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11-20-2008, 02:16 PM
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#1
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I <3 sheep
Join Date: Mar 2005
Location: Belmar
Posts: 4,907
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So you want to buy a car?
You'd better be rich  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%.
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Quote:
Originally Posted by Tru2Chevy
Steve has a thing for sheep....
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'78 Big Wheel- 2FWFP
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11-20-2008, 02:19 PM
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#2
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MIR
Join Date: Jul 2005
Posts: 9,692
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Definition of excellent credit?
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11-20-2008, 02:24 PM
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#3
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MIR
Join Date: Jul 2005
Posts: 9,692
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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.
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11-20-2008, 02:24 PM
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#4
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I <3 sheep
Join Date: Mar 2005
Location: Belmar
Posts: 4,907
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750 and above
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Quote:
Originally Posted by Tru2Chevy
Steve has a thing for sheep....
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'78 Big Wheel- 2FWFP
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11-20-2008, 02:24 PM
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#5
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MIR
Join Date: Jul 2005
Posts: 9,692
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Quote:
Originally Posted by SteveR
750 and above
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Awesome I won't be having problems getting 7%
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11-20-2008, 02:24 PM
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#6
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I <3 sheep
Join Date: Mar 2005
Location: Belmar
Posts: 4,907
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Quote:
Originally Posted by Tsar
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. |
but with the double in interest rates, you'll be paying that 10k back to the bank.
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Quote:
Originally Posted by Tru2Chevy
Steve has a thing for sheep....
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'78 Big Wheel- 2FWFP
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11-20-2008, 02:26 PM
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#7
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MIR
Join Date: Jul 2005
Posts: 9,692
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Quote:
Originally Posted by SteveR
but with the double in interest rates, you'll be paying that 10k back to the bank.
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Not if I paid for the whole car in cash. That's how my mother bought her Caddy. Cash is good! 
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11-20-2008, 03:10 PM
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#8
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Ayatollah of Rock N Rolla / Admin
Join Date: Mar 2006
Location: Parts Unknown
Posts: 12,573
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Quote:
Originally Posted by Tsar
Not if I paid for the whole car in cash. That's how my mother bought her Caddy. Cash is good! |
Yep. If you can buy cash then you are all set.
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11-20-2008, 03:13 PM
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#9
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Join Date: Oct 2004
Posts: 493
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Cash is key.
Last edited by lastcall190; 11-20-2008 at 03:13 PM.
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11-20-2008, 03:17 PM
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#10
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Join Date: Sep 2004
Location: Wayne, NJ
Posts: 2,131
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indeed....i'm buying a G8 with cashola
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STROKIN' IT SINCE 09/03/06
2008 G8 GT Ignition Orange - New Era OTR intake, PM-FL Axle Back, SuperChips Cortex Tune
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11-20-2008, 03:17 PM
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#11
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Join Date: Aug 2008
Location: North Jersey
Posts: 543
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Quote:
Originally Posted by lastcall190
Cash is king.
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Fixed..
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2010 Camaro 2SS, Inferno Orange, black stripes, Inferno Orange leather interior, RS package, 21" black rims, 6 speed manual trans, Inferno Orange engine cover.
1984 Trans Am Roadster, 305H.O, 31k original miles, all original.
1984 Camaro Z28 Roadster, 350 .40 over, cam, edelbrock 750, headers, flowmaster, more to come...
1986 IROC-Z, L98 swap, .30 over, forged internals, cam, headers, flowmaster, Go Fast juice.. - Sold 
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11-20-2008, 03:29 PM
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#12
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Queen of Destruction / NJFBOA Supporting Sponsor / Moderator / 12 Second Club / 2006 Member of the Year / PITA
Join Date: Aug 2004
Location: I dunno..
Posts: 8,327
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Quote:
Originally Posted by SteveR
You'd better be rich 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%. |
so your saying we're continuing your new car search?
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We're a drinking team with a racing problem.
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11-20-2008, 03:39 PM
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#13
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Join Date: Apr 2005
Posts: 2,308
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I like bicycles.
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John
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11-20-2008, 03:42 PM
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#14
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I <3 sheep
Join Date: Mar 2005
Location: Belmar
Posts: 4,907
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Quote:
Originally Posted by 79CamaroDiva
so your saying we're continuing your new car search?
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not with those rates
__________________
Quote:
Originally Posted by Tru2Chevy
Steve has a thing for sheep....
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'78 Big Wheel- 2FWFP
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11-20-2008, 03:44 PM
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#15
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Queen of Destruction / NJFBOA Supporting Sponsor / Moderator / 12 Second Club / 2006 Member of the Year / PITA
Join Date: Aug 2004
Location: I dunno..
Posts: 8,327
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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
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We're a drinking team with a racing problem.
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11-20-2008, 03:45 PM
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#16
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Join Date: Dec 2005
Location: Boston/North
Posts: 9,214
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I walk to school.
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Quote:
Originally Posted by BonzoHansen
dumbass.
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11-20-2008, 03:53 PM
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#17
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Join Date: Jun 2007
Location: Arm pit of the world... NJ
Posts: 2,677
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Quote:
Originally Posted by misterjuice
indeed....i'm buying a G8 with cashola
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That's what I did.
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John
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11-20-2008, 03:59 PM
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#18
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Join Date: Dec 2004
Posts: 224
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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.
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1989 Formula - 305TBI/700r4
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11-20-2008, 04:05 PM
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#19
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NJFBOA Co-Founder
Join Date: Jul 2004
Location: All up in your kool aid!
Posts: 12,235
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Quote:
Originally Posted by Tsar
Not if I paid for the whole car in cash. That's how my mother bought her Caddy. Cash is good! |
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
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11-21-2008, 01:40 PM
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#20
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Ebearnezer Scrooge/Power Member/Lips
Join Date: May 2006
Location: Hamilton, Mercer county
Posts: 4,141
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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
Last edited by PolarBear; 11-21-2008 at 01:42 PM.
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11-21-2008, 02:14 PM
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#21
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,165
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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.
Code:
Loan Type 36 mos 48 or 60 mos 66 or 72 mos
New Vehicle 5.44% 5.54% 6.44%
Used Vehicle (Dealer) 6.34% 6.44% 7.19%
Refinancing 6.95% 6.95% 6.95%
APR as low as*
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Vent Windows Forever!
The looser the waistband, the deeper the quicksand. Or so I have read.
Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
Hey everybody, it's good to have you on the Baba-too-da-ba-too-ba-ba-buh-doo-ga-ga-bop-a-dop
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11-21-2008, 03:10 PM
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#22
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Keyboard Tough Guy
Join Date: Jul 2004
Location: Trenton, NJ
Posts: 6,341
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New vehicles with 0 down at my credit union are 4.49-5.99% depending on how many months the loan is.
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