Important

dan1977p said:
100% agree with the math, though I think 3% is way low and would prove your point even better if we weren't taking in the human factor. Unfortunately, evidence shows that the majority of folks won't save that cash they didn't spend on the car and will spend it somewhere else. FWIW, I had 0 debt and two credit cards that never had a balance on them before I went to buy my first house. Was told my credit score would suck and I'd get a crappy loan. 800+ score with almost no credit history wasn't too bad.
Click to expand...

Nowadays you're not making 5-6% on a checking account. I was trying not to overstep my analogy.

Buy a cd if you don't trust yourself. A smart man once told me that your money making money was the easiest work you'll ever do.
 
need-a-bow said:
Whats a good interest rate for a first time auto loan? Im shopping around and just wondering what to expect as far as interest. Credit sround 730ish
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Biggest thing depends on how old the vehicle is.

The newer the better the rate.

The older the higher the rate.

I don't know where the break in age is tho. I bought my LJ when it was 9 years old and did manage to sneak a 2.49% rate out of the credit union. I've tried to buy trucks in the past that were over 10 years old and was quoted insane interest rates.

mac '2.49%...that's like free money' gyvr
 
So i had the bright idea of applying online from cars.com. got their rate, 27%APR @72 months for a 13k loan with $3000 down. The lady that called insisted it was a great deal.
 
Thats crazy high rates, and tbats coming from a guy that charges 19%, for no more than 2 years with loans no higher than 6k. Im here for the people who cant go anywhere else but i deal with deadbeats, repos and people who cant, for one reason or another, cant get new.

Credit Unions are the place to get a car loan from, even on new cars. The current loan year cap for most banks/unions is 9 years. Beyond that is too much risk for them and all they care about is your risk to not pay.
 
from when I bought my Duramax, they said 5 years old under 100k miles for the best interest rate.

sometimes it is actually cheaper to buy newer due to interest rates on older vehicles.

I would be looking at a CPO that is 2 or 3 years old with lower miles...
 
5% is too high for an auto loan.
Go to a bank or a credit union.
If you get financing for a used car through a dealer, you are throwing money away.
We financed the Fusion through a dealer, but it was new and we put $8000.00 down, that is a whole different scenario.
 
Paying cash for everything is great until you try to buy a house and they tell you that you don't qualify because you don't have enough debt.
 
Ughhhh, lots of cold beer n spicy gumbo....4:30 in the morning....today's gonna be a rough one on me, and the toilet.
 
New jeep got whatever a stock xj with brakes dragging would get fit mpg today. Other than that did good.

Sent from my XT1565 using Tapatalk
 
7 day work week complete!


Rew'tired'ster
 
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