Automotive

Auto Loans and Interest Rates

  • Last Updated:
  • May 25th, 2016 11:54 pm
Tags:
None
[OP]
Deal Addict
Apr 5, 2016
3831 posts
2455 upvotes
Calgary/Vancouver

Auto Loans and Interest Rates

Never applied for an auto loan outside of a dealership. Just want to see if people are able to get rates comparable to dealerships. I notice on other forums that some people are able to get below 3.9% interest rates even 1.9%. Post what rates you got, length of term, and from which bank/credit union/loaner etc. Thanks!
23 replies
Deal Addict
User avatar
Aug 10, 2015
1570 posts
428 upvotes
St. Catharines, ON
Are you asking specifically about loans on new cars?
[OP]
Deal Addict
Apr 5, 2016
3831 posts
2455 upvotes
Calgary/Vancouver
rkjredflag wrote:
May 24th, 2016 2:25 pm
Are you asking specifically about loans on new cars?
Yeah for me I'm looking for new cars but good to know about used car loans too for future and I'm sure others would like this info too.
Deal Fanatic
User avatar
Nov 2, 2013
5283 posts
1157 upvotes
Edmonton, AB
Depends on the exact vehicle.
Consultant
- Oilfield & Industrial Services - Finance - IT -
In the Alberta Oilfield since 2013
[OP]
Deal Addict
Apr 5, 2016
3831 posts
2455 upvotes
Calgary/Vancouver
FirstGear wrote:
May 24th, 2016 6:41 pm
Depends on the exact vehicle.
well for me Acura MDX
Moderator
User avatar
Jul 5, 2004
24030 posts
3561 upvotes
bomber17 wrote:
May 25th, 2016 2:45 am
well for me Acura MDX
Rates can change monthly. Sometimes they'll offer 0% for a month or even longer. Phone an Acura dealership and ask what their current rate is. Then see if your bank will match or beat it.
Deal Expert
Aug 22, 2011
30030 posts
15871 upvotes
Ottawa
A HELOC will be the lowest you can get at prime minus X% from the bank.
Deal Fanatic
User avatar
Nov 18, 2002
7007 posts
610 upvotes
Toronto
vkizzle wrote:
May 25th, 2016 7:48 am
A HELOC will be the lowest you can get at prime minus X% from the bank.
The lowest would be 0% and that's typically advertized by certain manufacturers as promos for either outgoing or unpopular models, or perhaps as a one off promotion. It does happen and definitely keep a look out for promos. HELOC is a good alternative also.
Sr. Member
Aug 5, 2012
605 posts
362 upvotes
MISSISSAUGA
vkizzle wrote:
May 25th, 2016 7:48 am
A HELOC will be the lowest you can get at prime minus X% from the bank.
What is HELOC
"Be kinder than necessary, for everyone you meet is fighting some kind of battle." Plato
Deal Expert
User avatar
Jan 27, 2004
41560 posts
5199 upvotes
T.O. Lotto Captain
vkizzle wrote:
May 25th, 2016 7:48 am
A HELOC will be the lowest you can get at prime minus X% from the bank.
ichpen wrote:
May 25th, 2016 8:55 am
The lowest would be 0% and that's typically advertized by certain manufacturers as promos for either outgoing or unpopular models, or perhaps as a one off promotion. It does happen and definitely keep a look out for promos. HELOC is a good alternative also.
The interest rates that are below prime... Seem to only be offered by car dealerships.
[OP]
Deal Addict
Apr 5, 2016
3831 posts
2455 upvotes
Calgary/Vancouver
Probably not clear in the first post. I want to see the rates offered by banks, credit unions, and third party loan companies. I know most often the dealership has the best finance/lease rates but sometimes you can't pair those with a hefty cash discount. I'm sure people would like to know this knowledge as well but there doesn't seem to be much info on it.

I guess people just don't want to give up their best rates in case they get raised?

HELOC is last option as the rates is lower but still a secured loan against my house.
[OP]
Deal Addict
Apr 5, 2016
3831 posts
2455 upvotes
Calgary/Vancouver
vik56in wrote:
May 25th, 2016 10:30 am
What is HELOC
Home Equity Line of Credit. It's a line of credit secured against your property.

Top