Let's help each other get the best auto loan finance interest rates

[Hizero]

Just my thoughts but no one knows anyone's personal or financial situation and as a group probably should not be critical of anyone wanting to go 36, 48, 82, 84, or 96 or more months. Each individual has their own income and credit scores and no 2 are the same. It's a personal choice. There are pros and cons to every type. Times have and continue to change. What we now pay for vehicles is what some paid for homes years back. Individuals should not be frowned upon for doing what they feel is best for themselves.

If you like being ripped off and paying more than you have too, 84mo is great!!!

there’s my .02 cents.

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[NayNay]

If you like being ripped off and paying more than you have too, 84mo is great!!!

there’s my .02 cents.

So if you have 7% for 60 months or a special rate of 3% at 84 you'll still go with 60. Yup, great point you're making.......

 

[Economisto]

If you like being ripped off and paying more than you have too, 84mo is great!!!

there’s my .02 cents.

Haha you must not be good at math.

 

[Bronco4lyfe85]

If you’re going to come in here just to insert your personal opinion on others finances, just stop. There’s 5,789,465,678 other threads on this website you’ve all done that in.

NOBODY CARES ABOUT YOUR OPINION! Either add something of value or don’t comment.

 

[Bronco4lyfe85]

Good thread, WAY too early though. If I get low 2% next year I’ll be ecstatic, we’ll see about the rates at that point. I always calculate at 5% on car loan calculations so I’m always prepared to pay more and budget for more than I (most likely) need. Better than assuming I’ll be at 1.9% and end up only getting 3%

 

[andi]

Thank you all for sharing! I know it’s early for financing but it’s never to early to keep things in mind,
I originally made this thread so others can know good credit unions or banks and save some on their list when it’s comes time for delivery.

 

[Rednek]

This thread is a great idea,maybe we can get some posts up for us Canadians also? Because 7% isn't going to cut it

 

[NayNay]

If you’re going to come in here just to insert your personal opinion on others finances, just stop. There’s 5,789,465,678 other threads on this website you’ve all done that in.

NOBODY CARES ABOUT YOUR OPINION! Either add something of value or don’t comment.

Thank you all for sharing! I know it’s early for financing but it’s never to early to keep things in mind,
I originally made this thread so others can know good credit unions or banks and save some on their list when it’s comes time for delivery.

An important part of the rate game is making sure you have a good loan to value and debt to income balance. While a credit score is a factor in rates it is not the only thing to consider. The bank wants to see a proper balance and then people will get better rates. I've seen a 590 credit score get 0% and a 820 get denied. For credit unions... Navy fed has some of the best rates currently, but they all can change quickly.

 

[Bronco4lyfe85]

This thread is a great idea,maybe we can get some posts up for us Canadians also? Because 7% isn't going to cut it

7%??? Yikes. I think I got a better rate than that when I was 18 and had no credit.

 

[Beach_Bum]

84 months. geeze. talk about getting upside down on a car loan. I just can't see 84 months being a good thing at all.

Those individuals also don't understand the additional cost of gap insurance.

 

[Greg Helmick]

So if you have 7% for 60 months or a special rate of 3% at 84 you'll still go with 60. Yup, great point you're making.......

Haha. Owned!!!!

 

[dudleyln]

USAA as low as 2.89 for 60 months.

 

[Greg Helmick]

Those individuals also don't understand the additional cost of gap insurance.

Let's talk about GAP. This was the first vehicle I didnt have to get GAP insurance. With my paid off trade in and down payment my loan was about 2/3 of the actual cost of the car. Therefore I didnt need it. You have to evaluate the current market on the car/value and how much your loan is for.

When I paid off my last vehicle I got a sizable check from Chrysler for the unused months of GAP insurance. Since I paid it off two years early, I got the total monthly cost of GAP insurance back for 24 months. So GAP insurance on an 84 month loan had no impact.

If you don't pay it off but your vehicle loan is less than the car is worth, you can cancel it.

 

[DrewBronc21]

Island Federal Credit union 2.89% @ 60. Let’s keep em coming till next year!

As far as financing goes, just do the math. People get emotional over this. A low interest 84 month loan scares people, but in reality the interest paid is probably only another $1500 over the entire loan vs a 48 month loan @ same interest rate. Ive never done an 84 month but 72 @ less than 2%, I will do all day long and put Very little down. Invest the cash instead at a higher return rate. You aren’t upside down because you have your cash!

 

[jayhawkco]

Those individuals also don't understand the additional cost of gap insurance.

About $20 a year with my insurance. Is that really that much of a concern?

Chris

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