So you want to buy a car?
 

You'd better be rich :lol: I just looked around to compare bank rates for both new and used car loans, and WOW. Average new car loan interest rate is 7 - 9.5% with excellent credit, and used? 8 - 13.5% .....with excellent credit. That's absolutely INSANE. Typical new car rate should be 0 -4.9% and used 5 - 7%.

Definition of excellent credit?

Dealers are offering 1/3 off of some cars, and I've seen 10k of a jeep before. If I had a little more cash I could buy one on the spot. :lol:

750 and above

Awesome I won't be having problems getting 7% :lol:

but with the double in interest rates, you'll be paying that 10k back to the bank.

Not if I paid for the whole car in cash. That's how my mother bought her Caddy. Cash is good! :nod:

Yep. If you can buy cash then you are all set.

Cash is key.

indeed....i'm buying a G8 with cashola

Fixed..

so your saying we're continuing your new car search?

I like bicycles.

not with those rates :lol:

just looked at PNCs new and used car loan rates. doesn't look like they've changed. between 6.89 and 7.24 new and 7.24 to 8.74 used

I walk to school. :lol:

That's what I did.

There was an LS1 Trans Am I was looking at a few weeks ago, they quoted me a 20% interest rate! This is with having credit over 750! Looks like I will have to keep saving so I can buy one cash.

Best way to get a price is to beat them up on the amount you are financing, then the day the payment book shows up, call in and pay the cash buy out.

A lot of dealership financing earns a kick back, so they will allow a little bit less for the car then get it back from whatever bank financed it.

This is how my uncle used to shop for cars. It was fun to watch hom beat up dealers by showing up in his super high mileage, but very very clean car and giving them crap for every speck of dirt on the car.

-Tim

I dont know where you are looking but my bank is a LOT lower than that and I doubt my credit is in the excellent range. I dont know what kind of cars you are looking at but some are offering 0% for "well qualified".
I would look around some more if I were you, interest rates are pretty low with the economy in the crap house right now......

**EDIT** went to the site and looked 5.5 to 7 on new and 5.75 to 7.25 for new. I refinanced from 10.25 to 6.5 I think this year

http://www.capitalone.com/autoloans/...ALNU_R2_02_T_Z

I’ve had good luck with them, now & before when they were ‘people first financing’. To the dealer you are now more or less a cash buyer.

New vehicles with 0 down at my credit union are 4.49-5.99% depending on how many months the loan is.