Looking to buy new, lowest interest rates on 72 month loan?
#1
Looking to buy new, lowest interest rates on 72 month loan?
It seems that Kerbeck's 72 month APR is the lowest at 2.69% even including credit unions.
Is there a dealer or bank that can beat this interest rate? What rate do you guys have?
Is there a dealer or bank that can beat this interest rate? What rate do you guys have?
#2
#3
Burning Brakes
Check out Penfed's Auto loan options … the "Payment Saver" is an interesting alternative to traditional loans. That's what I have and many others on this forum as well.
Anyone can get a loan from PenFed - don't have to be military or government - but do have to "join" an affiliated association for next to nothing.
Anyone can get a loan from PenFed - don't have to be military or government - but do have to "join" an affiliated association for next to nothing.
Last edited by mtaxman; 10-16-2018 at 02:34 PM.
#4
Moderator
PenFed's Payment Saver is essentially a lease:
Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term.
The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan.
The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan.
#6
Burning Brakes
more aptly named...a "balloon loan" but very much lease like I agree....leases on corvettes are hard to source and this is easy...the way I understand it, the owner either 1) keeps the car and pays off the "balloon" balance ( aka "the residual") then they out right own the vehicle or 2) keeps the car and refinances the residual for another period with a traditional type loan or 3) they can sell the car hoping to get the residual amount owed and then pay off with the proceeds vs. giving the car and keys to the leasing company.
My plan is 1 or 3. It will be low miles and I can go either way. Maybe a C8/Zora at that time in June 2020?
My plan is 1 or 3. It will be low miles and I can go either way. Maybe a C8/Zora at that time in June 2020?
#7
Le Mans Master
#9
Moderator
#10
Race Director
In okiehoma buying a new Ford the best I could muster with 764 credit score was 3.19 for 48 months and 3.79 for 60/72 months. That included all credit unions and big banks. Granted, the dealer could've gotten to me for a half point but he promised he didn't. I went with Bank of America 48 months at 3.19.
My my last purchase this spring was financed with Ally at 2.79 for 60 months
My my last purchase this spring was financed with Ally at 2.79 for 60 months
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robertbruce (10-17-2018)
#14
Team Owner
why? if the rate is low enough, it's free money. I had a 1.99% loan rate one time, so i put it out as far as i could as the cost of the loan was like $1200 over 6 years, which is a no brainer - use someone elses money.
#15
#16
Drifting
That beats CUs in California @ 3.4% this month with a 800+ credit score.
Don't even look at the rates from years, even 6 months, ago. It's very different today- google the "highest bond yields", which is where we're at with the Fed situation.
Don't even look at the rates from years, even 6 months, ago. It's very different today- google the "highest bond yields", which is where we're at with the Fed situation.
Last edited by Parcival; 10-16-2018 at 05:52 PM.
#17
Moderator
#18
Indeed, with a low enough interest rate, it's better to put your money into worthwhile investments.
And if the interest is low enough, why not setup a 6 year loan?
And if the interest is low enough, why not setup a 6 year loan?
Last edited by CalMotion; 10-16-2018 at 06:31 PM.
#19
Instructor
The days of 0% interest are over I believe. Interest rates of under 3% are going to be harder and harder to find at least in the current market.