APR from dealers

[CAMAROCOP]

I know is subjective to your credit rating, but if yours is good what kind of APRs is everybody getting? If I preorder a car now before March 16, do I lock in an APR now or later when delivered. Is there any chance with 0% APR with the way the economy is? Any help would be appreciated. I plan on going to Cleveland next week to make my final decision about pre-ordering. Thanks guys.

[trm0002]

Originally Posted by CAMAROCOP

I know is subjective to your credit rating, but if yours is good what kind of APRs is everybody getting? If I preorder a car now before March 16, do I lock in an APR now or later when delivered. Is there any chance with 0% APR with the way the economy is? Any help would be appreciated. I plan on going to Cleveland next week to make my final decision about pre-ordering. Thanks guys.

IMO, no. 4.9, 5.9 wouldn't surprise me on 48-60 months but generally 0% is for "last" model year to clear them out. I have 5% pre-approved from my credit union for up to 60 months. If GMAC can beat it, great; if not, oh well.

[DDustiNN]

Originally Posted by trm0002

IMO, no. 4.9, 5.9 wouldn't surprise me on 48-60 months but generally 0% is for "last" model year to clear them out. I have 5% pre-approved from my credit union for up to 60 months. If GMAC can beat it, great; if not, oh well.

how long is a "pre-approval" good for? i'd hate to go too early, and have the credit checks done, then have to do them again at the time of delivery... usually doesn't look good

[trm0002]

Originally Posted by DDustiNN

how long is a "pre-approval" good for? i'd hate to go too early, and have the credit checks done, then have to do them again at the time of delivery... usually doesn't look good

Mine's good for 60 days with the Geico FCU. I have 3 family members that work there so I'm eligible...

[PQ]

Originally Posted by DDustiNN

how long is a "pre-approval" good for? i'd hate to go too early, and have the credit checks done, then have to do them again at the time of delivery... usually doesn't look good

Might not look too bad if you go to the same bank. I'm at 749 on FICO but Experian has me at 729. I have recently redone both of my merchant accounts and counting my previous ones and my auto debit accounts through the bank for drafting client payments AND my wifes Lexus there are 7 credit checks on my record for the past 2 years. One, shouldn't hurt you especialy if you go through the same bank. But take you're time, you can easily wait another month and your car wont be here yet.

[PQ]

Originally Posted by trm0002

Mine's good for 60 days with the Geico FCU. I have 3 family members that work there so I'm eligible...

Lucky sob. I can't get those kind of numbers. Don't know what it is. No credit card debt. No sig. loans. 3 active credit cards with sizeable limits. And only a mortgage. The best I could get with my wifes was 6.9, I don't get it.

We do have 3 late payments posted on our report, all from 2004. Can't get them off.

[trm0002]

Originally Posted by irpq11

Lucky sob. I can't get those kind of numbers. Don't know what it is. No credit card debt. No sig. loans. 3 active credit cards with sizeable limits. And only a mortgage. The best I could get with my wifes was 6.9, I don't get it.

We do have 3 late payments posted on our report, all from 2004. Can't get them off.

You can get anything off (or try to) simply by writing to the companies that put them on. Fortunately I haven't had to but I know people who successfully have. Generally it's much easier to do if you have current accounts with those companies since that time.

In any case, it does seem odd to me too that you can't beat that rate. I got 3.9% no questions asked financing my 04 GTO with GMAC. Best I could do locally was 3.75% with M&T bank but GMAC gave $1500 credit for financing with them. Like I said, I have 5% locked in for the worst case scenario but I'm curious to see what GMAC will do for me having just paid off that loan not 3 months ago. Actually to be fair, it was a Smartbuy with a big balloon payment at the end and I just turned in the car instead.

[Rob53]

My CU is offering 4.25% up to 72 months as of today. I am putting at least 15K down, and I have excellent credit, so I will see what Chevy offers in May when I hope to be picking up my 2SS/RS ABM with white rally stripes/ sunroof/ Man Tran... (ordered 10-20-08), with add ons to be purchased after receiving the car. An added benefit of going thru my CU is that it can be payroll deducted, and instead of monthly payments, its broken down to bi-weekly, which makes the payments lower, and pays off interest faster. So, I'm looking at pretty good picture as it stands, but will go for anything under 4.25 that my dealer may offer.

[TJ91]

My dealer told me that the interest would be 5.9%
Anyone know how to calcuate the interest. My car will be 34 to be financed, possibly lower. but lest just say 34000 at 5.9% for 60 monthes, anyone know how much the interst is on the car and how much it would be for monthly payments?

[josh1147]

For the Military among us, Navy FCU is offering 100% financing (tax, title, tags):

0-36 mo: 3.75%
37-60 mo: 5.25%
61-72 mo: 5.75%
73-84 mo: 6.75%
85-96 mo: 7.25%


Also, for those of you who are part of NAVYFCU or another credit union, you should go to www.lovemycreditunion.com to see if your Credit Union is eligible for the GMS discount!!

Yes, you can get Supplier discount too!

[Rodrunner]

I know my FICO score is high enough I'll get a very good rate, but don't know exactly what it will be. The good thing is, on such a relatively small amount of money, compared to a mortgage, 2 points don't change your monthly payment very much - $30,000 for 60 months @ 5.5% = $573.03; @ 7.5% = $601.14, a difference of only $28.11 a month. Of course over the life of the loan it's a $1686.60 difference, but most people consider the monthly payment the bottom line.

[TJ91]

What would 34 at 5.9 for 60 monthes look like monthly?

[trm0002]

Originally Posted by TJ91

What would 34 at 5.9 for 60 monthes look like monthly?

$655.74

[bigd1276]

Here's a good web page to play around with interest rates/amounts.


http://www.cars.com/go/advice/financ....jsp?mode=full