Anyone refinanced lately?

[FreddieLee]

I financed with Ford, got a $1500 rebate for doing so and then paid it off after the first month.

It was some sort of weird Flex pay deal where your payment would be like $850 for the first three years and then go up to 1185. Thats with perfect credit..

LOL thanks but no freaking thanks, I realize not everyone is in a posititon to pay it off like that, I honestly don't know how people keep buying expensive cars and write those big monthly checks. I can afford to write the checks but it still makes me cringe.

The car business is headed for trouble.

Yep, I hear ya. Not only do those payments make me cringe, they make me anxious.

Besides that, I happen to live in SoCal, home of rising insurance costs and high prices at the pump. Our insurance rates out here are out of control.

Right now, I pay $199mo to insure the Bronco, and just received a notice from Geico that my rate is increasing to $240.

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[timhood]

I refinanced immediately after generating my first payment statement. Sent that first payment to Ford, then gave the loan to my Credit Union, and paid off the loan in the first year of ownership. The thought of making a car payment for 5 years...

What's the average car payment nowadays?

Cars.com says the average new car purchase is $49K. Financed for 5 years at 4.49% or 6 years (surprisingly, quite common now) at 4.79%, that works out to between about $785-915/month, assuming no down payment and now taxes, registration or other fees financed. That's with excellent credit to qualify for those rates. Adjust from there.

 

[Imaginary Friend]

The car business is headed for trouble.

That it is. It's unsustainable, IMO.

I can't imagine being a young couple with new vehicle payments on top of a mortgage and all else. Most can't be saving a dime.

I looked at a Bronco Sport Badlands for the wife over the weekend. I'd be writing a check for it, but my gut is telling me to wait a few more months for the deals to get sweeter. They don't seem to move at the moment.

 

[FreddieLee]

Cars.com says the average new car purchase is $49K. Financed for 5 years at 4.49% or 6 years (surprisingly, quite common now) at 4.79%, that works out to between about $785-915/month, assuming no down payment and now taxes, registration or other fees financed. That's with excellent credit to qualify for those rates. Adjust from there.

That's just insanity...

 

[JeffreyWI]

That it is. It's unsustainable, IMO.

I can't imagine being a young couple with new vehicle payments on top of a mortgage and all else. Most can't be saving a dime.

I looked at a Bronco Sport Badlands for the wife over the weekend. I'd be writing a check for it, but my gut is telling me to wait a few more months for the deals to get sweeter. They don't seem to move at the moment.

I worked in the car business for years, I wasn't in sales but I hung around the sales floor often at our dealer group. Sometimes there would be some insanity where a couple would be upside down in their current trade vehicle and somehow get financed on "too much vehicle" they just had to have. They would walk out at $1,000 a month for 6 years and I would just wanna pray for them, lol.

To know that is just the norm now, Yikes!

 

[Johnkn]

That's just insanity...

What's insane is going to purchase a vehicle without researching and knowing what the available finance rates and terms are at the OEM dealership as well as multiple Credit Unions and Banks before you walk in the door (if you need to finance) .

But apparently it happens...


.

 

[FreddieLee]

They would walk out at $1,000 a month for 6 years and I would just wanna pray for them, lol.

At least you have a conscience....

 

[projectbadlands]

Man, credit at 800 and I got 4.69% in Nov 2021. Started looking at refi options after a year in and have not been able to find better rates.

I miss my 0% financing through Ford with previous loans.

 

[dpAtlanta]

Wow... I didn't know the rates were back up that high!
I don't pay attention since I haven't had a car or house payment in almost 15 years.
I would not want to be newly married and wanting to buy a first home today with the cost of homes and the interest rates where they are.

 

[BroncoChallenger]

I can't imagine being a young couple with new vehicle payments on top of a mortgage and all else. Most can't be saving a dime.

They aren't saving a dime. Most don't have a mortgage because they're paying rent that's almost what a mortgage payment should be, and even a used car payment is pretty ridiculous right now. And that's with BOTH of them working.

 

[BroncoChallenger]

Hell no. I financed in 2021 @ 1.9%. I wouldn't go near today's rates. Plus note it'd be based on a higher (used car) rate.

My CU uses the same rates for new or used vehicles. Doesn't make a difference.

 

[Amcole1984]

I refinanced immediately after generating my first payment statement. Sent that first payment to Ford, then gave the loan to my Credit Union, and paid off the loan in the first year of ownership. The thought of making a car payment for 5 years...

What's the average car payment nowadays?

Mine is almost a grand

 

[FreddieLee]

Mine is almost a grand

 

[Brian_B]

I look into it occasionally. Today I could save 0.05%

 

[BroncoA512021]

Just passed my 3 year mark in December and looking to get a lower rate. I financed in 2021 when rates were crap. Where did you refinance and what was your rate?

pay off the loan and save $$$$ - How much are you really paying for your depreciating asset?

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