered $1000 more than you paid for it.
Yeah, i would do the exact same thing, i wouldn’t brag about it online though and laugh that the next person is getting fucked over
This is not the sellers problem. This is the dealership being shady. They could easily avoid all of these problems and they wont.
May your next car be nothing but an overpriced money pit
I seriously hope karma gives you a solid ass fucking.
And this is why I only buy my cars new and run them into the ground 10+ years later and then repeat. Don't trust used cars because of people like you.
Only some manufacturers are offering decent rates right now. Most are going to be 36 months. You can get .9% on some cars @36 months which is great.
Not right now
My dad got 0% 3 yr for an F150
Yes right now. Just looked at a Sierra over the weekend. 0.9 for 36 months through GM financial
I mean while that is a pretty good rate, can you pay off a new Sierra in 36 months? I don’t think many people can.
Id usually buy cash unless the rate is good. Tbf if you can’t pay off a car in 36 months you probably shouldn’t be financing a new car at 60 months…
but the payments are cheaper! /s
Schoolfirst?
Yes why
The only thing I notice is the 16% battery level
You don’t need a 60k car straight up
No one needs most things.
I suppose I mean it from a standpoint like a 60k car today isn’t worth it so you don’t need one. Buy the same model used, a couple years old, chances are it was probably a leased vehicle and you can get it for a fraction of the price.
> Buy the same model used, a couple years old, chances are it was probably a leased vehicle and you can get it for a fraction of the price. Uh yes, hello? 2019 is calling, they want their car buying advice back.
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Haha, worried about the interest rate but spending $60k on a car
He's a postmates driver...insane decision-making
Feds basis is 5.1% that is a great rate. Best I have seen in 3 months
They dont have to borrow from fed to give you a loan. They can use their own money. Check local credit unions. They tend to have the best rates.
"Pre-approved" is not the same as approved.
Can you elaborate?
It means a preliminary credit check shows that you can probably get this loan but you won’t know for sure until you apply
From my experience "pre- approved" means the bank is able to make that offer to you, if you qualify for it.
Why would you spend 60k on a car in the way the economy is headed right now, I’d honestly wait
Do you absolutely need a car right now? If you can wait 6-12 months, used car prices will be much lower. Dealerships are just beginning to feel the pain. They got a temporary reprieve from tax refund season.
That’s actually a really good rate in todays market. My coworker just bought a used car at 7.99% with a 780 credit score.
Why would you borrow $60,000 for transportation?
its not r/personalfinance
Not terrible given the current economy
5.74% jesis christ…
I got the same offer 8 months ago and it was like 3.75 ish
School's first sent you this too eh
See what the dealer is offering. Mazda is doing 4.9%.
Avoid loans as best you freaking can. With everything.
Please for the love of God don't take out anywhere near a $60k auto loan
20/40/60 rule is what I follow regarding car buying process. 20% down for a car 40k or less, for 60 months.
Take that approval and shop credit unions....5.74% is not good you should really not even be cosnidering it. Don't take too long between shopping around for financing you don't want a ton of inquiries on your credit report.
I still can't stomach paying more than $15k for a car. They're massive wastes of money. But do you
pro tip: pay the car with credit card no interest 18 months then roll the balance to another creditcard for a 3%fee for another 18 months work a plan finish paying the car in 3 years. also collect 2% with cashback or apple pay Best hack to do nowadays
You should take advantage of the stupid high savings rates and not take a loan on a meteorically depreciating asset. But you didn't really want financial advice, you want to spend 60k on a car
I’m already a multi trillionaire bud
Incoming JuSt BuY a MiAta bro
Sounds swell pal
Try to negotiated with your dealer, and have this as an Ace in your back pocket. Either to make sure they don't include silly "market adjustment" mark ups or to give you a rate better than what the bank is offering.
I always tell people the same thing and I'm sure no one listen to me but oh well, just buy yourself a 8-10 year old Lexus ES, GS or LS for less than half of that and invest the rest of your money somewhere else.
Invest it where? Might just buy a 5k stick shift 350z
The used rate is ok but if you are buying a brand new car then most makes have incentive financing at 4% or lower
Pre approved means nothing. You'll spend a day negotiating, they'll come back with their financing, and it'll be a couple points higher because, "they found an issue." Get your own financing. Better yet, pay cash.
I just got 2.75 in southeast through toyota financing. So you can absolutely get a better deal from auto manufacturers finance arm. PLEASE REMEMBER You ONLY negotiate price with dealer.
Just buy a Tesla.
I’m attracted to woman sorry
Lmao gottem
You need to charge your phone
The best advice I can give you… don’t take out a $60,000 loan on a car
If you can not finance a depreciating asset that's always better - buy used, and as close to what you can afford to pay cash as possible.
You are asking if you should buy a depreciating asset using borrowed money with interest. What do you think.
Credit union/ work union ? 401k borrow ? Dealership bank option is for people without options
Mid response. My VW rate was better than my bank rate. We got approved for both and took the VW one since it was cheaper! Bank wanted 7% on the used car and VW wanted 6. Not a huge deal but cheaper. The next closest one was 8% at a credit union.
I got my car at 2.69%. try finding a better one tbh
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last year in april
my 2.49% keeps looking better and better
I got a new car in December and this is about the rate I got through the dealer. I think this is about as good of a rate as you can expect. Maybe can get slightly lower through a credit union but it's usually easier to just finance at the dealer and refi later if you can save some money.
Use it as leverage with the dealer(s). “I have this rate, if you can beat it I’ll use you.” They will try since they get a kickback from the finance company.
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Yeah always paid cash for my cars
Got mine today at 4.49% for 60 months. New Toyota. Was content with it since my credit union was showing 4.88%
I’m paying 2.9 on a Mazda.
Are you buying new? If so, look for manufacturer incentive rates