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New car financing rates
Posted on 10/24/22 at 12:36 pm
Posted on 10/24/22 at 12:36 pm
Anyone have first hand knowledge on who may have the best rates? I am seeing some scary high rates! Excellent credit. Thanks!
6
Posted on 10/24/22 at 12:48 pm to FriscoKid
60 months 4.97% at Advancial CU.
Posted on 10/24/22 at 1:20 pm to TDTOM
Crazy!! That’s very similar to what I am seeing. Was hoping for better info!
Posted on 10/24/22 at 1:21 pm to FriscoKid
high, and going higher into next year
This post was edited on 10/24/22 at 1:21 pm
Posted on 10/24/22 at 2:10 pm to FriscoKid
Needs to be said buying a car right now is a very bad idea. I'd wait.
Used car market is going down and inventories are starting to catch up, so even if you get stuck with an unfavorable rate at least wait until you can get a decent deal on a car.
Dont be one of those folks getting stuck with a 5% rate with great credit paying $2k over sticker on a new car right now. Will feel so bad in a year or two.
I'm also one of those people who think it's just dumb to get a new car especially at a (relatively) high rate though considering the vast depreciation you're going to go through, especially with inflated prices right now. Used just looks to much more appealing especially with those prices coming down now.
Used car market is going down and inventories are starting to catch up, so even if you get stuck with an unfavorable rate at least wait until you can get a decent deal on a car.
Dont be one of those folks getting stuck with a 5% rate with great credit paying $2k over sticker on a new car right now. Will feel so bad in a year or two.
I'm also one of those people who think it's just dumb to get a new car especially at a (relatively) high rate though considering the vast depreciation you're going to go through, especially with inflated prices right now. Used just looks to much more appealing especially with those prices coming down now.
This post was edited on 10/24/22 at 2:17 pm
Posted on 10/24/22 at 2:27 pm to FriscoKid
Prime Rate is over 6% right now, doubt you'll find much better. Maybe during the year-end inventory sales (assuming they have enough inventory they need to move)
Posted on 10/24/22 at 2:37 pm to FriscoKid
Unless the dealership has some sort of promo rate I usually go with Neighbors FCU. They seem to have the best in town or close to it at least. I keep an account open with them mostly for loans when I need one. I'm sure most other credit unions are pretty close too. They publish their rates on the website.
Posted on 10/24/22 at 3:31 pm to fallguy_1978
quote:
Unless the dealership has some sort of promo rate I usually go with Neighbors FCU. They seem to have the best in town or close to it at least. I keep an account open with them mostly for loans when I need one. I'm sure most other credit unions are pretty close too. They publish their rates on the website.
Neighbors was high as hell when I called a couple weeks ago. Probably just end up going with dealership for my new one.
Posted on 10/24/22 at 8:28 pm to thunderbird1100
When you could buy new cars for 0% interest at invoice - rebates I thought it was dumb to buy a 2-3 year old car. Well now the new car and 2-3 year old car cost WAY more, I will be sticking with a 10 year old "beater" for now. I mean, a 10 year old luxury SUV ain't bad, the electronics are a little shitty but I don't really use them.
Posted on 10/24/22 at 8:35 pm to thunderbird1100
Crazy to buy used. I had a buddy who just bought a new truck. He got a 1500 diesel and it was 5k less to buy a used truck within 35k-40k miles on it. On a 52k truck I’d rather buy new and be only owner and warranty than buy used. Same was true 5 years ago when I bought my wife’s car. I’ve always bought used but that has not been cheap enough for me to skip new
Posted on 10/25/22 at 12:31 pm to MsState of mind
quote:
Crazy to buy used. I had a buddy who just bought a new truck. He got a 1500 diesel and it was 5k less to buy a used truck within 35k-40k miles on it. On a 52k truck I’d rather buy new and be only owner and warranty than buy used. Same was true 5 years ago when I bought my wife’s car. I’ve always bought used but that has not been cheap enough for me to skip new
Every vehicle segment is slightly different from one another but used prices are finally starting to come down a good bit if you track them:
LINK
Down over 3% now in last 90 days, mostly coming down in last 30 days. Things are starting to go back to how they should be.
That all being said it's still a ridiculously bad time to be buying any vehicle, new or used, prices are still inflated and now if you need financing rates are starting to suck unless it's a manufacturer offer that you might get for like 2-3% if you're lucky. But even then you're buying an inflated new vehicle that will crash hard once the market fully corrects.
Americans in general just get really dumb about vehicles though, too many people think they need something relatively brand new with super low or zero miles even in a climate like right now that's about the worst decision you can make with rates and inflated pricing.
There's just no way I'd buy any vehicle right now unless my engine blew up or my car was totaled. It's simply a bad financial move.
This post was edited on 10/25/22 at 12:34 pm
Posted on 10/25/22 at 1:14 pm to thunderbird1100
Back in March I was quoted by the dealership 2.3% for 60-72 month with a credit score over 800. That was with an all in price at $55K with around 30% down.
Posted on 10/26/22 at 10:18 am to thunderbird1100
I periodically get bored and decide I'm also bored with my paid off Tundra with 150k on it. Then I look at truck prices, and realize I'm alright with my current truck.
Current rates only enforce my decision to wait. Once used values drop another 5-10%, the repo rate will hit the fan.
Current rates only enforce my decision to wait. Once used values drop another 5-10%, the repo rate will hit the fan.
Posted on 10/26/22 at 12:55 pm to WhiskeyThrottle
quote:
Current rates only enforce my decision to wait. Once used values drop another 5-10%, the repo rate will hit the fan.
This is something to keep looking at specifically.
Way too many people have taken on car loans they ultimately wont be able to afford between all the free money given out in 2020-2022, the increase in car prices with higher interest rates and maybe even most importantly for that catalyst is a drawn out recession coming out where people lose their jobs.
Average new car loan now was an absurd $738 a month starting last month with a 5.7% rate? Just no way that's sustainable. A ton of people cant afford this over the long run, just no way.
Almost makes me sad to see so many people throwing away that kind of money on a new car these days. you know the majority of them by far put little to nothing down too so they could be very upside down on these in the coming year or two.
Posted on 10/26/22 at 12:56 pm to FriscoKid
If you gotta use credit to get the car you can’t afford the car
Posted on 10/26/22 at 5:10 pm to el Gaucho
why take on debt of a car that gets you from point A to point B reliably when you can buy a cheaper car that does the same thing and not take on debt
Posted on 10/27/22 at 9:56 pm to FriscoKid
Fyi, got 4.4 @ LaCapitol I think that’s the best I am going to get. Thanks
Posted on 10/27/22 at 10:12 pm to FriscoKid
Americans borrow too much money. Just sayin’.
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