Tell us about your auto loan...
- Thread starter Corollaman
- Start date
If you pay cash there are rebate amounts that you lose in many cases. So this is what you do-
1) IN the finance office you sign the loan.
2) As soon as you get a loan number (usually just a few days) then you pay it off.
OR-do it your way and lose the $500.00 to $1,500.00 bucks. My wife's Hyundai had a $1,500.00 rebate if you finance through Hyundai. There are many on here who don't know the intricacies of trading up, or rebates, or financing because they don't buy expensive transportation.
Last edited:
When we say “Cash”, we don’t mean CASH. We mean Check or certified check, from your checking account.
Yup, now a days cash isn’t the way to get the best deal.
When I worked at the Kia dealership, if you paid cash you’d lose all the rebates which added up.
A lot of my customers would finance there cars and put half the cars value as their down payment. Then pay the car off within a few months.
with this last car, I got pre-approved financing from my bank, they sent me a blank check, good to a certain $$ amount.
walked into the dealer, mentioned this to them, they asked what the interest rate was, "lets see if we can beat it"
they did...only by like .5%, but they beat it. well.. capital one beat it... 5.99% for 60mos, Vs 6.5% from the bank.
walked into the dealer, mentioned this to them, they asked what the interest rate was, "lets see if we can beat it"
they did...only by like .5%, but they beat it. well.. capital one beat it... 5.99% for 60mos, Vs 6.5% from the bank.
I’ve had a couple of car loans but never again. You could say I’m a Dave Ramsey guy but I really just feel like a chump making payments on a car and full coverage when I used to buy them dirt cheap because they were ugly or broke down and fix them and make them really nice. Helped pay for college that way and until I’m at a certain point in my financial life I just won’t be comfortable in a car over $5k. Just sold my 2012 corolla for 7k and bought a 2008 trailblazer for 3300. Found a set of “take off” tires for $125 on marketplace. Interior is FLAWLESS.
The most enjoyable part of being "well enough off" and having a good job with good pay and benefits, along with a credit score over 830 is being able to walk into a car dealership, and only have to concentrate on the out the door price of the car, and not have to worry about the number of the payments, what the interest rate is, or how large the payments are.
All I need to do is choose a car that both myself and my wife enjoy driving in, and get a deal I can agree with.
Payments?
Well, I can run this loan for the full 5 years, or I can wait until the first week of July, sell off my company stock that transitions to long term holding rate, and then pay it all off.
The best part is that my wife is paying for half the car, so that makes me smile a bit inside.
All I need to do is choose a car that both myself and my wife enjoy driving in, and get a deal I can agree with.
Payments?
Well, I can run this loan for the full 5 years, or I can wait until the first week of July, sell off my company stock that transitions to long term holding rate, and then pay it all off.
The best part is that my wife is paying for half the car, so that makes me smile a bit inside.
My last car loan was from Amex. Traded in a 2013 rubicon unlimited for a 2016 2500hd crew 4x4 work truck. Paid 35k for the truck, got 30k for the Jeep, put it on my credit card and paid it off the next month.
Love having a work truck as the family truckster. I just tell the kids to throw their food and drinks on the vinyl floor when they are done and say “that’s why I bought a cheap truck!!!!”
Love having a work truck as the family truckster. I just tell the kids to throw their food and drinks on the vinyl floor when they are done and say “that’s why I bought a cheap truck!!!!”
You paid off a new Corvette in 1 month ?
Well, I only borrowed $7,500 as they told me I had to borrow 10% of the purchase price to get the $1000 rebate for financing through GM.
Your best rates are going to be with a credit union, unless the OEM’s finance arm is offering a subsidized rate.
My credit union here in Nashville, Old Hickory Credit Union, has 2% for new vehicles currently. Slightly higher for used, if it’s more than about 2-3 yrs old.
