| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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05-23-2016, 11:31 PM
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#1 | | What hasn't Killed me, has made me more tolerant of RS!
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| Auto Loans and Interest Rates
Never applied for an auto loan outside of a dealership. Just want to see if people are able to get rates comparable to dealerships. I notice on other forums that some people are able to get below 3.9% interest rates even 1.9%. Post what rates you got, length of term, and from which bank/credit union/loaner etc. Thanks!
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05-24-2016, 04:49 AM
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#2 | | I *heart* Revscene.net very Muchie
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I'd be interested as well... I thought it is very unlikely you get one below dealership though. Doubt they go that low for an auto loan.
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05-24-2016, 05:22 AM
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#3 | | RS Veteran
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It depends.
Are you buying a new or used car?
When buying new, the manufacturer will usually have better rates than banks, but you have to keep an eye out and look out for regional and national promotions. The time of year will also make a difference too.
When buying used, again, it depends. Some manufacturers will have factory financing programs on specific model years and are usually sold as certified pre-owned, retaining factory warranty etc. The interest rates can be good, but it pays to shop.
The other option is to talk to your bank for a line of credit, but interest rates depend on your personal circumstances and financial situation. If you post more details about the car you are looking to buy, perhaps people can provide more insight to your question. All in all, there is no one single definite answer to your question. Some people want to take out $20K to buy car parts where some people finance their car because they have two kids and a mortgage.
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05-24-2016, 06:10 AM
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#4 | | Need to Seek Professional Help
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A lot also has to do with your credit rating and whatnot as well as how long the term is in general. New could all depend on what model ur shopping for (a base 3 series might have 0.9% whereas any M car is hard to get for less than 3.9% from what I've seen). Also helps if the used car is a CPO, usually ge lower rates that way. At a bank they really look at your rating and what exactly the car will be used for
Tons of factors, what are you specifically looking for in general?
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05-24-2016, 09:22 AM
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#5 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Oct 2015
Posts: 176
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Was looking for 2016 Acura MDX. They are giving a fantastic offer cash only, but not for finance. Not only that but finance rate is 3.9% which I find is kinda high, but I guess that's the rate Honda usually gives. I believe my own credit rating is about 800 so shouldn't be too bad.
Other than that was just generally curious if people are able to get rates lower. I also heard there are auto loan brokers that can get a good rate as well.
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05-24-2016, 10:16 AM
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#6 | | I don't get it
Join Date: Feb 2016 Location: Richmond
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If the posted rate is lower than a LOC you could get at the bank, then going for the bank loan and buying the car out is the best route, because you would be paying interest on the principal amount you require for the car.
However good LOC' rate's from banks/credit unions really do depend on your credit score, if you own a property
LOC's will range from HIGH 2%'s to - 4.5%-+
So if the dealership is lower then the decision is obvious
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05-24-2016, 07:43 PM
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#7 | | My homepage has been set to RS
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| Quote:
Originally Posted by bomberR17 Was looking for 2016 Acura MDX. They are giving a fantastic offer cash only, but not for finance. Not only that but finance rate is 3.9% which I find is kinda high, but I guess that's the rate Honda usually gives. I believe my own credit rating is about 800 so shouldn't be too bad.
Other than that was just generally curious if people are able to get rates lower. I also heard there are auto loan brokers that can get a good rate as well. | inbox messaged you
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05-24-2016, 09:13 PM
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#8 | | I *heart* Revscene.net very Muchie
Join Date: Jul 2007 Location: BC
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Hell I'm trying to buy a Sienna and the rate is 4.49% =\
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