What interest rate are you paying?

[CAMARO4LIFE]

Hey I'm just curious what people are paying for a interest rate here in canada, I went to price one out a while back in the summer time and was told about 7.6% for 5 years, so wasn't sure if it went down after or it will stay the same for a while.

[Thrillz]

Originally Posted by CAMARO4LIFE

Hey I'm just curious what people are paying for a interest rate here in canada, I went to price one out a while back in the summer time and was told about 7.6% for 5 years, so wasn't sure if it went down after or it will stay the same for a while.

5.29% over 7 years at TD. Will be paid off in less then 5

[PAUL SS]

4.24 but my credit union is now offering 3.99.

[jacques]

3.99 at credit union

[RefrigerationGuy]

dealer got me 4.99 5years. started at 6.25 but told them I could get below 5% at credit union. they immediately dropped to 4.99. don't forget that dealers want your financing too. they can deal on rate just like they can deal on the price of the car.

[boreas]

Mine was supposed to be 4.99% via a bank (dealer told me upfront he couldn't match that). Fortunalety, a timely tax return got care of the payments!

Phil

[HeavyD]

I have just gone through this process last week and this week. Here is my thread;

http://www.camaro5.com/forums/showthread.php?t=51301

Right off the bat you have to ignore what our brothers are getting in the USA. They have a whole different banking system and it is pretty easy to get rates well below 5 and even 4%. In Canada it is a different story. I found my credit really didn't change what I could get. Even with good credit no bank in Canada will be able to beat what a dealer can get you. I have tried BMO, CIBC, and TD. The best rates I got were all in the high 7% range, 9% from BMO. I got offered 5.25% variable from CIBC. I would stay away from anything variable, with prime being so low, it will only go up and before you know it you are paying 8%+ again. I went to my local dealer and was offered 5.99% for 5 years, 6.99% for 6 years. This is through GMAC. Even with a $20,000 down payment and a credit score over 800 that was the best I could find. I wasn't happy with 5.99 so I kept looking. I basically emailed every dealer around me and simply asked them what was the best finance rate for a 2010 Camaro. I actually go replies from two others with fixed rates of 4.59% for 5 years, 5.29% 6 years and 5.79% 7 years. This was through TD Canada Trust for the dealers only. I took the emails back to my local dealer and my salesman marched into the finance managers office. For what ever reason they still couldn't get their TD rates below 5.74% VARIABLE! But, they did get GMAC to come down to 4.99%! I accepted! (I actually go in later today to do the paper work!)
Good Luck!

[AlSuwaidi]

Random Question:

Are all those interest rates reducing (ie interest on remaining unpaid balance) or fixed/straightline (ie x% on original price of car per year---way more expensive!)??

I'm just wondering cause im getting 4.2% on the second method and I just want to compare to what you are all getting over there.

[HeavyD]

I think, not sure, that the rate is fixed and applied to remaining balance. As the principal is reduced the interest paid per payment goes down and the principal goes up to keep the payment the same

[Phil Oliver]

4.99 % over 5 years with GMAC

[Main]

4.29%, from TD Canada trust through the dealer. The rate has gone up since then. I took the rate to my personal banker at RBC and she matched it and I moved the loan over to RBC..

Hoping to do the same when we take delivery of our other GM car later this month.. '10 SRX.

[CanadianCamaro]

Originally Posted by AlSuwaidi

Random Question:

Are all those interest rates reducing (ie interest on remaining unpaid balance) or fixed/straightline (ie x% on original price of car per year---way more expensive!)??

I'm just wondering cause im getting 4.2% on the second method and I just want to compare to what you are all getting over there.

Depends whether it's financed (i.e. car purchase loan) or leased. Leased is based on an amortization schedule of mixed principle & interest payments over the term - same as a mortgage - the interest is front loaded. This is why the first few payments are nearly 100% interest and very little principle. If it's a loan to purchase the interest rate is applied against the remaining principle balance at regular intervals (daily, weekly, monthly, annually) depending on the terms of the loan agreement and then paid along with principle payments. "Financed" through GMAC or something similar is essentially a mix of the 2. Your total monthly payments stay the same over the term (unless you do a lump-sum payment during the term) but the interest component is calculated more like a car loan. I am not aware of any type of loan instrument that charges the customer interest based on a % x the original price of the car remaining unchanged thru the entire term (if I understand you correctly). This would only apply if you were not making principle repayments. However for obvious reasons lenders (in Canada at least) usually do not provide such term-loans.

My interest rate? Well... I guess it's something between 0% and 2%. That would be opportunity cost of the investment income I'm giving up by having my money locked in the car. Given the current market conditions I would be unable to get a zero-risk, fixed income investment for a 3-5 year term at a rate of much more than 2%.

[CAMARO4LIFE]

Hey thanks for the advice and what you guys are getting. I emailed a couple of dealers so wait and and see if they reply on there rates.

[CAMARO4LIFE]

just got a email from a ottawa dealer here, this is there rate as of now.
3yrs - 5.99%
4yrs - 5.99%
5yrs - 4.59%
6yrs - 5.29%
7yrs - 5.49%