Interest rates?
Thread Starter
Racer
Joined: Jul 2007
Posts: 386
Likes: 88
Interest rates?
I know probably a greater number of new Corvette purchaser's probably pay cash. I can afford a new Corvette but will have to get a loan. Looking at a new 2024 2LT. Anyone know who has the best rates? I am at 6% on my current C8 and recently got 5.99% on a new Silverado. The good old days of 0% or 1.9% are dead for now. Seems the foreign car market and Ford have good rates. My wife got 3.9% through Honda. GM has near the same for 36 months, but that payment is like a mortgage payment for 3 years.
Popular Reply
Jun 28, 2024, 11:02 AM
Administrator
Joined: Jun 2007
Posts: 66,409
Likes: 2,061
From: Bel Air (by way of Fort Worth, TX) Maryland
St. Jude Donor '12 thru '21
Very few of us can buy a car like this outright with cash.
If a person can afford the loan, then they can afford the car. Let’s not deflect from the OP’s question by making such statements.
Melting Slicks
Joined: Apr 2008
Posts: 2,582
Likes: 496
From: Hudson, NH
Rates
I know probably a greater number of new Corvette purchaser's probably pay cash. I can afford a new Corvette but will have to get a loan. Looking at a new 2024 2LT. Anyone know who has the best rates? I am at 6% on my current C8 and recently got 5.99% on a new Silverado. The good old days of 0% or 1.9% are dead for now. Seems the foreign car market and Ford have good rates. My wife got 3.9% through Honda. GM has near the same for 36 months, but that payment is like a mortgage payment for 3 years.
E-Ray, 3LZ, ZER, LIFT
Joined: Sep 2007
Posts: 34,980
Likes: 12,383
From: NE South Carolina
I know probably a greater number of new Corvette purchaser's probably pay cash. I can afford a new Corvette but will have to get a loan. Looking at a new 2024 2LT. Anyone know who has the best rates? I am at 6% on my current C8 and recently got 5.99% on a new Silverado. The good old days of 0% or 1.9% are dead for now. Seems the foreign car market and Ford have good rates. My wife got 3.9% through Honda. GM has near the same for 36 months, but that payment is like a mortgage payment for 3 years.
Easy, smart solution. We've significantly cut CO2 emissions by changing from coal produced electricity to Natural Gas. We're now ~16% coal produced from >50% in 2000. It's declining rapidly and natural gas produces ~half the CO2/BTU than coal. We can become energy independent and a major exporter of energy bringing a lot of money into the US economy. Also places like Europe don't have to buy natural gas from an adversary as they do now!
Last edited by JerryU; Jun 28, 2024 at 07:23 AM.
Banned Scam/Spammer
Joined: Jun 2024
Posts: 98
Likes: 60
On a 100K loan which could easily be seen on a vehicle costing well over 6 figures yields a $1650 monthly payment where nearly $500 is interest which is just crazy. $19,000 total interest over the course of the loan. Good grief, economic suicide.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
E-Ray, 3LZ, ZER, LIFT
Joined: Sep 2007
Posts: 34,980
Likes: 12,383
From: NE South Carolina
^^^^
Oh, if we continue on our current spending pace, could get worse! Yep in early 1980s interest rates on homes was 17%. We were "Soo Luckly" to find a home with an assumable loan at ONLY 14%! Car interest rates were ~16%!
Oh, if we continue on our current spending pace, could get worse! Yep in early 1980s interest rates on homes was 17%. We were "Soo Luckly" to find a home with an assumable loan at ONLY 14%! Car interest rates were ~16%!
Thread Starter
Racer
Joined: Jul 2007
Posts: 386
Likes: 88
Bought a new Chevy Silverado on Monday. Gm Financial rates ranged from 1.9% 36 months through 5.9% for 72 or 84 months. Also had $3000 in rebates but you could not get both the rebate and those rates through GM Financial. Took the rebates and got 5.99% through Bank of America.
Melting Slicks
Joined: Oct 2006
Posts: 2,054
Likes: 1,053
From: TX
Yeah Navy Federal seems the best as stated at 4.54 36month. If you borrowed 50k, that would cost you $3577 in interest over the loan. If you bumped it to 48 months that would cost you $5259 over the loan at 4.99%. You need top credit for that.
Safety Car
Joined: Mar 2006
Posts: 4,294
Likes: 612
From: I love the Big Butt Corvettes
St. Jude Donor '08
Administrator
Joined: Jun 2007
Posts: 66,409
Likes: 2,061
From: Bel Air (by way of Fort Worth, TX) Maryland
St. Jude Donor '12 thru '21
Interest rates are what is causing the step decrease in C8 Demand! Not likely to change until they came down. Won't happen IMO until we stop squandering money on foolish Only EV cars, No Natural Gas energy policy.
Easy, smart solution. We've significantly cut CO2 emissions by changing from coal produced electricity to Natural Gas. We're now ~16% coal produced from >50% in 2000. It's declining rapidly and natural gas produces ~half the CO2/BTU than coal. We can become energy independent and a major exporter of energy bringing a lot of money into the US economy. Also places like Europe don't have to buy natural gas from an adversary as they do now!
Easy, smart solution. We've significantly cut CO2 emissions by changing from coal produced electricity to Natural Gas. We're now ~16% coal produced from >50% in 2000. It's declining rapidly and natural gas produces ~half the CO2/BTU than coal. We can become energy independent and a major exporter of energy bringing a lot of money into the US economy. Also places like Europe don't have to buy natural gas from an adversary as they do now!
Administrator
Joined: Jun 2007
Posts: 66,409
Likes: 2,061
From: Bel Air (by way of Fort Worth, TX) Maryland
St. Jude Donor '12 thru '21
Very few of us can buy a car like this outright with cash.
If a person can afford the loan, then they can afford the car. Let’s not deflect from the OP’s question by making such statements.
Safety Car
Joined: Jul 2013
Posts: 4,408
Likes: 3,485
From: Granada Hills CA
Thank you for adding the qualifier since I have seen dozens of posts in the past quoting low rates but failing to mention that not everyone qualifies. Heck, my grandparents lent me money interest-free to buy a car while in college but I didn't turn around and tell people that I got a car loan with zero interest, as if they could too.
Do Not Quench The Spirit
Joined: May 2005
Posts: 1,139
Likes: 351
From: Fishers IN
St. Jude Donor '13,'19 thru '26
I have never finaced "toys" Not a good thing. Work on becoming debt free, it's a great life not owing anyone anything. Don't put your wants first. I know it's hard to do but you will be grateful in your later years. I have been totally debt free for over 20 years, no car payments and no mortgage. Best feeling ever. I have wanted a C8 since they came out but the crazy pricing did not make sense to me even though I could afford one. Now the market is normalizing and I plan on selling my C6 and buying a lightly used C8 HTC with cash. Good luck to you>
Safety Car
Joined: Jul 2013
Posts: 4,408
Likes: 3,485
From: Granada Hills CA
Burning Brakes
Joined: Apr 2005
Posts: 1,198
Likes: 853
Financing toys
I have never finaced "toys" Not a good thing. Work on becoming debt free, it's a great life not owing anyone anything. Don't put your wants first. I know it's hard to do but you will be grateful in your later years. I have been totally debt free for over 20 years, no car payments and no mortgage. Best feeling ever. I have wanted a C8 since they came out but the crazy pricing did not make sense to me even though I could afford one. Now the market is normalizing and I plan on selling my C6 and buying a lightly used C8 HTC with cash. Good luck to you>