Interest Rates

[Sw0l3n4t0r]

Does anyone think interest rates on cars will go down soon? I want to buy a sky but with interest rates at around 9%, it would cost me like $450 a month to lease a sky plus insurance.... When I got my current car (2003 toyota corolla s) interest rates were 0% and I got payments of $200 a month. If I preorder a sky now I get whatever the rates are when it comes in and start paying for it right? Cause dealer said one woulnd't come in till next year. Anyone think rates will be down by then? I know they've gone up like 4 times already this year...

[Pitcom]

Rates are still good with capital one blank check if you have good credit.
All the banks in my area are about 6%.

[nolates]

try a credit union...i got mine at 5.5%

[StarlightSky]

I think you'd be surprised if you'd look at joining a credit union if you are able to. I am getting my financing at 3.9% with mine. Banks traditionally are the worst for lenders of money to purchase autos.
Imaged 23/06/06
BUILD WEEK! 31JUL06 – 06AUG06
Midnight Blue
Tan Leather Inserts
Tan Top
Manual
LSD
6 Disc Monsoon
Chromed 18 in wheels
Windscreen
Wheel locks
Cold Air Intake

[Sw0l3n4t0r]

wow 6, 5.5 and 3.9? i'll have to check into it maybe the salesman was tryn get me at high rates cause he just picked one dunno which and said ws 9%. He didn't really say what banks were at what rate. Btw anyone know what insurance is for sky? classified under?

[MikeB]

Originally Posted by Sw0l3n4t0r

wow 6, 5.5 and 3.9? i'll have to check into it maybe the salesman was tryn get me at high rates cause he just picked one dunno which and said ws 9%. He didn't really say what banks were at what rate. Btw anyone know what insurance is for sky? classified under?

GMAC is getting 6.9%. 9% seems high. Insurance will be all over the map depending on where you live, driving record, number of cars and on. Best bet is to give your insurance agent a call.

[SkyHighinTX]

The interest rate can depend on a lot of factors including your credit score (FICO), the amount you are financing, the term of the loan, and in the case of GMAC the vehicle model (some models get promotional rates).

Often, a loan pre-approval and interest rate will be guaranteed for up to 30 days. That may vary from lender to lender.

Since the prime rate is steady or rising, I would not expect rates to go down any time soon. That said, if your credit score is decent you should be able to beat 9% pretty easily.

Good Luck!

[todaresqSL2]

Originally Posted by SkyHighinTX

The interest rate can depend on a lot of factors including your credit score (FICO), the amount you are financing, the term of the loan, and in the case of GMAC the vehicle model (some models get promotional rates).

Often, a loan pre-approval and interest rate will be guaranteed for up to 30 days. That may vary from lender to lender.

Since the prime rate is steady or rising, I would not expect rates to go down any time soon. That said, if your credit score is decent you should be able to beat 9% pretty easily.

Good Luck!

Exactly...

The lower the FICO score and the less time requested... the lower the rate.

Dependent on FICO score for the same 72 month period of time at my credit union, one could get between 6 and 10.50%... 6% for excellent *Read over 750 FICO* with direct deposit and 10.50% for a FICO score around 550 - 600 and no direct deposit. If one chose 2 or 3 years... the rate could be 2 percent or so with excellent credit.

Rates advertised are always the lowest possible... doesn't mean that is what one could get.

As insurance is dependant on a lot of personal variables... so are loan rates.

[deluke]

Originally Posted by Pitcom

Rates are still good with capital one blank check if you have good credit.
All the banks in my area are about 6%.

One of the lowest rates I've seen in CT and the best way I ever bought a car.

Walk in and write a check. And when you apply they get back to you in around 5/15 min.The loan rates on the Solstice were very high alot of people have said if you go thru the Dealership and it woill probably be the same with the Sky.

[tolaiz]

Originally Posted by Sw0l3n4t0r

wow 6, 5.5 and 3.9? i'll have to check into it maybe the salesman was tryn get me at high rates cause he just picked one dunno which and said ws 9%. He didn't really say what banks were at what rate. Btw anyone know what insurance is for sky? classified under?

By all means check a credit Union. I got mine to approve my loan months before the car arrived, and they locked in the rate at 3%. When the car didn't come in, all I had to do was call and they extended the time still locking in my 3% int. rate. Good luck!!

Terry

[Iceman]

credit union is the way to go 4.75

[reedred]

4.9% at my credit union.

[Sw0l3n4t0r]

thanx for the suggestions guys I'll check em out once I save up lil money for down payment. Just got a new part time job to work during school which I will earn enough to save up around 3,500 by february for a down payment and will be making enough to afford the monthly payments. Who knows if all goes well I may look into a redline