What type of interest rates are you seeing
Thread Starter
Driver School Candidate
Joined: Feb 2007
Posts: 37
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From: il
What type of interest rates are you seeing
on a used Lexus if you have a credit score of 730 or above . I was just quoted 6.1% on 36 months and 6.7% on 60 months. Does that seem good?
Lexus Test Driver
Joined: Oct 2006
Posts: 1,201
Likes: 0
From: Colorado
had 6.9% but I also had a credit score of an 814 when I got mine about 5 months ago on the purchase not lease.
(I think anything over a 720 is the same %.....don't know for sure)
I went through a credit union.
Luckily I don't have that payment anymore, b/c even at that I was at $1,000/month with nothing down.
(I think anything over a 720 is the same %.....don't know for sure)
I went through a credit union.
Luckily I don't have that payment anymore, b/c even at that I was at $1,000/month with nothing down.
Last edited by Jace7; Apr 4, 2007 at 04:25 PM.
Driver
Joined: Feb 2007
Posts: 148
Likes: 0
From: Texas
Rates
Bank rates around here for 750 plus credit run around 7.5% to 8%. The offer lower rates for automatic withdrawals etc. at about .25% less. My FICA is 800 and I carry high balance with my lender; so, I got a rate of 5.25%. That said, I did put a big chunk of cash down with 36 months.
Rates are really worth shopping. Credit union tend to offer lower rates. The mortgage market, in certain parts of the county, are beginning to feel a tightening, and that will translate to higher auto rates over the next year.
Rates are really worth shopping. Credit union tend to offer lower rates. The mortgage market, in certain parts of the county, are beginning to feel a tightening, and that will translate to higher auto rates over the next year.
Lead Lap
Joined: Jun 2005
Posts: 440
Likes: 0
From: Fla
Wow...there really seems to be a large spread even with good credit. I pd off most of the car up front but on the small loan I took out my rate was 4.85% a month ago. here are the current rates at my credit union for new and used
24 Months -- 4.650%
36 Months -- 4.850%
48 Months -- 4.950%
60 Months -- 5.100%
72 Months -- 5.250%
these are based on tier 1 credit...720>
24 Months -- 4.650%
36 Months -- 4.850%
48 Months -- 4.950%
60 Months -- 5.100%
72 Months -- 5.250%
these are based on tier 1 credit...720>
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Lead Lap
Joined: Jun 2005
Posts: 440
Likes: 0
From: Fla
Credit Unions
not sure of my credit union, I work for AT&T (formerly BellSouth in the Carolinas) so I've been a member of them for 11 years and they are great. I do know credit unions are becoming more liberal in opening up to the public...loan rates can vary based on auto deposit into an acct or member, new/used, etc.
the credit union I am a member of is Carolinas Telco Credit Union www.ctleco.org
I know of a local credit union in Jacksonville Fl that is open to the outside and is a very good organization. They have competitive rates to above but slightly higher. http://www.jaxfcu.org/apply.html
PM me if any other specifics are needed for above or if you decide/able to go with them. I can refer you...
the credit union I am a member of is Carolinas Telco Credit Union www.ctleco.org
I know of a local credit union in Jacksonville Fl that is open to the outside and is a very good organization. They have competitive rates to above but slightly higher. http://www.jaxfcu.org/apply.html
PM me if any other specifics are needed for above or if you decide/able to go with them. I can refer you...
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I think it has to do with where you are located. My friend in NY with a 03 LS, $3K down, 690 FICA got 7.9% 60 mo. Another friend in TX with a 02 IS, $5K down, 675 FICA got 6.9% 72 mo. On my 06 GS430, with 0 down, 640 FICA I got 6.5% on 72 mo. So I think overall it depends not only on your FICA score, but how long your credit history is, how long the financing is for, and where you are located.
Lead Lap
Joined: Jan 2007
Posts: 564
Likes: 0
From: Dallas area, Texas
I think it has to do with where you are located. My friend in NY with a 03 LS, $3K down, 690 FICA got 7.9% 60 mo. Another friend in TX with a 02 IS, $5K down, 675 FICA got 6.9% 72 mo. On my 06 GS430, with 0 down, 640 FICA I got 6.5% on 72 mo. So I think overall it depends not only on your FICA score, but how long your credit history is, how long the financing is for, and where you are located.
Right now, for example, Eloan is offering 4.99% for new car loans for 36 months.
Lexus Test Driver
Joined: Aug 2006
Posts: 1,491
Likes: 1
From: MD
I am a senior manager for a well known auto finance company. If you use the lenders at the dealership, the rates will vary by state. Some states have a higher risk than others, so rates will vary. (delinquency, defaults, etc)
As to credit unions and on line banks, you are correct....it usually does not matter what state you live in.
Older used cars will usually have higher rates. Shorter terms can sometimes help lower the rate due to the lower risk to the lender. Equity can also cause the rate to decrease.
Going 66, 72, or 84 month terms can sometimes cause an increase in rate.
Usually, anything over a 730 FICO is considered the best tier on pricing.
Hope I was helpful....
As to credit unions and on line banks, you are correct....it usually does not matter what state you live in.
Older used cars will usually have higher rates. Shorter terms can sometimes help lower the rate due to the lower risk to the lender. Equity can also cause the rate to decrease.
Going 66, 72, or 84 month terms can sometimes cause an increase in rate.
Usually, anything over a 730 FICO is considered the best tier on pricing.
Hope I was helpful....
Lexus Test Driver
Joined: Jan 2007
Posts: 824
Likes: 0
From: VA
Check out Pentagon Federal Credit union (penfed.org) for 6.14% on used car loans from 36 to 60 month. Anyone can join by contributing $25 to National Military Family association. It's all very easy to do on line right at penfed.org. Take a whole of five minutes to apply...
Driver
Joined: Mar 2007
Posts: 116
Likes: 0
From: Ontario
Wow those rates are pretty high. In Canada our rates are 5.5% but we traded our car in and used the $21,000 to be the down payment on financing and the interest rate was lowered to 3.7 percent. Then we payed another $10,000 and the interest rate was lowered to 2%. So we ended up borrowing around $35000-40000cdn at 2% from Lexus financial and no penalty on early buyout. Not bad considering the interest rate at Ingdirect bank is paying out 3.5%. So actually making money buy borrowing.
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