Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB
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Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB (https://www.ft86club.com/forums/index.php)
-   BRZ First-Gen (2012+) -- General Topics (https://www.ft86club.com/forums/forumdisplay.php?f=23)
-   -   APR on your FRS/BRZ? (https://www.ft86club.com/forums/showthread.php?t=41459)

iceman666 09-06-2013 08:42 PM
With respect to a mortgage, I don not have one. Home is fully paid for. The decision to pay off loan is a function of minimizing the interest expense. As for those individuals with a mortgage, depending on their respective interest rates they would still be better off repaying the car loan first (assuming its not a home equity loan) as mortgage interest is tax deductible. Auto loans are not.

SP86 09-06-2013 08:59 PM
Through my credit union I got a 2.49 for 72 months. Not bad especially for being 22 and this my first loan.

strat61caster 09-06-2013 09:19 PM
Quote:
Originally Posted by garby (Post 1193849)
So I notice a lot of you guys are paying off your cars right away, even considering the extremely low interest rates. Now assuming most of you have a mortgage, wouldn't you be better off applying all this cash to the principle of your mortgage, which could stand to save you way more money over time?

Sent from my HTC One using Tapatalk 4
I think you overestimate how many of us have mortgages, if you check out the age and profession survey thread most owners are 20-30 in the tech industry, most of us are at the mercy of our jobs and don't have the security (financially and employment wise) to plop down on a house, not to mention student loans and blah blah blah I'm rambling.

For most owners, this car is the largest financial commitment on their plates, barring student loans which most should have under control before car shopping. There's plenty of people who got in over their heads and have to sell:

http://www.ft86club.com/forums/forumdisplay.php?f=69

Zoti 09-06-2013 10:40 PM
I got 1.7 for 60 months as well.

Kids Heart 09-06-2013 11:54 PM
Quote:
Originally Posted by Kids Heart (Post 1190918)
In Atlanta GA with great credit.
Penfed was 1.74 for 60 months, 2.24 for 72.

Dealership
Matched the rate and pushed the first payment out an extra month
I put down $5k and financed 24k and drove home today in a limited manual with this deal. payments look like $350mo x72

Young_makaveli 09-07-2013 12:08 AM
2.99% for 60 months

suaveflooder 09-07-2013 04:50 AM
Quote:
Originally Posted by enwave (Post 1067441)
I put half down and financed the rest despite having more than enough cash to pay it off. This is because I'm 25 and have been making a lot of money for years, and never actually built any real credit. Lived a cash only lifestyle. So I had a zero credit score (no credit references at all), but $50k sitting in a bank account, another large amount in stock, and a very very good yearly salary.

Still, I only got 8.2% because of zero credit references. Decided to do it anyway to build up credit. Will refi after six months down to a really really low rate I assume.

Still, kids, be smart and build credit early if you have money to do so.
What are you trying to build your credit score for after so many years of a "cash only lifestyle?" Just curious as I am doing the opposite. I'm moving to a 100% cash lifestyle.

If you are sitting as you say you are financially, I don't see you needing it for much. At 25, you could probably pay for a house in cash by 40, which is better than the majority of people. That would still leave you 30 years with no payments to stockpile cash, travel and invest.

enwave 09-08-2013 07:25 PM
Quote:
Originally Posted by suaveflooder (Post 1195514)
What are you trying to build your credit score for after so many years of a "cash only lifestyle?" Just curious as I am doing the opposite. I'm moving to a 100% cash lifestyle.

If you are sitting as you say you are financially, I don't see you needing it for much. At 25, you could probably pay for a house in cash by 40, which is better than the majority of people. That would still leave you 30 years with no payments to stockpile cash, travel and invest.
Because the homes I'm looking for aren't exactly in the "cheap" range, so I'll be getting a home loan either way. By building up the credit now, the price of the car (plus some, likely) will pay itself off in saved interest payments by getting a better rate on the home loan.

I don't want to wait until 40 to be comfortable :)

It's a lot easier to "get rich" by being stingy and saving every dollar and getting every economic advantage, even if you don't really need to.

suaveflooder 09-08-2013 08:41 PM
Quote:
Originally Posted by enwave (Post 1198063)
Because the homes I'm looking for aren't exactly in the "cheap" range, so I'll be getting a home loan either way. By building up the credit now, the price of the car (plus some, likely) will pay itself off in saved interest payments by getting a better rate on the home loan.

I don't want to wait until 40 to be comfortable :)

It's a lot easier to "get rich" by being stingy and saving every dollar and getting every economic advantage, even if you don't really need to.
Nice! Sounds like you have a plan!:happy0180:

bensobox 09-09-2013 04:56 PM
We told Subaru that our Credit Union was offering 1.99%. He retreived the rate from our bank, agreed, and sent the rate to their bank to see if they could beat it. They came back with 1.79% for 72 months. Without comparing to our credit union, they only offered 3.75%.

WRXGuy1 09-09-2013 11:44 PM
Quote:
Originally Posted by garby (Post 1193849)
So I notice a lot of you guys are paying off your cars right away, even considering the extremely low interest rates. Now assuming most of you have a mortgage, wouldn't you be better off applying all this cash to the principle of your mortgage, which could stand to save you way more money over time?

Sent from my HTC One using Tapatalk 4
I have a mortgage but adding $20k to it doesn't make any difference other than letting me pay it off early, my monthly payment doesn't go down.

THEWAKLER 09-10-2013 03:13 PM
I got .89% for 36mo. Applying a large down payment and plan on knocking out the principle well before then though.


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