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Message
Interest rates when buying a car
Posted on 2/21/21 at 10:34 am
Posted on 2/21/21 at 10:34 am
Looking at a certified pre owned 2017 Infiniti Q50 Premium Sport with 22k miles on it . It’s around 28K sticker price (seems about right) . I’m putting 8k down. These aholes ran the numbers and came back with 480/mo in payments. I laughed and said that had to be at least 30% interest. I have an 800 credit score.
What kind of interest should I be looking at. I’m thinking no more than 5%, maybe less. I ran the numbers on KBB between 4% and 6%. Maybe I’m wrong about all this. Found out it’s American Eagle Federal Credit Union
What kind of interest should I be looking at. I’m thinking no more than 5%, maybe less. I ran the numbers on KBB between 4% and 6%. Maybe I’m wrong about all this. Found out it’s American Eagle Federal Credit Union
17
Posted on 2/21/21 at 10:51 am to xxTIMMYxx
Buy new. frick used
Posted on 2/21/21 at 11:12 am to Champs
quote:
Buy new
Put whatever you want down and get a 3% rate
Posted on 2/21/21 at 11:15 am to HailToTheChiz
quote:
Put whatever you want down and get a 3% rate
And spend another 20k
Posted on 2/21/21 at 11:21 am to Mingo Was His NameO
What is your personal bank offering?
Posted on 2/21/21 at 11:22 am to xxTIMMYxx
You shouldn’t be paying anything more than 3%. Also, used market ain’t what it used to be
Posted on 2/21/21 at 11:28 am to oneg8rh8r
quote:
What is your personal bank offering
I put in an inquiry. Should probably be less than 3%
Posted on 2/21/21 at 11:32 am to 13SaintTiger
quote:
You shouldn’t be paying anything more than 3%. Also, used market ain’t what it used to be
I’m big on certified pre owned, especially from the known, large Infiniti dealership. Formerly leased. Save a lot of money. 22k miles is nothing. There is another dealer that isn’t a big time dealership that has a few Red Sport editions, which are sick. About the same price, but my trust in dealerships like that aren’t high.
I have the KBB info. No issues. It’s 51K new.
This post was edited on 2/21/21 at 11:39 am
Posted on 2/21/21 at 11:32 am to xxTIMMYxx
I still can’t get over that 480/mo number 
Posted on 2/21/21 at 11:38 am to xxTIMMYxx
I bet they included some warranties in the principal.
This post was edited on 2/21/21 at 11:39 am
Posted on 2/21/21 at 11:40 am to xxTIMMYxx
You can find new cars for 0% apr but you won't get discounts i don't think. If going used, look at federal credit unions. One of mine has 2.19% for as high as 66 months
This post was edited on 2/21/21 at 11:43 am
Posted on 2/21/21 at 11:46 am to iAmBatman
Going through the car fax. Everything perfect.
It has up to 6 year/unlimited mile warranty. It’s part of the certified process
It has up to 6 year/unlimited mile warranty. It’s part of the certified process
Posted on 2/21/21 at 11:51 am to xxTIMMYxx
Did they not give you something in writing showing your price, the add ons, and the interest rate?
Posted on 2/21/21 at 11:56 am to xxTIMMYxx
quote:
Going through the car fax.
Just so you are aware, not everything is reported to car fax.
Posted on 2/21/21 at 11:58 am to notiger1997
Yea, but the interest rate isn’t set in stone yet.
Honestly, I would like to shave some of these BS fees.
Here is the car:
LINK - Car Details and Pics
Honestly, I would like to shave some of these BS fees.
Here is the car:
LINK - Car Details and Pics
This post was edited on 2/21/21 at 12:00 pm
Posted on 2/21/21 at 12:04 pm to xxTIMMYxx
quote:
Looking at a certified pre owned 2017 Infiniti Q50 Premium Sport with 22k miles on it.
I turned in a 2017 Q50 Sport w/ Premium about 6 months ago off a lease. $28k is probably a decent number. It had 32k miles and residual was $25k (36k lease). Unfortunately it was in an accident so I couldn’t trade it for the new car and come out ahead.
But...I was not a big fan of that car. Glad to get rid of it. Motor was great and it handled fine. The run flat tires absolutely suck. Bad. If you hit anything the sidewall will blow out. I had 3 blowouts in 2 years (replaced with non-run flats). It has no spare. It was also pretty cramped in the back seat, just slightly better than a coupe. Also insurance was ridiculously high for whatever reason. Geico told me it had a really high risk rating or something like that.
For interest on a used 2017 car, I’d expect around 3-4%. Incentivized financing you would get a better rate, but when I was shopping recently everything was 2.99-3.99%. PenFed was a good basis, and the dealership matched them with a local credit union.
Posted on 2/21/21 at 12:05 pm to xxTIMMYxx
quote:
If going used, look at federal credit unions. One of mine has 2.19% for as high as 66 months
This
Posted on 2/21/21 at 12:07 pm to xxTIMMYxx
Get them to shave off the vin etch.....meaningless add
2017 you should be just under 3 percent or in the ballpark of that.
Unlimited warranty may just be on the powertrain
Check the details of it
Nothing wrong with buying warranty if you want peace of mind. Cars are so damn expensive to fix these days with all technology on them.
You don’t need gap with all that money down
Gap and extended warranty are the only things I see value you in for my customers as they can cover big losses
The rest is fluff
2017 you should be just under 3 percent or in the ballpark of that.
Unlimited warranty may just be on the powertrain
Check the details of it
Nothing wrong with buying warranty if you want peace of mind. Cars are so damn expensive to fix these days with all technology on them.
You don’t need gap with all that money down
Gap and extended warranty are the only things I see value you in for my customers as they can cover big losses
The rest is fluff
Posted on 2/21/21 at 12:12 pm to 21JumpStreet
quote:
You can find new cars for 0% apr but you won't get discounts i don't think. If going used, look at federal credit unions. One of mine has 2.19% for as high as 66 months
Some dealers/brands will allow you both 0% and discounts. Most won’t. 2.19% for 66 is great though
Posted on 2/21/21 at 12:13 pm to xxTIMMYxx
The vin etching + document fee is absurd. That’s the dealership building in $1k margin on every deal
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