Low Rate New Car Loans ???

[geoffRR]

hello

I want to support the economy and buy a new car but the manufacturer rates aren't great and the bank rates even worse (ie 8.5/9%!!!). I'm not buying a Chrysler or an enormous truck/SUV so that pretty much rules out all the 0% offers!

Does anyone know of any credit unions or any of these online banks that are getting aggressive with rates ? I checked into citizens bank and they have prime + 1% on a bunch of small econoboxes like the honda fit, toyota yaris, mini cooper etc... but I want a midsize.

thx

G

[flaming homer]

Thanks, not a hot deal

[AMIRALI76]

GREAT DEAL :D :mad:

[thephenom]

Just remember, when you take out a loan from banks, you are buying the car with CASH, so you're qualified for cash discount. Factor that into your cost "savings".

[cyc1120]

The mazda 6 seems like a good mid sized car. Mazda is having 0% for up till 48 months and 0.9% for 60 months.

[hempopotamus]

You can check Meridian Credit Union they were offering Prime + 1 on late models up to 4 years old.

[stuntman]

I cannot figure out why you are having trouble with getting a good rate. At least 2 of the companies you mentioned have finance deals on new cars on non-econobox models.

Just bought a new car recently. For example Toyota has 3%/36 months, 4%/48months for all their cars as far as I remember. Honda even less.

When I got my house mortgage I was given a line of credit. Current rate: 3%

Telling a dealer I am going to get the money from the bank is not as juicy to them as saying you are already approved by Honda Financing and have a down payment in pocket and ready to hand over. If you have the right number you can finalize the deal with less than 100 words and 15 minutes of waiting (yep a great price in 15 minutes) Choose the car and get approved BEFORE going to the dealer. You and the dealer will be happy with the sale.

All credit apps within a certain amount of time (2 weeks?) count as a one time thing against your credit....spread it out by applying here and there over a month or more your credit does not look as goo.

Pick your car(s) and then repost for opinions on how to get the best deal on it.


stuntman