What's the interest rate on your car payments? (For the brave, post credit scores)

[TotallyDavis]

I was delighted to find out the mistakes of my youth have slowly been wiped from my credit report.

I went from having 400 or so credit back in 2005 to having a 780 now.

After I screwed up my credit in college, I took the Dave Ramsey approach and vowed to never have another credit card! People said I was crazy, and how would I build credit score, but hah!

I paid off my student loans slowly, and that was good enough to get my mortgage, and now my mortgage and loans are good enough to boost me way up there with no credit cards at all.

So one company has quoted me 60 months at 3.65% or 72 months at 3.99%, but my dealer says he can beat that... so we'll see what the final loan will be.

What about you all?

[TotallyDavis]

LOL, just realized after posting this that the Dave Ramsey approach would not be to take a car loan at all for a new car, but I differ from him here.

I'll have the cash to pay off the loan if I want in the next year, but feel like I can get at least 4% on my money in various other places.

Also, I think there's nothing wrong with buying a brand new car if you plan to drive it for 10 years, and aren't just going to upgrade in a year or two.

And also, at a certain point, you realize that you will one day be old, and the pile of money you've amassed will do nothing but be frittered away by your children.

Or as they say... you're only young once.

[2SSRSinBama]

I got 3.75% on a 2010 on 72 today... instead of pulling the financial elitist move of "paying cash to save money"... I want to enjoy life before i'm 30... so a 6 year loan it is... my credit score is 780 as I was told today

in the long run it may cost me $2000-4000 in "paying interest" but I really don't care, the loan allowed me to drive what I want and not save and be able to buy it outright in 5 years, lol

in 5 years i'll probably be married with a kid, priorities will be MUCH different, I probably have the most buying power right now than I will ever have in my life:

good job
not married
no kids
apartment

[Purdue2011SS]

5.9% for 72 months...i have several credit cards and a ton of school loans

[=Stephens=]

3.75% thru my credit union. My credit score is 820. I have my house loan, thats my only loan, and I use my credit card to pay everything and pay it off every month.

[Purdue2011SS]

Originally Posted by 2SSRSinBama

not married
no kids

never get married or have kids for a long time is my approach

[theoneriggs]

Low 700's here and actually refinanced our challenger thru USAA this past week. Dropped it to 4.25% for 60 months....was at 6.6% for 72 months. As far as the dealer beating those loan quotes....I'd like to see it. I'm not saying they can't, but those are pretty darn low aprs.


ps your credit score being 780 is also whats helping to drive your insurance quotes down. I posted in your other thread as well.

[mike25]

5.3ish on a 710 score ( my credit history is about 3 years old).

[bob vogel]

3.62% for 60.pay off in 48

[OuttacontrolAJ]

I gotcha all beat 2.9 with an 820

[TOMS1SS]

6.0% on a credit score not so hot, consequence of "ditching" the homestead. Probably would have got a better rate with GMAC but I went with my own bank since GMAC was my mortgage holder.

[TotallyDavis]

TheOneriggs, I see. That makes a lot of sense. Old man insurance it is for me then, ha.

For the guy who said he got 2.9%, wow! But was that a 60 month loan.... or a 36 monther?

[GnyaTek]

My credit union offered me 2.49% on 60 month or 3.99% on 72.

Dealer financing gave me 2.74% on 60 month, while refunding the interest difference off the purchase price (about $226) to make me whole.

Planning to discuss the rate difference with the finance arm, or may re-fi it from the credit union.

[bubblyjock]

I did follow the Dave Ramsey plan, no car payments here, title in hand!