What kind of financing deals is everyone making?

[brancaccio]

Picking up my Limited Ex this "Friday the 13th" and I want to make sure I'm getting the best financing deal available. My plan was to wait for 0% to roll around but my '02 XLT with 270,000 miles engine went last month. I locked in a rate from a credit union for 2.9% for 60 months. I'm wondering if the dealer will try to do better than that.

 

[klledoux]

Well that is a great rate, all you can do is ask. It takes them just a minute. We got 3.5 from our credit union and I was surprised that they could beat it: )

 

[donm527]

1.9% from my credit union for 5 years.

 

[GWA1]

Got 2.99 from my credit union for 36 months.

 

[JustB_Rad]

Got 2.99 from my credit union for 36 months.

4.95% for 6 years at my CU. I had to Refi though because of a scheduling SNAFU. I was preapproved through the CU for 4.45, but because of time constraints, they couldn't get the check written out to the dealer, so they told me to reapply through the dealer, and then they denied me, so I had to buy it at 5.75% and refied 2 weeks later.

 

[G37RRaiders]

We did 2.3% 59 months @ http://www.fcacu.org/mainpage.php?PageName=home

They are not very responsive if you are looking for refi and you also need 760+ credit scores

Before that we found PenFed https://www.penfed.org/ for 2.49% up to 60 months

 

[PVC25]

I did 2.49% x 60 months from bank of America through their website.

 

[blwnsmoke]

2.95% for 66 months through my cu.

 

[Bill #5 Explorer]

Cash is King. If you can't pay for it....don't buy it.

 

[gdecamp]

Teachers Federal Credit Union....5yrs @ 1.99%. Kept 1/2 the cash for emergencies, etc.

 

[G37RRaiders]

Cash is King. If you can't pay for it....don't buy it.

A very conservative average return of investment is 7%. Any financial planner/adviser would tell you not to pay any cash on buying car because it is an expense, not an investment, especially you are only paying less than 1/2 of the average ROI.

 

[Bill #5 Explorer]

A very conservative average return of investment is 7%.

Really? After fees? What time period? Let me know who to make my check out to. LOL!

No debt, my friends. Great way to really live life. To each their own. Works for me.

 

[vegastime]

1.49% for 48 months.

Offered this rate at other lengths, also.

 

[chimoman]

Cash is King. If you can't pay for it....don't buy it.

That's nice Bill. However, the average working person can't buy with cash. Not many can. Yes I agree if you can't AFFORD it don't buy it. But that doesn't mean you shouldn't get a loan for it( If you can AFFORD it. Budget). I can more than afford my Explorer. I paid cash for mine. Gets you a better deal. Debt is one of those things that makes the world go round. Without it, you probably wouldn't have all that cash to pay cash for yours. Cash is King. But not everybody has that kind of cash. How many times have I typed cash. Cash cash cash cash. I love cash. Wait now. Like I was saying............

 

[G37RRaiders]

Really? After fees? What time period? Let me know who to make my check out to. LOL!

No debt, my friends. Great way to really live life. To each their own. Works for me.

Sorry if I offended you, it is your money and you can do whatever you want. On the other hand, you should respect others who like to own a new EX by financing also.

To answer your question, go buy SPY @ scottrade for $7 per transaction

The average ROI for S&P 500 from 1950-2009, add dividend minus inflation is 7.0 %, http://tinyurl.com/5u7njzx

 

[vegastime]

Cash is King. If you can't pay for it....don't buy it.

I usually agree with this, but when you can get loans for 1.5%, it is hard to pass up.

I can make more than 1.5% with pretty conservative investing. Some of my stocks pay a higher dividend than that.

 

[Rocketfan]

1.49% for 48 months.

Offered this rate at other lengths, also.

Can you let us know who offered this rate? Sounds great. The best I have seen around here is 2.99% (BofA). Even my credit union is at 3.49% for 48 months. Since my ETA is 5/24, I am applying for loans now so the dealer's finance department won't have me at their mercy. For every car I have ever bought, the dealer's finance department quotes me a rate which is usually around 2% higher than the rate I got elsewhere, tells me it is the best they can do, and then beats my rate when I show it to them by a decent amount (after I grumble about staying with the rate I have in hand given how the dealer's finance department wasn't up front with me in the first place). I feel bad about never using the outside lender on a car purchase, but there could always be a first time (and 1.48% for 48 months looks like it might be the best rate) and a better rate is a better rate.

 

[vegastime]

Can you let us know who offered this rate? Sounds great. The best I have seen around here is 2.99% (BofA). Even my credit union is at 3.49% for 48 months. Since my ETA is 5/24, I am applying for loans now so the dealer's finance department won't have me at their mercy. For every car I have ever bought, the dealer's finance department quotes me a rate which is usually around 2% higher than the rate I got elsewhere, tells me it is the best they can do, and then beats my rate when I show it to them by a decent amount (after I grumble about staying with the rate I have in hand given how the dealer's finance department wasn't up front with me in the first place). I feel bad about never using the outside lender on a car purchase, but there could always be a first time (and 1.48% for 48 months looks like it might be the best rate) and a better rate is a better rate.

I got the 1.5% from PNC Bank, through my dealer.

When I originally made the purchase, they quoted me 2.99%. Vehicle took a month to arrive, and when it did, they told me I could get the 1.5%. Dealer claims it was a special PNC was doing. In fact, he had to date the paper work the next day, as that is when the rate went into effect. Not sure if they are still offering it at this time.

Guess the arrival delay of my Explorer helped me out.

 

[brancaccio]

Cash is King. If you can't pay for it....don't buy it.

You should use some of that cash to become an Elite Explorer and help out the people that run this forum.

 

[brancaccio]

I went to pick up my check from the credit union and they reneged on the agreement. I have a 780 credit score and make a decent salary and they won't lend me $37,000! I applied online and got pre-approved from Bank of America this afternoon at the same rate (2.9%). Also contacted the dealer to seee what their best rate was and they came back with 5.9%. I'm not going to pay more than 3.9%. This is the B.S. I hate dealing with when buying a new vehicle. Hopefully everything works out but I don't think it is going to happen tomorrow