Interest Rates

[NotBudule]

About the same on refiancing my lease buyout through my credit union about 15 months ago. Current rate would be 4.5 or more.

I am of the opinion that there should be a LAW that states if I paid it all back on time , and it was a 5% loan, then next time I should get it at 4 %... Or at least stay at 5 , I have proved my worth and honor by that point methinks...

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[IdahoRanger]

I am of the opinion that there should be a LAW that states if I paid it all back on time , and it was a 5% loan, then next time I should get it at 4 %... Or at least stay at 5 , I have proved my worth and honor by that point methinks...

Nowadays they want the responsible to pay extra and carry those that aren't responsible.

 

[D Fresh]

I am of the opinion that there should be a LAW that states if I paid it all back on time , and it was a 5% loan, then next time I should get it at 4 %... Or at least stay at 5 , I have proved my worth and honor by that point methinks...

That's pretty much how a credit score works. Barring market forces outside of your control.

 

[Fordup]

Nowadays they want the responsible to pay extra and carry those that aren't responsible.

I am confused by that executive action they were talking about for mortgages. Why should someone with a good credit rating pay higher rates and need a bigger down payment. Wondering when they will try that with cars.

 

[AzScorpion]

I am confused by that executive action they were talking about for mortgages. Why should someone with a good credit rating pay higher rates and need a bigger down payment. Wondering when they will try that with cars.

To drag the middle class down ever farther!

 

[IdahoRanger]

I am confused by that executive action they were talking about for mortgages. Why should someone with a good credit rating pay higher rates and need a bigger down payment. Wondering when they will try that with cars.

Goes totally against how credit should work. Glad I will never need another mortgage but usually borrow for my vehicles.

 

[AzScorpion]

Goes totally against how credit should work. Glad I will never need another mortgage but usually borrow for my vehicles.

Same here. If I need to finance another vehicle I'll take out a HELOC. The rates are usually cheaper and you can (at least you could before when I had one) write the interest off. I didn't work this hard to have a 842 credit score just to pay more because others were reckless.

 

[nolan62]

I'd check with your local banks and credit unions first. Credit unions usually have much better rates and then when you go to the dealer see what they have. In the past I've had dealers match or beat the rate I found on my own because they get incentives for financing from their banks. You can plug in the numbers on just about every banks website so your son will know exactly what he's looking at for a payment.

I use Navy Federal CU and here's their loan calculator.

https://www.navyfederal.org/makingcents/tools/car-loan-calculator.html

Bingo! I work for a Federal Bank. That's the way to do it. Go to your Bank or CU and get the rates before you go in. Otherwise the Finance guy will give you which ever bank they get the best kickback from.

 

[Racket]

Ford is offering 0% interest again albeit on more expensive cars these days.

Hard to compete with zero. I've got one year left on my Ranger at 0% which the commercial credit company lists as a negative interest rate. I presume Ford is holding the paper on the note. I kind of hoped they'd discount the balance if I paid it in full if they were hard up for cash. I guess not if they are just changing an extraordinary amount more for the 6G.

 

[MT2003]

Ford is offering 0% interest again albeit on more expensive cars these days.

Hard to compete with zero. I've got one year left on my Ranger at 0% which the commercial credit company lists as a negative interest rate. I presume Ford is holding the paper on the note. I kind of hoped they'd discount the balance if I paid it in full if they were hard up for cash. I guess not if they are just changing an extraordinary amount more for the 6G.

They'll be needing cash soon thanks to the stupid union.

 

[OFC Ranger]

Rates are terrible right now. Even with 800+ best average offering was 7.5%

I leased my new truck for the first 3 years (10K down to reduce the cap cost) and I will be buying it out after that. The goal is to give rates a few years to see if they improve, if not I guess Ill be stuck with the standard.

I had considered even doing a 10 year loan (something you should never do...) since I usually put 5,000 or less miles on my truck a year. Those rates were still something like 9-10% even with 800+ score.

 

[Dahveed]

Two words: credit union. I just bought out the lease on my 2020 and got a 6.25% rate. Which, sadly, is pretty good right now.

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