My credit union here in Nashville, Old Hickory Credit Union, has 2% for new vehicles currently. Slightly higher for used, if it’s more than about 2-3 yrs old.
There is supposed to be a push by global financiers in the future to make everything become a monthly payment instead of actually owning stuff.
Which we've all seen coming ever since car loan terms stretched out past the typical 36 month timeframe. Nowadays you can finance a $120K F150 for 10 years right?
Same goes for homes.. once they're expensive enough most people will have to just afford the monthly rent on one.
It's weird to think that life will go this way soon. I was always taught to look at the actual cost of something and not just whether the 'numbers could be worked out'.
Which we've all seen coming ever since car loan terms stretched out past the typical 36 month timeframe. Nowadays you can finance a $120K F150 for 10 years right?
Same goes for homes.. once they're expensive enough most people will have to just afford the monthly rent on one.
It's weird to think that life will go this way soon. I was always taught to look at the actual cost of something and not just whether the 'numbers could be worked out'.
Nick1994
$100 site donor 2024
The Genesis was something like $20k OTD 12/2019, I used the dealer's financing they offered for 4.99%, 60 months. Payment of $375 or something like that, not sure as I had it set to autopay for $400.
Just refinanced for 2.94% a couple weeks ago with my credit union for 48 months, but I'll continue to make larger payments and get it paid off sooner.
Just refinanced for 2.94% a couple weeks ago with my credit union for 48 months, but I'll continue to make larger payments and get it paid off sooner.
I remember Brandon Ford well. Still have nightmares about driving Hwy 60.
22.6 K at 0%; 375 mo for 5 years - 7 left!
I sincerely believe if people who didn't need it weren't getting free money we'd be at 0% again - the way real economies work in a recession!
It sure seems to have affected the MP/CL markets with getting dream pricing for junk.
I sincerely believe if people who didn't need it weren't getting free money we'd be at 0% again - the way real economies work in a recession!
It sure seems to have affected the MP/CL markets with getting dream pricing for junk.
Originally 22K @ 0%. 361 for 61 months.
Was going to pay cash but the 0% financing had more discounts, no financing fees and also allowed me to put that cash elsewhere. So I put down just enough that I wouldn't be upside down.
Was going to pay cash but the 0% financing had more discounts, no financing fees and also allowed me to put that cash elsewhere. So I put down just enough that I wouldn't be upside down.
When l first moved to Seffner (Tampa) in 1987, Hwy 60 from I-75 thru Brandon was ONLY 2 lanes! It's now 6 lanes, and 8 in some spots.
Not that l know of.
Do you think they still might come knock my door down at 3 AM wanting their Interest?
I have my BMW 5 series financed. I know this is the UK but thought it would be interesting for some of you to know how it compares over here.
List price was £52,000. I had a 10% discount as there was a new facelifted model about to come out (this was August 2020) and for taking out their finance another £6,000 what is reffered to has 'deposit contribution'. I didn't put any money down, my monthly payments are £537/month for 48 months at 1.9% with a £16,500 final/baloon payment. Assuming I pay for the baloon payment at the end rather than hand the car back to the finance company then the total amount repayable is £42,276.
List price was £52,000. I had a 10% discount as there was a new facelifted model about to come out (this was August 2020) and for taking out their finance another £6,000 what is reffered to has 'deposit contribution'. I didn't put any money down, my monthly payments are £537/month for 48 months at 1.9% with a £16,500 final/baloon payment. Assuming I pay for the baloon payment at the end rather than hand the car back to the finance company then the total amount repayable is £42,276.
I've always heard of it, of people who can make money on trading in, often. I've never understood it, always thought it was luck on their part?
I haven't had a car loan in 5 years. If I buy a car on a loan would I be saving money?
Ok, that's inflammatory. I guess if one is committed to having a monthly payment, is the deal to always be on the look out, to see if it's time to flip? If one has bought into the notion that they will always be paying some amount per month--is that how you get ahead on these loans?
