How much % are you paying for your car loan?

[Reckoner]

Originally posted by: KMurphy

Originally posted by: PaulNEPats
I'll probably wait until there's 1 1/2 years outstanding on the loan, then do a 0% BT through Discover

Why would you do that? The amount of interest left to pay at that point is insignificant compared to the interest you pay for the first half of the loan period. 😕

If you were to do a BT for 0%, do it at the beginning to lower the amount interest is acrued on for the duration of the loan.

I don't like the idea of 2 monthly payments. I guess it would depend on what I would have as a minimum payment if I did a BT for half the principal now.

 

[Stunt]

3.8%

 

[tfinch2]

0, paid cash.

 

[Liviathan]

6.2, Mini Cooper. Chase Auto Finance.

 

[KarenMarie]

I fell in love with a VW Passat, so I borrwed one of those ZERO % interest for a year. I am paying it off at $1000 a month so will be soon.

the rest of the vehicles were paid cash on the day we got them.

 

[jlee]

7.75% - '98 Tacoma..bought last December.

 

[NTB]

Originally posted by: jagec
If you can't swing 7% or less, you should be paying cash.

My loan was for a used car, which generally have higher interest rates, and it's the first loan I've ever had. I had a little credit history (have had a CC for probably 4 or 5 years), but not much. And no, I couldn't afford $4500 in cash.

Nate

 

[CraigRT]

Originally posted by: envy me

I am paying 8.4% (CAD) and I am not really impressed. It is through a bank for a used car. What rates are you guys getting?

I am paying in the high 7 range through my bank. It's about par for what you have to pay on something like this.

 

[LeiZaK]

too much... I'm refinancing soon

 

[iamwiz82]

No loan out right now, but every time I've gotten one through our bank it's been the best percentage offered, which is not 5.75%, I think our last loan was at 5.5%, and before that they were 4.99% and 4.49%.

 

[cecco]

4.9% through Chase

 

[mugs]

Got a 1.9% recent college grad deal on my Civic, paid cash for the wife's TSX.

 

[johnjbruin]

2.9

 

[chusteczka]

Originally posted by: PaulNEPats
I'll probably wait until there's 1 1/2 years outstanding on the loan, then do a 0% BT through Discover

I did not realize Discover accepted BitTorrents. 😛

 

[Night201]

2.9% through Toyota Financial - US Currency

Loan started in Nov 2003. Rates were much better back then!

 

[chambersc]

4.1

 

[Evadman]

Was 4.8%, but I paid it off recently.

 

[Dedpuhl]

0. I paid mine off last year and plan to use it until it falls apart.

 

[thomsbrain]

Originally posted by: waggy

Originally posted by: jagec
If you can't swing 7% or less, you should be paying cash.

some people can not afford to pay cash. they have made some bad choices in life. Some are trying to correct those choices and will pay the high interest to help repair the damage.

but most are just stupid people who will pay the high enterst and continue to pay late etc.

one can buy a car that runs for the cost of a down payment on any loan. there is simply no excuse for buying that far outside one's means. the damage will NEVER get repaired when someone jumps from one deep hole to an even deeper one.

 

[vi edit]

5% on my Fronteir. I could have gone for 4% but I took the $2,000 rebate instead.

 

[Midlander]

3.9% through Lexus