Current loan rates?
Thread Starter
Lead Lap
Joined: Jan 2006
Posts: 759
Likes: 0
From: MA
Current loan rates?
I had a great deal on my current car at 2.9% for 60 months. I typically like to finance over a longer term than I think I'll need to pay off the car simply for security sake (or rather, the lack of security in the particular industry I work in). So while the car is financed for 60 months, I've actually paid if off in 3 years.
I was wondering what I can expect for new car loan rates at present. Obviously I'm probably not going to find a special deal like my current setup, and all the banks I've looked at online seem to indicate I can expect something in the range of 5.75% for 48 months.
My credit is about as near perfect as it gets. What rates have you all managed to get? (The amount I'd be financing will be in the $15k - $19k range).
I was wondering what I can expect for new car loan rates at present. Obviously I'm probably not going to find a special deal like my current setup, and all the banks I've looked at online seem to indicate I can expect something in the range of 5.75% for 48 months.
My credit is about as near perfect as it gets. What rates have you all managed to get? (The amount I'd be financing will be in the $15k - $19k range).
Intermediate
Joined: Jul 2004
Posts: 252
Likes: 0
From: Michigan
My credit union offered me 5.49% with auto deduction. That is the current lowest rate they offer - it is the same for any term up to 60 months. 72 months requires an extra .25%.
I am dissapointed with the high rate so I am probably going to pay cash unless lexus financial offers a lower rate. My credit scores are well above 700.
I am dissapointed with the high rate so I am probably going to pay cash unless lexus financial offers a lower rate. My credit scores are well above 700.
Driver School Candidate
Joined: Dec 2005
Posts: 9
Likes: 0
From: CO
vp911 - You won't get better rates through Lexus Financial! The prime rate has risen consistently for the past year to year and a half. Unless Lexus has a special rate all of the sudden you can easily expect 800+ score to be financed around 5-7% range. Your best bet is a local credit union that will have the flexibility to work with you on rate.
Intermediate
Joined: Jul 2004
Posts: 252
Likes: 0
From: Michigan
Originally Posted by Revelation
vp911 - You won't get better rates through Lexus Financial! The prime rate has risen consistently for the past year to year and a half. Unless Lexus has a special rate all of the sudden you can easily expect 800+ score to be financed around 5-7% range. Your best bet is a local credit union that will have the flexibility to work with you on rate.
Trending Topics
Captitol One with a Costco discount is 5.4% right now for 60 mo.........
When I got my BMW, they gave me 2.9 right out of the box....could believe the jump it's at now.......specially when we are in a slow down in the economy.......they need to drop the rates to stimulate sales. I think if GM did a 0.9%, they would be seeing black instead of red on the books...
When I got my BMW, they gave me 2.9 right out of the box....could believe the jump it's at now.......specially when we are in a slow down in the economy.......they need to drop the rates to stimulate sales. I think if GM did a 0.9%, they would be seeing black instead of red on the books...
ClubLexus Stories
Celebrating Lexus & Toyota from Around the Globe
Top 10 Lexus & Toyotas to Drive Before You Die!
Joe Kucinski
Top 10 Lexus/Toyotas With The LEAST 5-Year Depreciation
Joe Kucinski
Lexus LC500 Convertible Auction: A Preview of Rising Values?
Brett Foote
GX 550 vs TX 550: Best 3-Row Luxury Lexus Family Hauler
Michael S. Palmer
9 Best Lexus Models You Can Buy for Half Price (And 1 You Shouldn't!)
Joe Kucinski
2026 Lexus NX Buyer's Guide: Models, Features, Prices & More!
Brett Foote
Top 10 Reasons to Buy a Lexus TX 550h+ (& 3 Reasons to AVOID!)
Michael S. Palmer
Top 10 Lexus & Toyota Models of the 1990s RANKED!
Joe Kucinski
10 Great Toyotas That Could Have Been Lexus Models
Joe Kucinski
Lexus Champion
Joined: Dec 2004
Posts: 1,788
Likes: 3
From: Illinois
Originally Posted by unit74
I think if GM did a 0.9%, they would be seeing black instead of red on the books...
Originally Posted by Revelation
vp911 - You won't get better rates through Lexus Financial! The prime rate has risen consistently for the past year to year and a half. Unless Lexus has a special rate all of the sudden you can easily expect 800+ score to be financed around 5-7% range. Your best bet is a local credit union that will have the flexibility to work with you on rate.
Thread Starter
Lead Lap
Joined: Jan 2006
Posts: 759
Likes: 0
From: MA
Originally Posted by NINEZeRO
GM is in a slump because they pay retired and layed-off employees and because of the huge pensions.
There's good reason that the European's laugh at American built cars. Ford at least had the right idea when they set up a Ford Europe division to build cars that are up to standard.... we're of course left with the garbage.
Pole Position
Joined: Mar 2003
Posts: 216
Likes: 0
From: MA
Originally Posted by Revelation
vp911 - You won't get better rates through Lexus Financial! The prime rate has risen consistently for the past year to year and a half. Unless Lexus has a special rate all of the sudden you can easily expect 800+ score to be financed around 5-7% range. Your best bet is a local credit union that will have the flexibility to work with you on rate.
Rookie
Joined: Nov 2005
Posts: 85
Likes: 0
From: TX
Originally Posted by heffergm
Eeek... 6.5%. I guess I'll arrange financing before I show up to pick the car up. I know I can get at least 5.75% at a few places.
Getting harder and harder to find decent rates as the Feds keep on raising the benchmark. As of mid-January 2006, if you're at or below 6%, you're sitting pretty. If you're getting 5% and below, you're doing VERY VERY well.
Cheers,
Kermee
Cheers,
Kermee