Interest Rate

[Martin1977]

5.3% with USAA over 72 months. 61K

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[Carter1776]

My local small town bank got me a 4.6% for 72 months with 35% down, car was $58.4k out the door. Credit 795.

 

[RJV15]

Haven’t finalised my purchase yet but I am getting 9.9% with BofA for 72months borrowing 40k at a 726 Credit score. I’d have to refinance in a few months if I go with this option( assuming I don’t find anything better) ; which seems more likely.

keep looking. That rate is terrible.

 

[Mastermind46]

5.3% with USAA over 72 months. 61K

That is lower than USAA advertises. Any idea why the rate is so low?

 

[dfwford]

keep looking. That rate is terrible.

Not for a 726 credit score with 72 month financing.

Not saying thar 9.9% is great, but double digit financing these days is not uncommon either for folks with long term lengths and average credit.

Folks who are getting below 6% right now either have extremely short term lengths (such as yourself), are current/former military or are unicorns who qualify for a manufacturer's promo rate that has been bought down.

 

[Carter1776]

Not for a 726 credit score with 72 month financing.

Not saying thar 9.9% is great, but double digit financing these days is not uncommon either for folks with long term lengths and average credit.

Folks who are getting below 6% right now either have extremely short term lengths (such as yourself), are current/former military or are unicorns who qualify for a manufacturer's promo rate that has been bought down.

not fully true, you can get below 6%, you just have to shop around. as my above comment says i got a 4.6% from a smalltown local bank, the rest of my area and even surrounding areas and even ford financing wanted to hit me with a 7.6%. Thats again with a 790's Credit, 35% down on nearly 60k. Shopping around is a good idea.

Though i do firmly believe in not letting a high interest rate block or stop anyone, as long as you make your payments on time, your credit will increase pretty well from the point of financing to re-financing.

 

[dfwford]

not fully true, you can get below 6%, you just have to shop around. as my above comment says i got a 4.6% from a smalltown local bank, the rest of my area and even surrounding areas and even ford financing wanted to hit me with a 7.6%. Thats again with a 790's Credit, 35% down on nearly 60k. Shopping around is a good idea.

Though i do firmly believe in not letting a high interest rate block or stop anyone, as long as you make your payments on time, your credit will increase pretty well from the point of financing to re-financing.

I saw that, and it's good you were able to score such a low rate.

But it's most definitely an exception to the rule as 4.6% is below even the Fed Funds Rate (5.33%). Your bank is essentially losing money on your loan.

 

[Carter1776]

I saw that, and it's good you were able to score such a low rate.

But it's most definitely an exception to the rule as 4.6% is below even the Fed Funds Rate (5.33%). Your bank is essentially losing money on your loan.

I know, and luckily there are some small banks like that. I had searched for 2 months before i found my bank im through now. All i am saying is shop around some more, but dont let people beat you down if you take the high interest rate. Its a solid plan either way. Enjoy it!

 

[Martin1977]

That is lower than USAA advertises. Any idea why the rate is so low?

No idea. Maybe because I have all my loans with them. I have 3 auto loans, my mortgage, and all my insurance thru them. As well as all my banking.

 

[samson]

My credit union is currently 6.74 for 60 months or 6.44 for 48.

 

[Ryunker]

My local small town bank got me a 4.6% for 72 months with 35% down, car was $58.4k out the door. Credit 795.

Great rate on paper, but reality is it still over $13,000 in finance charges.

 

[Carter1776]

Great rate on paper, but reality is it still over $13,000 in finance charges.

Correct. I plan on a refinance in the future, as others have said, anything under 7% for a 72mo term is great in today's economy.

Take this for instance, in 2019 at the age of 19 I bought my 2015 Mustang GT with only a 700 credit score and $3k down on a $28k ($33.5k after taxes and fees) loan, no cosigner, I managed to get a 4.5% and was like damn that's kinda high but I'll take it. Stuff has changed a lot! So for now the 4.6% is ok with me and hopefully in the next year everything drops to normal and I will refinance the current loan!

 

[DukeCLR]

These are the current rates offered at my credit union (NEFCU). I hope Ford is still offering the 3.9 when my S650 get delivered.

 

[Crew4991]

Does it matter that it’s a dark horse? They’re telling me it will be a higher rate cuz it’s a special car…..which sounds like a crock of crap to me.

Unless we are talking about some truly special limited exotic car, lending typically does not care what special version the car is. It is usually based more on you the buyer than the car.
Some bubbles are going to be popped but sorry the dark horse is not one of those truly special limited exotic cars. They are 100% feeding you a crock of crap to make more money on the back end. Beware!

 

[wilkinda65]

I got 7% for 60 months through Ford Motor Credit

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