APR on a 60 month loan for a 2013 2LT RS

[tritus]

I am about to buy a 2013 2LT RS that has 24k miles on it from a dealer for $21.5k including tax doc fees etc. It took a lot time to get the dealer to this price and now we are about to finalize the deal.

They offered me 4.19% apr for 60 months. since they work with lenders instead if in house financing they claim that there is no room for change in the apr. Its my first time buying a car so I do not know if this is true. btw I am 23 and my credit score is around 760 I was expecting a rate around 3% but they told me that my credit history was not long enough.

Any input will be appreciated!

Thanks!

[Camero5]

With a 760 score I would think you could get a better rate than that. From personal experience, the finance dept can usually get better rates than what they tell you. When I picked up my ZL1. They wanted to give me I believe 4.9 and said that was the best they can do although I had 2.34% on my SS and great credit history/score. I went to my credit union where I had my loan and they gave me 1.89%. I walked in basically with a check and guess what the finance manager did. He came back with 1.89% through the exact same bank that they told me wouldn't go lower than 4.9%. They also reduced the loan and 90 days no payment.

When I went from a 2LT to a 2SS I had a high APR rate and I was joking with the GM about trading and he said he could get me the best rate without even looking at my score. Sure enough he came back with 2.99 APR rate.

They definitely have some pull. They make money off this so the higher the APR the more they make.

Check with a credit union. They are always running awesome deals.

[MadOven]

Go see what your bank will offer you. They may be able to give you a better deal or you can play them against one another. Its going to depend on you though. How long you've held your current job? What do you bring in per month? What percentage of your monthly income goes to bills and such? These little things will be whats looked at. Try with you bank and see what they say. 4.19% seems pretty high seeing as they offer 0% every now and then on the Camaro. Got my 2013 2SS at 0% over 4 years.

[TxBandit911]

My credit score was WAY lower than yours, and i landed 4.3%...

[07-SRT]

For being you first car and short credit history I would say that's a good interest rate....
Even if you were able to get a 2.99% interest rate your only going to save about $10.00 a month on 21k financed.

[tritus]

As I mentioned being 23 with a new job is not helping my situation much but I will see what happens they are suppose to call me back tomorrow morning as they said they will check with other lenders. I unfortunately do not have that much time to decide but I know that my bank will do 3% at best and that is only if you have perfect credit and a long credit history.

[oustaz]

21k is a lot for a v6,If I was you, I would either drop couple more $ and get the SS or wait another month when the 6th gen will be revealed, it will break the price and if you in love with the 6th, get one.

[JantzenOKC]

I would suggest a credit union too, my dealer tried to give me a high rate or a low rate with a cosigner.. so I went to Communications Credit Union and they gave me 2.99% with no cosigner. The dealer lenders suck. They love when people finance through them.

[Machinehead]

Definitely go to the dealer with financing in hand, they get a commission from the bank for getting you a higher interest rate. It also makes it easier to negotiate the price of the car.

[Splitter]

I have a garbage credit score, $40k in student loan debts, and miscellaneous other debts, and they gave me a 5.1% w/ a small DP on mine.

I was barely bringing in 1k a month at the time of purchase, too.

I have no idea how I got a loan. Lol.

[tritus]

Thanks for all the responses!

Now I am really confused! So first of all the price off the car is $20k before taxes and fees is that really too much I was pretty sure that It was a good deal. Again it is a 2013 2LT RS with 20k miles.

The day that they announce the 6 gen will these cars loose value that significantly?
When will the 6th gen hit the market?

[Ragnar]

Rates on a used car are typically higher than a brand new one. All you have to do is look a new car with rebates and compare everything. With a car, don't worry about loosing value. Buy a car and keep it a long time.

[baum]

look into a credit union. most of them will finance new and used at the same rate. it may require you to "join" their bank (usually thats just open a savings acct with $5 in it)

with a 760 you should see 2-3% APR. with a credit score like that you have the power to negotiate your rate. If you are financing through the dealer they are still going to get some kickback from a lender. they try and say they dont but they do.

go to a CU get a pre-approval for the total amount minus a down payment if you are doing one. you show that to the dealer with the rate they will either move or they wont. if they wont then go with the CU.

when i purchased mine my CU was at 1.99. they asked if they could beat it would i go with them. i said sure. they got me 1.69 then to piss them off i paid it off before they got their kickback

[RedRaven]

I agree with just about everybody here. Always get loan approval from outside the dealer prior to making a deal. First time for my wife's SUV we went in with a Credit Union check. With my SS I went in pre-approved from my Credit Union at something like 5.3% with a ~650 rating (2.5 years ago). When we went to the finance guy he started shopping the banks. Every time he came up with a lower offer I had the Credit Union on the phone. They matched down to about 3.1%. He came up with one at 2.6% and the Credit Union couldn't match it. Even though I didn't use them this time, they came in handy in getting me the best rate.