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

[Judge Rufus]

7 year car loan? Seriously? 70 year home loan?

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[shieldsy]

How about we focus on helping each other as the OP intended?!?

Let’s identify the best deals available across terms and credit scores regardless if you personally feel that:

- you wouldn’t have a car loan that long
- your uncle Morty can give you a .0002% personal loan
- you can pay cash for all your life expenditures
- you think time travel is a possibility
- you think financing DIO items is moronic
- you are buying twelve FE Broncos and can’t understand why someone would finance anything

 

[JesseS]

I am doing a cash deal, but my CU (Golden One) currently has 2.49% for 60 months. On a sided note Ford credit has 0% for 36, .09 for 48, and 1.99% for 60 on the Baby bronco thru Jan 1st. Hope they do a limited special on the Bronco

 

[WCP-82]

I am not sure I can help most of you. Best I have at the moment is my local CU @2.99 60 to 72 months and Navy Fed @ 2.29 I think from 60 to 72 months. My son is active Navy and I just signed up with Navy Fed tonight to have the option later.

 

[kodiakisland]

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.

 

[Aardvark53]

Once again Bronco fam giving out good info to help people make great decisions.

 

[andi]

How about we focus on helping each other as the OP intended?!?

Let’s identify the best deals available across terms and credit scores regardless if you personally feel that:

- you wouldn’t have a car loan that long
- your uncle Morty can give you a .0002% personal loan
- you can pay cash for all your life expenditures
- you think time travel is a possibility
- you think financing DIO items is moronic
- you are buying twelve FE Broncos and can’t understand why someone would finance anything

Thank you for acknowledging me!

 

[Rednek]

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.

If it's your forever truck then why not,just save the leftover cash for repairs 3 yrs down the road while still paying loan(ok now that i said it i'm glad i can do all my own repairs

 

[Greg Helmick]

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.

It all depends on what the interest rate is and what you feel comfortable paying each month. I did an 84 month because it was an incredible rate so it made little to know difference in terms of the interest paid. I also put an additional amount down every month so I paid it off 13 months earlier and with less interest if I had gone with the 72 month loan which was a higher payment per month. To each their own.

Regardless when the time comes have an idea of loan company and what they are offering. I saved over 3% and reduced my term by 12 months on my purchase in Sept because the financial institution i researched was much cheaper then what the finance person was offering.

@NayNay also recommended letting the finance person know ahead of time so they can see if they can beat it or match it. Will make the process so much easier and faster.

We also don't know what ford is going to over so keep that in mind as well. Not sure it will be as good as some of the credit unions.

 

[WCP-82]

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.

I'm not going 84 months but wouldn't be that concerned if I did. I think for at least 3 to 4 years this is going to be holding value. At least until they are stocked up on the dealer lot you shouldn't be much under water at all with a low rate and a little down.

 

[broncoj11]

I’m putting 10k+ down, so I don’t think 84 months is that terrible

 

[Karl_in_Chicago]

7 year car loan? Seriously? 70 year home loan?

Agreed. Hell, I paid off my house in less than 15 years and that interest was deductible. 7 years for a fricking car/truck? I need to add that to my list of reasons my friends should kill me because I'm over the hill and need to be put out of my misery.

 

[SuckItMcGee]

Its way too early to talk rates,, but i can recommend some lenders. I've had good experiences with two lenders:

1) PenFed gave me 0.99% for 36 months on a used car loan for a 13 year old car. I've never seen rates like that for a used car.

2) Lightstream (suntrust) will automatically switch your auto loan to a personal loan if you have near-perfect credit (dunno the required numbers, but our FICOs are north of 800). This means no lien on the title which is sent straight to you. At the time, their rate matched the best we found.

 

[NayNay]

It all depends on what the interest rate is and what you feel comfortable paying each month. I did an 84 month because it was an incredible rate so it made little to know difference in terms of the interest paid. I also put an additional amount down every month so I paid it off 13 months earlier and with less interest if I had gone with the 72 month loan which was a higher payment per month. To each their own.

Regardless when the time comes have an idea of loan company and what they are offering. I saved over 3% and reduced my term by 12 months on my purchase in Sept because the financial institution i researched was much cheaper then what the finance person was offering.

@NayNay also recommended letting the finance person know ahead of time so they can see if they can beat it or match it. Will make the process so much easier and faster.

We also don't know what ford is going to over so keep that in mind as well. Not sure it will be as good as some of the credit unions.

Since my ears were ringing.....
The credit union's will almost always have the better rates. When the Bronco hits Ford will have the worst rates. Unless the credit is a tad shaky then Ford might be a good bet. And yes, tell that finance person what they're up against so they can beat that rate. BUT be very clear about what they can and cannot do with your information. In other words ask what banks will they send it too, how many banks? Specifying how many banks you'll allow. Do NOT let them send you all over. This is also known as "shot gunning". There's never a reason to do that unless they're trying to be jerks. If you don't trust them then don't bother.

 

[NayNay]

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.

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