Car loan rates?

[kellia]

Has anyone gotten a car loan recently? We were going to stick it out with dh's junker for a while longer, but found an awesome deal on a new one, so are thinking of it. I called our Credit Union and was given a rate of 7%! This is for a new car, 5 years, $10k. I thought that seemed high, but don't know if that is what the going rate is going to be from now on or if we should shop around... Definately re-thinking the car now!

 

[Tink113]

Has anyone gotten a car loan recently? We were going to stick it out with dh's junker for a while longer, but found an awesome deal on a new one, so are thinking of it. I called our Credit Union and was given a rate of 7%! This is for a new car, 5 years, $10k. I thought that seemed high, but don't know if that is what the going rate is going to be from now on or if we should shop around... Definately re-thinking the car now!

I just bought a used (2007)car & our credit union gave us a rate of 7%, but dropped it to 6% with direct deposit in the account. That was for a USED car only about a month ago.

The rate they gave us a first was high, but my credit union runs their rates based off you credit score but then the add points for things like: active account 5 points, having an account there for 5 yrs, having an account there for 10 yrs, etc....

Their "extra" points bumped us up 2 rate brackets! I would ask it they have any kind of program like that. I ton of new car dealers are offering better then 7% in you finance with them, surely the credit union can do better.

Good luck with the car!

 

[WIDisneyFan]

We just purchased a new Honda Odyssey and the rates for 60 month from Honda was 2.9% I am not sure if that is still the case but it might be worth looking at financing from the manufacturer

 

[DVC-Don]

Just checked today, my credit union is 4.25% for new cars.

 

[deb24k]

Shop around! At the end of June I got 4.5% for a USED car. I batered with the finance office when making my purchase. The first "offer" they gave me was a 7% interest rate. I told them that I didn't pay that rate for my previous car, my mortgage, or for a credit card so I didn't intend to get raked over the coals for this new loan. They quickly came back with the new offer through a credit union! Now, the loan market may be more tormultuous, but shopping around is always a good idea!

 

[natenapril]

Toyota is offering 0% for qualified buyers. We bought our GMC with a 0% loan and has been a great deal. We are 2 years into the loan and it doesn't bother me making the payments on his truck knowing I am not "giving" the bank and extra x%.

 

[Golf4food]

Forget credit unions and banks. Captive finance companies for the big auto dealers are so desperate to sell cars they are doing 0% or very, very low interest rates all over the place. We got our Ford Escape in May for 1.9% and that was BEFORE the deals even got better. Shop around.

 

[mkhelms]

Wow, we just bought a honda van and the interest rate was 18 percent. Before you think it, no we do not have bad credit! We are in the high range, I had it run again because I couldn't believe the rate and wanted to see if there was something that was false on my record. I really should have shopped around I guess.

 

[hentob]

I really should have shopped around I guess.

WOW! You really should have shopped around

We have a 0% rate for our Toyota Highlander. They are offering it again

 

[kellia]

Thanks! We've always gotten good rates through our credit union, so I was worried that all the rates were that high. We have good credit, so I didn't think that was the problem! Can't get financing through the dealership since the deal is through dh's work.

 

[luvs_eeyore]

We just purchased the 2007 vehicle I was leasing. Our credit union offered us a rate of 4.5% for 5 years on a loan just under $15K. We got an additional .25% off because my husband just earned another degree this year, so 4.25%.