Loan rates

2,951 Views | 29 Replies | Last: 2 mo ago by htxag09
Stringfellow Hawke
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Anyone in the market for a loan? I have high credit score and no debt except mortgage getting rates in 7/8 and curious how long this will last.

Any banks that might not be that high?
texrover91
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Community bank, CU, or big bank?

Credit Union - Typically the lowest rates on consumer loans.

Otherwise Capital One or maybe BoA (big national) might have something decent
The Wonderer
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I got 7% for my SUV two weeks ago bought through my company. Look at a credit union for the best rates.
Roger350
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Try Service First Credit Union www.s1cu.org. They had 2.75 for up to 58 months as of 11/1 just before the last FED rate hike. I do not know if they went up with the FED, but they are well below anything else I found. They are in Greenville TX east of DFW, not sure if it matters where you are, but you'd have to open some sort of account to be a member I'm sure.
Stringfellow Hawke
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Thanks for the responses. That 7% rate sucks
Teslag
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Our credit union is still 3.8% for credit scores over 680
Temple Ag
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Well crap. I just got 4.49% for 60 months on a 2018 Mazda with 25% down. I just got screwed!!!
Stat Monitor Repairman
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All this is about to come unglued at some point.

But … people still buying cars.
southernboy1
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Personally no loans at vehicles right now no matter your credit score. Let the rates come down. Don't get jobbed on the credit company. F them mf's. Ride your vehicle out. It's well WORTH it.
EMY92
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I got 0% on my Raptor that I bought in February.
aggiecody06
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What CU is that?
Teslag
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https://www.abileneteachersfcu.org/rates/
TefIon Don
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southernboy1 said:

Personally no loans at vehicles right now no matter your credit score. Let the rates come down. Don't get jobbed on the credit company. F them mf's. Ride your vehicle out. It's well WORTH it.


This was my plan, until my engine caught on fire.
Roger350
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Yeah, at 225k miles my wife's Tahoe needed to be replaced so it can be passed down to our daughter when she turns 16 this spring. Stretched it out as long as we could.
nortex97
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Teslag said:

https://www.abileneteachersfcu.org/rates/
Wait, you didn't pay cash for your teslas?
Teslag
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At the time we bought it the rate was 1.75%. Paying cash with those rates would have been financially irresponsible.
Stringfellow Hawke
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Just found this rate.

https://www.gmcertified.com/shopping-tools/offers?socid=fbcp
nortex97
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Teslag said:

At the time we bought it the rate was 1.75%. Paying cash with those rates would have been financially irresponsible.
What, you weren't making at least 20 percent per year in the stock market until the past 2 years? Next you are going to tell me you aren't fully boosted.
ccolley68
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Roger350 said:

Yeah, at 225k miles my wife's Tahoe needed to be replaced so it can be passed down to our daughter when she turns 16 this spring. Stretched it out as long as we could.


We are in this boat as well. High mileage Tahoe of my wife's we have been trying to limp along to get to where things went back to normal, but low and behold, it now needs another $4-5k dumped into it so I've been at the dealer all day to get her a new one. The rates are absurd these days, though I will say the pricing on the vehicles isn't all that bad. Inventory is still suspect, but if it's there, the price is ok. No negotiating really, but the advertised price didn't blow me away. Upper $60's for new Tahoes with well appointed interiors.

Wish we could have held out a little longer, but it's just not in the cards at this time.
texrover91
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Stringfellow Hawke said:

Just found this rate.

https://www.gmcertified.com/shopping-tools/offers?socid=fbcp


I've been anti-crossover historically but my dad's traverse is insanely torque-y and slowly changing my opinion
Teslag
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nortex97 said:

Teslag said:

At the time we bought it the rate was 1.75%. Paying cash with those rates would have been financially irresponsible.
What, you weren't making at least 20 percent per year in the stock market until the past 2 years? Next you are going to tell me you aren't fully boosted.


No way. But I can damn sure make better than 1.75. And nope, I haven't had a single booster.
LOYAL AG
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Interest rates aren't going back down to where they were the past 15 years. Loans were cheap because investment capital was plentiful but those days are gone. The rate hikes are about inflation but there's more to this run of inflation than just government spending post Covid. Just too many headwinds to think we'll see rates at 2% again anytime soon.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
Stringfellow Hawke
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LOYAL AG said:

Interest rates aren't going back down to where they were the past 15 years. Loans were cheap because investment capital was plentiful but those days are gone. The rate hikes are about inflation but there's more to this run of inflation than just government spending post Covid. Just too many headwinds to think we'll see rates at 2% again anytime soon.


Well damn. I guess I was spoiled by never having an auto loan interest rate above zero. Going to have to be patient and save cash.
LOYAL AG
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Stringfellow Hawke said:

LOYAL AG said:

Interest rates aren't going back down to where they were the past 15 years. Loans were cheap because investment capital was plentiful but those days are gone. The rate hikes are about inflation but there's more to this run of inflation than just government spending post Covid. Just too many headwinds to think we'll see rates at 2% again anytime soon.


Well damn. I guess I was spoiled by never having an auto loan interest rate above zero. Going to have to be patient and save cash.


Yeah there's definitely going to be some adjustment. We're all thinking the same thing on our mortgages. I'm at 2.75% which makes the idea of moving a difficult decision knowing we'll land at 7% give or take.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
Flaith
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https://www.bankrate.com/loans/auto-loans/rates/
htxag09
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Temple Ag said:

Well crap. I just got 4.49% for 60 months on a 2018 Mazda with 25% down. I just got screwed!!!
I mean you can always switch your loan to a credit union if their rate is better. But I'd imagine most the rates below your 4.49% being advertised on here aren't for used cars.
MTTANK
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Teslag said:

nortex97 said:

Teslag said:

At the time we bought it the rate was 1.75%. Paying cash with those rates would have been financially irresponsible.
What, you weren't making at least 20 percent per year in the stock market until the past 2 years? Next you are going to tell me you aren't fully boosted.


No way. But I can damn sure make better than 1.75. And nope, I haven't had a single booster.


GIG 'EM
Stringfellow Hawke
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Update: spoke to dealership finance dept and they say that I have to pick a specific vehicle that I want to buy in order to get a quote on interest rate.

Is this common practice that I ignored because I qualified for zero percent interest?

Or something new?
LOYAL AG
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Stringfellow Hawke said:

Update: spoke to dealership finance dept and they say that I have to pick a specific vehicle that I want to buy in order to get a quote on interest rate.

Is this common practice that I ignored because I qualified for zero percent interest?

Or something new?


I'd guess it's common. The quote is coming from a bank offering to finance a sale and the bank isn't going to respond without a specific transaction to finance.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
htxag09
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And probably even more common now, with higher interest rates. When my wife bought her last car the dealer got quotes from several different banks to get a rate significantly lower than audi financial
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