Interest Rates on a Used IS?
04-26-13, 03:54 PM
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Interest Rates on a Used IS?
After negotiating the price of the car, I finally reached to negotiating the interest rate of the used 2010 IS250. I posted a few days ago about agreeing on a 2010 IS250 for $25,550. The interest rate the financial manager gave me was 5.9% (5 Years or 60 Months) at first. After talking a bit more, we were able to drop it down to 4.9%. Do you think that is a fair rate being that it is a used car and it's a 60 month term?
04-26-13, 04:05 PM
#2
After negotiating the price of the car, I finally reached to negotiating the interest rate of the used 2010 IS250. I posted a few days ago about agreeing on a 2010 IS250 for $25,550. The interest rate the financial manager gave me was 5.9% (5 Years or 60 Months) at first. After talking a bit more, we were able to drop it down to 4.9%. Do you think that is a fair rate being that it is a used car and it's a 60 month term?
They should go to at least 3.9% if you have good credit.Try saying you'll find you're own financing from a credit union and/or bank and walk away and see if they go 3.9.
You can get 1.74% from PenFed.
https://www.penfed.org/used-auto-loan/
Last edited by Joeb427; 04-26-13 at 04:09 PM.
04-26-13, 04:09 PM
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I said I was going to walk away when it was a 5.9% and then they said a bank will give it to me for 4.9%... don't know what I should do.
04-26-13, 04:11 PM
#4
I don't think they'll blow a deal for another percent.They have room to play.Be strong.Walk away and tell them you'll get your own financing and see what happens.Let them sweat a day.
You can get 1.74% from PenFed.
https://www.penfed.org/used-auto-loan/
Last edited by Joeb427; 04-26-13 at 04:17 PM.
04-26-13, 07:07 PM
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As mentioned don't be afraid to walk away. It also depends where you are and your credit score which deals heavily on credit to debt ratio. Also bear in mind that rates are starting to go up again. I bought my '12 is250 on the last week of March they first offered 72 months @ 4.19% and I have very good credit. So to compare rate to rate even @ 5.9 that's still high.
Don't be afraid to walk out, I did and was able to lower the rate to 3.99%.
Keep in mind they will give you around 2% if its new & lower term. 3-4% used. You can always go to a credit union but make sure you qualify. Double check with the dealer but if you already bought the car some places let you change your loan provider if you are able to beat the rate the dealer is offering.
Again it really all depends on ur credit score how much you make and location. But personally I think you could have received a much lower rate.
Don't be afraid to walk out, I did and was able to lower the rate to 3.99%.
Keep in mind they will give you around 2% if its new & lower term. 3-4% used. You can always go to a credit union but make sure you qualify. Double check with the dealer but if you already bought the car some places let you change your loan provider if you are able to beat the rate the dealer is offering.
Again it really all depends on ur credit score how much you make and location. But personally I think you could have received a much lower rate.
04-26-13, 07:29 PM
#6
Of course the interest rate will vary GREATLY on your credit and credit history. But first off, be an informed customer and shop around. Look online and look at your local credit unions; they usually have better deals, as did mine for my loan. Could have gone with the 2.9% for 48 months, but decided with the 60 month at 3.9% instead.
GL!
GL!
04-26-13, 08:56 PM
#7
I got 2.21% for 60 months through my local credit union - 2010 IS350 bought last Aug.
You are not bound to finance the car through the dealership. Lexus finance weren't able to come close to that number. Shop around and take a look at various banks around the area.
You are not bound to finance the car through the dealership. Lexus finance weren't able to come close to that number. Shop around and take a look at various banks around the area.
Last edited by VTsuckah; 04-26-13 at 09:01 PM.
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04-26-13, 09:02 PM
#8
Lexus Test Driver
Should be lower if your credit is good. Go to a credit union or BofA and see what they have to offer. I know LOGIX credit union has some very low rates right now.
04-26-13, 10:15 PM
#11
I tried to finance with PenFed at the beginning and was denied, probably because of my credit score. A year later, PenFed offer me to refinance through them and holy shh I'm saving a bunch with 1.49%. My credit score went up throughout the year and I guess they noticed.
04-27-13, 01:08 AM
#13
See if they are offering any incentives at the Lexus dealer on CPO cars with your credit. If they are, try negotiating a price on one there if its in your budget! Expect to pay a small premium on the price of the car for having it CPO though, but the warranty is well worth it.
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