Lets talk interest rates
11-10-2009, 02:51 PM
#1
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Lets talk interest rates
What kind of rates are some of you guys getting on buy a new 09 or used 08s?
I know some banks will extend new rates on used 08.
Just wanted to see what some of you are seeing before I call about a loan.
We dont need any brag "I pay cash" posts.
I know some banks will extend new rates on used 08.
Just wanted to see what some of you are seeing before I call about a loan.
We dont need any brag "I pay cash" posts.
11-10-2009, 03:21 PM
#3
Drifting
You just new Raazor was going to jump on that one
Truth is that most of the banks are finally starting to lend again. Credit unions,oddly enough, seem to be at the front of the pack with under 5% rates on new and like new cars (usually within 1 model year and under 20k miles) Hope that helps.
11-10-2009, 03:31 PM
#7
0% is not always the way to go. it really depends on the buyers siuation. right now its 4000.00 off or 0% me i like the 4k off, you just have to do the math.
take a 3lt sticker of 60 k minus the discount the dealer will give usually right now 1000.00 off supplier. supplier price on a 60k vette is around 54k minus the extra 1000.00 is 53 minus the 4k is 49k. assuming you pay TTL you are financing the car for 60 months at 3.5%. if you can qualify for 0 you can get 3.5 at bank of america. payment is 891.40
taking the zero you are financing 53k payment is 883.33 difference of less than 10 bucks a amonth but it is a HUGE differnece if you trade in your payoff is 4k lower sure helps on the trade in value.
take a 3lt sticker of 60 k minus the discount the dealer will give usually right now 1000.00 off supplier. supplier price on a 60k vette is around 54k minus the extra 1000.00 is 53 minus the 4k is 49k. assuming you pay TTL you are financing the car for 60 months at 3.5%. if you can qualify for 0 you can get 3.5 at bank of america. payment is 891.40
taking the zero you are financing 53k payment is 883.33 difference of less than 10 bucks a amonth but it is a HUGE differnece if you trade in your payoff is 4k lower sure helps on the trade in value.
11-10-2009, 04:03 PM
#9
0% is not always the way to go. it really depends on the buyers siuation. right now its 4000.00 off or 0% me i like the 4k off, you just have to do the math.
take a 3lt sticker of 60 k minus the discount the dealer will give usually right now 1000.00 off supplier. supplier price on a 60k vette is around 54k minus the extra 1000.00 is 53 minus the 4k is 49k. assuming you pay TTL you are financing the car for 60 months at 3.5%. if you can qualify for 0 you can get 3.5 at bank of america. payment is 891.40
taking the zero you are financing 53k payment is 883.33 difference of less than 10 bucks a amonth but it is a HUGE differnece if you trade in your payoff is 4k lower sure helps on the trade in value.
take a 3lt sticker of 60 k minus the discount the dealer will give usually right now 1000.00 off supplier. supplier price on a 60k vette is around 54k minus the extra 1000.00 is 53 minus the 4k is 49k. assuming you pay TTL you are financing the car for 60 months at 3.5%. if you can qualify for 0 you can get 3.5 at bank of america. payment is 891.40
taking the zero you are financing 53k payment is 883.33 difference of less than 10 bucks a amonth but it is a HUGE differnece if you trade in your payoff is 4k lower sure helps on the trade in value.
If you amortize both loan options you will see that the loan payoff is not that great. After 12 months the difference will be around $2,500 and dropping to around $1,400 after 24 months and $600 at 36 months in favor of taking the $4k. As the loan rate goes up the difference will decrease as well. Remember that with 0% all the payment goes to the principal and not to interest charges. Check it out with a loan amortization calculator online.
11-10-2009, 04:04 PM
#10
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St. Jude Donor '08-'09-'10-'11-'12-'13x3- '14-'15-'16-'17-'18-'19-'20-'21-'22-'23
If you amortize both loan options you will see that the loan payoff is not that great. After 12 months the difference will be around $2,500 and dropping to around $1,400 after 24 months and $600 at 36 months in favor of taking the $4k. As the loan rate goes up the difference will decrease as well. Remember that with 0% all the payment goes to the principal and not to interest charges. Check it out with a loan amortization calculator online.
11-10-2009, 04:12 PM
#11
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Good call.
11-10-2009, 07:00 PM
#13
Interest rates
0% is still on for 60 months.
http://www.edmunds.com/new/2009/chev...ncentives.html
Go here for an easy basic calculator that will compute whether it's worth it to do the 0% or take the $4000.
http://www.edmunds.com/apps/calc/Cal...sh.tab_link..*
http://www.edmunds.com/new/2009/chev...ncentives.html
Go here for an easy basic calculator that will compute whether it's worth it to do the 0% or take the $4000.
http://www.edmunds.com/apps/calc/Cal...sh.tab_link..*
11-10-2009, 09:02 PM
#14
Drifting
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St. Jude Donor '11
11-10-2009, 09:38 PM
#16
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St. Jude Donor '10-'11, '14
New 2009
Just traded - (Last Tuesday) my Silver 2007 A6 with F55 option in on a Black 2009 M6 with Z51. Cashmere and Black seats
0% for 60 months
I will be submitting pictures next week....
0% for 60 months
I will be submitting pictures next week....
11-10-2009, 09:54 PM
#17
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z51vett
11-11-2009, 02:40 AM
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Thats what my thought was before i picked up mine. I was looking at an 08 11k miles for 34. Loan rates on used were about 7%. I decided to buy new at 0% because the amount being paid back if i took the loan to term was only about 4 grand.