Auto Loan Rates - Where are the best options?

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IMO, if your auto gets you from point A to B right now, keep it because these rates/deals suck.

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Transmission, thermostat and mounting brackets all need replacing. $8 grand to replace them on a vehicle with 180k miles and is six years old. I hated to spend that kind of money on an old vehicle, but everyone insists it is the wise move right now. Parts dealers and mechanic shops have to be raking in the money right now with interest rates and vehicle pricing where they are.

what kind of mounting brackets need to be replaced? are you sure you're not being fleeced?

Assuming you are looking at an $80K+ suburban to replace your current one with? If so, that context on $8K expense is important. You’ll spend more than the $8K in the first year of payments even excluding interest.

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I’m looking at a 65k suburban. Current vehicle has around 150k miles but no mechanical issues. Should get 15 for it on trade. Plan to put another 10-15 down.

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Just keep the current vehicle, zero reason to move on and in a bad market still. Now is still not a good time to buy.

Inventory is going up and prices will keep coming down. Just be on the lookout for factory incentives coming up and that's still probably your best bet if interest rates dont go back down in the coming year.

Also did you consider buying used at all? Gigantic depreciation hit buying these barges new. I'm seeing 2015-2020 generation Suburbans with less than 75k miles on autotrader for $30k-$40k right now and used car prices are continuing to fall.

Even if you're deadset on new body style I'm seeing 2021s for mid-high $40k range with less than 75k miles on them.

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Sorry, I think I highjacked the thread unintentionally. I was simply pointing out that I am going to invest $8k in a vehicle that is probably only worth $20, just to get a few more years out of it instead of buying a new vehicle in this market.

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In this scenario I would very likely consider getting a different vehicle, even if it's dumping the current one for one worth about the same or just a little more.

$8k is a lot for a primary vehicle worth $20k (assuming fixed). Prices have come down enough I'd do a swap of some kind, not necessarily run out and get a new $40k-$60k vehicle with a 5-6-7% loan.

My wife works at Woman’s Hospital and we got a Black Friday rate deal with their credit union of 4.25%. It would’ve been 3.95 if we did a 60 month loan. We bought a 2020 Honda Pilot on December 20th. We sat down with the finance guy and he gave us a 6.5% rate. We told him about our pre-approval and he called around and said the best he found was 5.6% from Capital One but they couldn’t match what we had. I imagine the credit unions have to be close to 5.5 with good credit.

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Transmission, thermostat and mounting brackets all need replacing. $8 grand to replace them on a vehicle with 180k miles and is six years old. I hated to spend that kind of money on an old vehicle, but everyone insists it is the wise move right now. Parts dealers and mechanic shops have to be raking in the money right now with interest rates and vehicle pricing where they are.

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I think you are getting fleeced but I dont know.

My 2500 GMC truck just rolled 151k and its a 2019.

The only thing I am having to replace is my oil pan because the seal is leaking and I take this bitch in the oil field.

But even if that is what it will actually cost, if you buy a vehicle right now you are going to be over paying and if you finance, you will not be in a good spot. I saw post down you mentioned putting 10-15K down?

Man, I'd use that down payment to make that current setup run right and save the extra.

Good luck though.