loan rates

[m3reno]

I ended up financing 21,000 @ 5.5 and total interest that will be paid is 4,000 over 5 years. Took advantage of the 1,000 rebate the dealer offered by financing through them, but rates increased since then so refinancing is out for now. Only way to beat them is by making higher payments which I am doing and should have it paid off in 36-39 months vs 60. By doing this will save me about 1,800 in interest by the time it gets paid off. Also be aware that alot of these refinance companies may lower your payment but tag onto your total pay off figure. Always know what your payoff figure is for your vehicle prior to refinancing and ASK what your total payoff figure would be with the new rate.

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[Jeepalady17]

Banks are evil, they truly are.

With an 800+ CS, assuming you aren't swimming in other debt, 6% is just ludicrous.

Like others have mentioned, 3.5-4% is probably more like it.

Got that right.. With my trade on the 2020 unlimited and what I am trying to put away while I wait (which isn't much but I have no other debts) and the way its going having to wait forever on a 2-door Sport S I should be down around 7,000 owing so maybe I can just pay it off... Will wait and see what rates are by then. Thanks all for your input

 

[BuyHold]

Banks are evil, they truly are.

With an 800+ CS, assuming you aren't swimming in other debt, 6% is just ludicrous.

Like others have mentioned, 3.5-4% is probably more like it.

Inflation is around 8%. From a Bank's perspective, any rate less than that is a money give-away. I can't imagine a bank trying to avoid losing money would ever be called evil.

This entire thread is a testament to the reasons that vehicle costs (and real estate values) have increased at such insane rates over last couple of years... rock-bottom interest rates leading people to throw even more money that they don't have at these purchases.

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