Toronto Area and Intrest Rates

[trm0002]

Originally Posted by Kray

The question at the beginning of the thread was asking what kind of interest anyone else was quoted. I was just mentioning what I was quoted by my dealer, I won't be going through my dealer for financing.
I am able to get 3% through my bank...so that's the way I will be going.

To answer your question, I have 5% locked in through the GEICO credit union (4.75% when I use autopay) as my worst case scenario. If the dealer can beat that with GMAC or local banks or whatever, great, but at least I have my bet hedged.

[TJ91]

So if i go through my bank, i might be able to get a better interest rate? Interesting haha no pun intended lmao. Anways my dealer said 5.9 for 60 or 72, so it better not go up, because after doing the math on cars.com, it turned out to be exactly what i was expecting, so i dont have to change my order, but an increase on interest ratres would definitly hurt

[trm0002]

Originally Posted by TJ91

So if i go through my bank, i might be able to get a better interest rate? Interesting haha no pun intended lmao. Anways my dealer said 5.9 for 60 or 72, so it better not go up, because after doing the math on cars.com, it turned out to be exactly what i was expecting, so i dont have to change my order, but an increase on interest ratres would definitly hurt

Truth is that the dealer will get a better rate from your bank than you will. Key is to "beat" him out of his "kickback" for doing it. Ever tell the finance guy you don't like the rate or the bottom line payment is too much? Of course you have. All of a sudden they come back with a rate that's 1/2% or more lower; guess what? They didn't suddenly find another bank for you. Nothing changed; they just gave up some of their kickback from the bank. I would never sign on the dotted line at the first interest rate they give you; the exception being some highly advertised GMAC year end special financing.

[TJ91]

Originally Posted by trm0002

Truth is that the dealer will get a better rate from your bank than you will. Key is to "beat" him out of his "kickback" for doing it. Ever tell the finance guy you don't like the rate or the bottom line payment is too much? Of course you have. All of a sudden they come back with a rate that's 1/2% or more lower; guess what? They didn't suddenly find another bank for you. Nothing changed; they just gave up some of their kickback from the bank. I would never sign on the dotted line at the first interest rate they give you; the exception being some highly advertised GMAC year end special financing.

Thanks for your advice, that will help me alot, i didnt even know they got a kickback

[BLACK67]

BMO line of credit 3%. Most I have checked are Prime + 1.

[branesti]

thanks guys... u been great i went to a diferent dealer and got a rate of 7%, some "(inhouse financing) ill be doing it biweekly. pending approval... plus for me to go to my bank it would be a mistake but ill try it since i recently changed banks(1month ago) and i dont have much history with em...