04-13-2014, 10:03 AM | #1 |
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Interest rate
Looking around for numbers and have an offer at 2.24% minus .25 in same bank acct and another .25 discount for automatic payment
This will get me to 1.74% , it beats what GM is offering ( 3.90% ) What are you guys/girls are seeing around about this thing ? Last edited by oldfriend; 04-13-2014 at 10:27 AM. |
04-13-2014, 10:52 AM | #2 |
Drives: 15 JKU, 00 S10, 73 Vette, 12 JK Join Date: Jan 2014
Location: garage
Posts: 370
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I paid 0%. Cash deal.
1.74% is very good. Even if you were to take a LOC on a home mortgage and write off the interest as a tax deduction, you couldn't beat 1.74%. That assumes a 3% LOC rate and 38% tax rate. |
04-13-2014, 10:56 AM | #3 |
Account Suspended
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How long is the term? At rates like that I think it makes sense to finance and protect your cash.
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04-13-2014, 11:01 AM | #4 |
SoCal HT5
Drives: 1lt Victory Red Camaro Join Date: Mar 2014
Location: Tustin CA
Posts: 268
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Thats great interest rate. I thought 1.9% from schoolsfirst was the lowest.
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04-13-2014, 11:02 AM | #5 |
Drives: 2018 Hyper Blue 1SS 1LE Join Date: Jul 2011
Location: Brownsburg, Indiana
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I got 1.1% on my car and 0% on our van.
Ryan
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04-13-2014, 11:22 AM | #6 | ||
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And yes , my tax rate is right there I think that's a good rate too Chase is giving those loans at the moment Quote:
They just have a minimum ($$$) for shorter loans |
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04-13-2014, 11:24 AM | #7 |
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04-13-2014, 11:26 AM | #8 |
Banned
Drives: Camaro Join Date: Mar 2013
Location: USA
Posts: 2,701
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Be careful with Chase. They told me the same thing about the interest rates. That is until the actual application was processed and the rate went up.
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04-13-2014, 11:46 AM | #9 |
Captain Gingerbeard
Drives: 2012 IOM RS/SS 6MT Join Date: Feb 2013
Location: West Twin Cities, MN
Posts: 2,489
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Yup. I had a problem with Chase, also. Their initial quote of 2.1? doubled.
Luckily caught it and I'm financed through BMO Harris at 2%. I knew I should have checked locally first! |
04-13-2014, 11:53 AM | #10 |
Drives: 2012 camaro Join Date: Feb 2012
Location: central VA
Posts: 3,196
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easiest thing to do is let the dealership find you the best rate. they typically have 50 or more banks that they regularly deal with. they'll just shop it out and see who comes in lowest.
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04-13-2014, 12:15 PM | #11 | |||
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Thanks for the heads up I will not wait until the last minute , then they have you where they want Not going to happen Quote:
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Those guys do that all day long , and they know how to make smoke in front of mirrors , it's a magic thing But not on that day |
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04-13-2014, 12:24 PM | #12 | |
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My credit isn't excellent (low/mid 700's) and I went in with 2.49% from my CU, dealer was able to get me 1.99% through another local CU ... took it and added gap unsurance. Sent from my SAMSUNG-SGH-I747 using Tapatalk
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04-13-2014, 12:48 PM | #13 |
Drives: 2011 Camaro 2LT RS Convertible Join Date: Jul 2011
Location: USAREUR, CONUS/DOD-A, VA
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1.74% is EXCELLENT. My CU is currently offering 1.74% on new and used vehicles.
Just an FYI for all the younger buyers out there: with this type of low rate, you ALWAYS finance and get the cash-back and other incentives that the vehicle (and you) qualify for and do NOT finance at 0%. You'll be paying a couple of thousand LESS over the life of the loan (usually 60 months) at 1.74% than financing at 0% and not receiving any cash-back or other incentives (0% almost always means no cash incentives).
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04-13-2014, 01:37 PM | #14 |
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My dealer found a 1.49% rate with Wells Fargo. The only catch was I had to agree to a 60-month term. This was not part of any dealer incentives, it was what my credit score qualified me for. No early payoff penalty, so I'm on pace to pay it off in 3 1/2 years, which will knock even more off the interest.
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