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Old 09-16-2020, 06:30 PM   #69
ember1205
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Drives: '20 2SS Convertible 6MT
Join Date: May 2020
Location: CT
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Quote:
Originally Posted by aronSlusa View Post
What credit union? clearly you're a prime customer.... its hard to believe a bank or CU would buy that low on a new car unless theres substantial trade in equity and or deep customer contribution.
Trade-in equity will have little to no bearing as lenders don't care about that. They care about loan to value and your credit score. As long as the item being used to secure the loan is genuinely worth the value of the loan and you're a good credit risk, they would be dumb NOT to write the loan.

The other thing is that many of the lowest rates out there are shorter terms. 36, 42, 48 month terms are common for the lowest rates with steps up increasing the rate simply because the longer term still lowers the payment and the consumer will take it.
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