mcfly

I had a great deal on my current car at 2.9% for 60 months. I typically like to finance over a longer term than I think I'll need to pay off the car simply for security sake (or rather, the lack of security in the particular industry I work in). So while the car is financed for 60 months, I've actually paid if off in 3 years.

I was wondering what I can expect for new car loan rates at present. Obviously I'm probably not going to find a special deal like my current setup, and all the banks I've looked at online seem to indicate I can expect something in the range of 5.75% for 48 months.

My credit is about as near perfect as it gets. What rates have you all managed to get? (The amount I'd be financing will be in the $15k - $19k range).

Jon-Jon

iTrader: (5)

My credit union gave me a 5.15% APR for 60 months. It would have been less if it was a 36 month loan.

Alex350

I was approved at 4.9% by the Pentagon Credit Union...I think their current rate for excellent credit people is at 5.2%

vp911

My credit union offered me 5.49% with auto deduction. That is the current lowest rate they offer - it is the same for any term up to 60 months. 72 months requires an extra .25%.

I am dissapointed with the high rate so I am probably going to pay cash unless lexus financial offers a lower rate. My credit scores are well above 700.

Revelation

vp911 - You won't get better rates through Lexus Financial! The prime rate has risen consistently for the past year to year and a half. Unless Lexus has a special rate all of the sudden you can easily expect 800+ score to be financed around 5-7% range. Your best bet is a local credit union that will have the flexibility to work with you on rate.

terp05

iTrader: (1)

I got 3.45% through my credit union in mid november

vp911

I figured that was the case.

unit74

iTrader: (3)

Captitol One with a Costco discount is 5.4% right now for 60 mo.........


When I got my BMW, they gave me 2.9 right out of the box....could believe the jump it's at now.......specially when we are in a slow down in the economy.......they need to drop the rates to stimulate sales. I think if GM did a 0.9%, they would be seeing black instead of red on the books...

TheRupp

That's pretty much why they're in a slump now... they offered those financing deals and everyone defaulted on their car loans

I'm a victim of this as well

NINEZeRO

GM is in a slump because they have to pay layed-off employees and because of their huge pension obligations.

mcfly

Yeah, that and the fact that they make garbage automobiles

There's good reason that the European's laugh at American built cars. Ford at least had the right idea when they set up a Ford Europe division to build cars that are up to standard.... we're of course left with the garbage.

MatadorIS

Lexus Financial quoted me at 6.5% a few days ago with a 740+ credit score.

mcfly

Eeek... 6.5%. I guess I'll arrange financing before I show up to pick the car up. I know I can get at least 5.75% at a few places.

saske

Credit score of 740 and Lexus gave us 5.99% on December 1st. Not much better than the CU in my area.

Kermee

iTrader: (1)

Getting harder and harder to find decent rates as the Feds keep on raising the benchmark. As of mid-January 2006, if you're at or below 6%, you're sitting pretty. If you're getting 5% and below, you're doing VERY VERY well.

Cheers,
Kermee