Automotive

Auto Loans and Interest Rates

  • Last Updated:
  • May 25th, 2016 11:54 pm
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[OP]
Deal Addict
Apr 5, 2016
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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
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Aug 10, 2015
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Are you asking specifically about loans on new cars?
[OP]
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Apr 5, 2016
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rkjredflag wrote: 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.
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Nov 2, 2013
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Depends on the exact vehicle.
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[OP]
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FirstGear wrote: Depends on the exact vehicle.
well for me Acura MDX
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Jul 5, 2004
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bomber17 wrote: 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.
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A HELOC will be the lowest you can get at prime minus X% from the bank.
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vkizzle wrote: 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.
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Aug 5, 2012
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vkizzle wrote: A HELOC will be the lowest you can get at prime minus X% from the bank.
What is HELOC
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vkizzle wrote: A HELOC will be the lowest you can get at prime minus X% from the bank.
ichpen wrote: 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]
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Apr 5, 2016
4090 posts
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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]
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vik56in wrote: What is HELOC
Home Equity Line of Credit. It's a line of credit secured against your property.

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