Bainreese

certainly some of this is info some might not want to share. If you don’t, don’t. But I’d like to get an idea of demographics in relation to financing for our cars.

Who did you go through? Dealer, Your Bank, Online?

What was your interest rate, your credit score?

Did you finance the entire purchase or only part of it?


The thought here is to give members an idea of what might be a better option for them.

foo.c

I went through my credit union. 1.89% for 66 months. I haven't decided how much to actually finance. They will finance up to 110% of the purchase price which is kind of nuts.

Glenmcp

Credit Unions are often the best rates.

cta2417

I am also interested in people experiences.

pageda

My credit union is offering 2.2% for 60 months, says it continues to go lower. Rate depends on your credit rating and length of payback.

Solman27

1.99% for up to 84 months. Credit union.

S J

which credit union is this?

penfed is usually good

also I got 2.4@72 on my highlander a month ago, 800ish fico

Solman27

https://www.aplfcu.org/

Mgill406

Losbot

Navy Federal Credit Union. 2.19% and so far I'm only financing half of the car. The longer it takes for the car to be built, the less I'll need to finance.

barturo61

Navy federal credit union
757 score
interest rate 2.29 @72 months
all other information is here by classified
must submit security clearance request

TexasMark

Great experience with my credit union, BECU.
As you see, currently the interest rates are wonderfully low, if your credit is decent.
Take advantage of them while they remain low.

Fast Dawg

I’m using my assets in my portfolio as collateral to buy the car. I’m getting a 1.25% interest rate and pay what I want each month, if anything at all.

I’ve done this as a bridge loan to build two houses and it works very well for me. I’m no gazillionaire. I’m 62 and after losing both of my parents within a month of each other this month last year, I’ve decided leaving my only daughter a little debt plus the car is worth it to me.

Myfourth1

Best bank rate I've found so far is BofA at 2.39% for 60 months. Most credit unions I've researched are anywhere between 1.74% and 1.99%. I'm financing 2 cars in the next few months. My wife's Lexus RX350 will be at 0.9% from Lexus (assuming the offer is still available when we take delivery in 2 weeks), and then I'll probably do either BofA or a CU for the C8 in a few months and I'll be putting $60,000 down so it will be a small loan. My score at the moment is 830 so I won't have any issues.

gowenfast

Solve the problem. Just write a check for the car. No worries about interest rate, terms, or payment.

Glenmcp

That is fine, but I would rather have a 2% car loan and earn 10% in the market which has been doable for a number of years without being a market expert.

gowenfast

To each their own. I don't like debt, or payments on any toy. If I can't write a check for it, I don't buy....That's just Me. YMMV

foo.c

All my debt is optional and at very favorable rates and terms.

cor66vette

I did that when I got my '17 GS and am sorry I did.
Sure, I didn't have a loan payment to think about, but that's not good enough reason to throw money away.
$60K could have gone a long way in the market during the course of a 60 month loan.
This thread is timely for me. For my C8 purchase I'm thinking to finance.
Thanks to @Bainreese for starting this thread.

Just because some would rather their money grow in the market, vs lose all that investment potential by writing a check, has no correlation to whether they can afford to write the check.
I agree with you if you believe that those who CAN'T write the check shouldn't be buying, or thinking about buying, $85K - $100K toys.

Glenmcp

Your money, your choice.