Auto Loan Rates Doubled?

[GWestphal]

I was just looking at a site and it showed that auto loan rates went from 3-4% to lik 8-9% at the beginning of the year. What's up with that?

 

[gorb]

Try a different bank/website?

I bought a car last month. 1.75% for 60 months.

 

[Capt Caveman]

Huh.

http://www.bankrate.com/finance/auto/rate-roundup.aspx

 

[sactwnguy]

I just bought a used truck at 2.9%, you need to shop around.

 

[dave_the_nerd]

Try a different bank.

Last time I bought a car, I had a offer from my credit union. The dealership's finance guy came over to talk shop, I told him the APR, and he muttered something and shuffled away.

So it varies a lot, and some banks can't or won't match other banks.

 

[Viper GTS]

Car loans are incredibly cheap right now.

PenFed has 0.49 if you go through their car buying service, or 1.49 for anything else (new OR used, no age limits).

Even 2-3% is too much if you have decent credit.

Viper GTS

 

[tfinch2]

Just got 2.9% yesterday for a used car.

 

[iamwiz82]

Car loans are incredibly cheap right now.

PenFed has 0.49 if you go through their car buying service, or 1.49 for anything else (new OR used, no age limits).

Even 2-3% is too much if you have decent credit.

Viper GTS

They also have 1.74% refi for up to 60 months.

 

[gorb]

Car loans are incredibly cheap right now.

PenFed has 0.49 if you go through their car buying service, or 1.49 for anything else (new OR used, no age limits).

Even 2-3% is too much if you have decent credit.

Viper GTS

I should have looked at penfed

 

[Doppel]

I should have looked at penfed

Hot damn son ALWAYS lender. Always.

 

[NutBucket]

Try a different bank.

Last time I bought a car, I had a offer from my credit union. The dealership's finance guy came over to talk shop, I told him the APR, and he muttered something and shuffled away.

So it varies a lot, and some banks can't or won't match other banks.

Definitely this. Always have a rate in your pocket. I always know what my banks/credit unions are offering so I can "talk shop" with the finance guy. Last time around I knew I could get 1.99% for 60 months. Finance guy got me 1.9% for 60 months

 

[gorb]

Hot damn son ALWAYS lender. Always.

I didn't do dealer financing. Went with my bank, USAA.

 

[halik]

Car loans are incredibly cheap right now.

PenFed has 0.49 if you go through their car buying service, or 1.49 for anything else (new OR used, no age limits).

Even 2-3% is too much if you have decent credit.

Viper GTS

This, girlfriend financed her car at 1.49% last month