SharkGrayStingray

After a long 4 month wait, my baby has arrived at the dealer and i will pick up on Saturday!! I'm putting $20k down from a trade in and financing the rest. If the rate is low i will probably do 72 or 76 months and invest the cash i would have bought the car outright for.

So far, I'm approved for 1.95 for 72 or 76 months. Anyone seen better than this? and where? Thanks guys, gotta move quick if I'm to get this on sat!!

mjw930

You aren't going to find anything much better in the short time you have, that's a pretty good rate for those terms. I would go with that if it were me.

C7-Beast

Pretty good rate. I just picked my 2015 up 2 weeks ago and best rate I could get on 72 months was 3%. My credit is excellent but had a few inquiries recently so might have brought my score down 10 points or so.

SharkGrayStingray

i agree with both you guys, just checking to see if better. I was hoping for 1.45 or lower, but in reality that half point would net a couple of dollars a month in the payment. You know when you are expecting/hoping for something and it doesn't happen you question things??

SharkGrayStingray

and mike, i had 1, just 1 hard inquiry (and its the dealer I'm buying from) and my credit went down 10 points!!! Really crazy way of reporting credit...

grandpawmoses

1.9% through Regions bank.

mjw930

That's probably because you haven't had any hard inquiries in the last 12 months. Once you have that one subsequent inquiries don't take such a toll and as long as they occur within 2 weeks of each other and are for the same type of loan they group them together as 1 inquiry and chalk it up to loan shopping. Hell, most of the time you apply at a dealer you'll see 3 or 4 hits including the one from the dealer directly. They made this change in scoring about a decade ago for auto and home loans because of all the negative press.

11B250

Yeah that's a great rate. Where did you go? I believe the best rate I've seen is Alliant CU.

We'll probably try USAA and Alliant once we're ready to pay.

My credit is around 750 and wife is 800. We will apply together as I think that will bring the best number

beachcomber

As stated, even if you did get it lower, the difference in payments is one latte a month.

JDM111er

1.9 through the Federal credit union.

rothchilds

I think the rate is pretty decent, I just did mine at 2.5%, with roughly 25k down. Had a few inquires shopping around.

astrotx

o.oo%. Pay cash.

rstrait

I think I'm going to pay for it outright. The stock market is not looking good to me right now. The P/E ration is way into the region where it's due for a major correction. The question is when.

FredC7

There are two local (SE Mass) credit unions that are offering 1.74%. I went with one of them on a $25K Auto Loan for 60 months. They wanted me to do the loan for 84 months at the same rate but I probably won't even take the full 60 months to pay it off. Yes 0% by paying cash is less but an auto loan forces me to make the payments. If I use my cash I would probably never replace it. I could always sell my C6 convertible and have no loan but there is nothing wrong with having two Corvettes!

Spinny

Try PENFED credit union. 0.99% for 3 years if you use their buying service the last time I checked.

canyon vette

I went with Logix Federal Credit Union 1.49%.
Chase bank wanted 4.1% even after I paid off a 30 year mortgage with them.

I will never bank with Chase ever again!

CVG993

Who gave you the above rate? Was that with auto deduct, etc?

Happy Holidays !

nmvettec7

Totally agree.

Financing for 72 or 76 months does not make any sense at all. The idea of taking the low rate and investing your money has a potential risk. Most likely most of the people who have this thought or concept don't have enough money to invest anyway.

It's a myth and I have seen this so many times over the last 30 years in the investment business.

Consider financing the C7 for no longer than 36 or 48 months. After 72 or 76 months you will most likely be under water on the loan, meaning you will owe more on the car than what it is worth.

Of course do what you think is best to fit your personal financial situation. Everyones financial situation is different from each other.

Which ever way you decide to go, enjoy the new ride. The C7 is quite the car.

11B250

People mostly get the longer months because they can afford to make the smaller payments. The penalty is the extra interest. However some of us are willing to pay that for the sake of driving a car we really wanted.

Really, you should just pay cash for it. Unfortunately not too many can dump 65-70K on a car out of their checking account.

BradSW

.......I just got 1.82% for 72 mos. and earn 6.5% dividends on the investment I would sell in order to pay cash. No brainer to finance.