So I went to my bank to deposit my first check from my new job today because my direct deposit is not ready. I sat down with a loan officer and we were discussing loan rates. When I had my mustang 2 yrs ago, I had a rate of 4.25%. The best they can offer me is 6.75%. Which on a 20K loan would put me at almost $400 a month for a car payment. You can forget that. Looks like I'll have to save up for longer then I thought!!!!

 

Yep, a guy at work just bought a truck for 32k with a credit score of 651 mid he has a 11.2% rate for 5 years and put 10K down do the math on that over $500 a month for a 24k car loan. 24K doesn't buy much these days.

Another guy bought a 07' C6 with 5k down his note is over 800 a month for 72 months!!!!!!!!

 

Go to a credit union..should be able to get in under 5.5%.

 

My buddy just got a 94 Civic Hatchback for 4500 and interest is 16.5%. I was like damn...........

 

Your credit must suck also

 

I got 5.75 with my credit union.

 

my auto loan is 3.5% yeah baby!!

i agree, go to a credit union. Since they are non-profit, they give better rates. Also, be on the lookout for used car rate deals. That is how I got such a low rate!!

 

Aside from looking at CU's, try B of A. We financed our truck at 5.01%.

 

Rates primarily depend on what you credit score is. Also dealerships usually do charge more than a credit union but since you went with a bank they probably gave you a very good rate. How old are you and how is your credit?

 

I got 0% for 60 months through Mits when buying mine new.

 

It's just because of where the economy is right now. 2 years ago (and beyond), the Fed had lowered the prime rate quite a bit in order to jumpstart the economy. I got both of my current vehicles (05 MR & GX470) with 3.9% financing, and that was straight through my bank - not special deals from the manufacturer. Now, the standard is 5.9% even with great credit, although you can fanagle or haggle to get better.

 

yeah i got 6.9% through a credit union and i had zero credit history

 

Got 5.95% on mine.

 

In 2003 I had 3% on my Evo. My bank want do any better then 7% for an Auto loan. Used Auto Loan is 8.99% at best.

I have no idea why a loan on a used car is so much more then a new one.

 

I picked up my Silverado last July with 0.0% financing. Beat that!!!

EVO was 5.9% back in May of '04. Both loans for 72 months.