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How much % are you paying for your car loan?

E

envy me

Golden Member

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?

 
45%!

actaully both car's are paid off. a 97 escort, 93 grand am (paid $50 for it!).

heh my SIL has a 23% on a 10K car! wow.
 
Originally posted by: waggy
45%!

actaully both car's are paid off. a 97 escort, 93 grand am (paid $50 for it!).

heh my SIL has a 23% on a 10K car! wow.
Click to expand...

Holy crap!!! :shocked:

What did she do, charge it on a credit card?
 
Originally posted by: JulesMaximus
Originally posted by: waggy
45%!

actaully both car's are paid off. a 97 escort, 93 grand am (paid $50 for it!).

heh my SIL has a 23% on a 10K car! wow.
Click to expand...

Holy crap!!! :shocked:

What did she do, charge it on a credit card?
Click to expand...

nope. just what happens when you have 3 (she claims 2) cars repoed in 3 years 2 of them AFTER bankruptcy. she goes to a buy here pay here place. Max interest allowed by law.

 

of all the people paying 7% or less, are any of them canadian? or are canadians being screwed here??

if so please state the financial institution you are going with. okthxbye
 
Originally posted by: envy me

of all the people paying 7% or less, are any of them canadian? or are canadians being screwed here??

if so please state the financial institution you are going with. okthxbye
Click to expand...

My 1.9% loan was through Nissan. The loan on the Lexus is through USAA.

Edit-I'm in San Diego, CA.
 
Originally posted by: jagec
If you can't swing 7% or less, you should be paying cash.
Click to expand...

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

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.
Click to expand...

Sad but true. Still, it's not as though you can survive in many cities in the US without a car. We've really designed our cities around people living in the suburbs and driving in to their jobs...stupid us.

Hell, I commute to work once or twice a week by bicycle but that's only because I want to stay fit and possibly inspire more people to think of alternate ways of commuting.
 
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
Click to expand...

I was going to do that on my last debt (Durango at 4.75%) but they have a stinking $150 early payoff fee. That combined with T-bills running at 5+ % (5.58 % effective for me), earns more money than I save over the same period. So no go on the payoff, but it is tempting! 🙂
 
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
Click to expand...

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.
 
Originally posted by: envy me

of all the people paying 7% or less, are any of them canadian? or are canadians being screwed here??

if so please state the financial institution you are going with. okthxbye
Click to expand...

im paying 1.6% on my 04 grand am, gmac canada
 
0% 😀

I know it's not good to finance a car, but when I bought my Elantra last year they had a 0% for 60 months deal going on... woohoo! I have no intention on paying it off early, it's free money! 🙂

I have a 740 credit score and my wife's is 750.
Click to expand...

My "auto enhanced" FICO the dealer pulled was 795. 😛 😀

Dave
 
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