I have been looking at cars that woudl never be approved for a car loan but decided to look at a few that will be, they are more money but with a newer, lower mileage car I am willing to drag payments out a little longer.

I have perfect credit, on my 4th lease, currently 2 credit cards always paid off, not debt, no loans, 3 years of cell phone service, 3 years of beeper service, currently have all utilities under my name.

ball park figure woudl be nice, I figured it might be a little regional so I posted here.

2.2%, 5.8% 9.9% any idea aroud where I woudl be give or take a 0.05 %.

Jsut having some champaign and Ellis Juan dreams. What sucks is if I could work as much as I do when I am out of school I could afford my dream car, one for sale locally too. ('00 silver ls1 w/ black leather, t-tops, 6-speed, low miles)

 

I had the same good credit and everything else you did and I got 6.5% after negotiating for an hour with a cocky finance manager. He tried to tell me he couldn't finance the car for >24 months because of its age, but I told him that's BS and I finally got the term I wanted.

Just make sure you have everything straight and know your facts before negotiating with the salesman and finance manager. Call up a few area banks and see what the average interest rate for a car loan is before you do business at the dealership, just so they don't try to yank your chain.

 

1. I pay 4.9% for my 2000 Blazer purchased Feb this year. 60 month loan. This is the lowest I have seen.

2. Be aware that dealerships can jack the interest rate up and make the difference between what the bank offered and what you pay. Do your homework. Apply online and get a loan offer. The dealership should be able to meet or beat this. Otherwise, get the loan online. Put a deposit on the car, and they will hold it for a day or two while you arrance financing.

 

yeah I know I need to do that, just curious of a ballpark with loans before I even started looking into them to see if its even feasibly possible.

 

Hey Eric, this is what my buddy just did.. He saw this cobra at the dealership, a 99.. Called and asked what he needed to do to prepare so when he walked in he knew what he could afford and for how long.

Beofre he test drove he knew:

his payments would be between 349-380 based on 36-42 month loan (at zero down)and what percent they were offering. All this before the test drive because of 20 minutes before hand on the phone. Not bad imo, because he knew before so not to waste his or the sale persons time.

 

www.bankrate.com

 

this might be common knowledge, but I just found out the other day so I'll share it. If you buy a car from a dealership and the bank approves you for say 4.9% the dealer will add on a coulple of % and make it like 7.9% that is how the finance people make all their money. If you go online or to your bank you will get a much better rate.

 

Er, theres a LOT of factors going into what your rate will be, we need more information.

The year of the car vs the current year plays a big factor..new cars will generally have far better interest rates than used ones. Also the interest rate will depend based on blue book value of vehicle vs your purchase price, how much of a down payment you put, etc.

I have a 1.9% rate on my 03 maxima (purchased new).

Having everything paid off and never having made late payments helps a lot but theres 2 other larger factors:

1) how much you make, the more the better
2) how much you use your credit for. If you have a few things over the course of 5 years that you've used your credit for it helps a little, but if you've spent say $20,000 on credit cards and payed them all off, and had 3 car loans which were $20,000+ each, that will help a LOT more than anything else. Also buying a house helps a ton too if you're making payments on time.