APR on your FRS/BRZ?
 

I was just wondering, what did you guys get for APR? Multiple dealers told me 3.2%-4.1%. What have you guys gotten? And is it safe to say that should lower in a couple weeks?

You do know this entirely depends on your credit score, right? What I got versus some other person will vary wildly.

Plus, you could have a perfect credit score with very low disposable income, and get a shit rate.

-alex

I am very very aware of that, I was curious of other people's rates if it wasn't too intrusive a question.

I saw someone got like 2.8% or something

Canada sucks our rates are way higher, mines at 5% over 60 and that was the lowest subaru canada offered, frs was 1% cheaper but i am ok with paying more for the scooby.

People got anywhere from 0 to 5%... so how does that help you?

You negotiate the rate based on your risk profile and that is what lenders offer. What I get won't be what you will get.

-alex

My APR is 10.5%, credit is terrible. Dealership didn't care though, because I put half of the cost down in cash.

I got 2.9% and my credit is perfect

Got 1.57% from BOA. They even beat my USAA rate which was 2.1%. The dealer found it for me..........

2.5% for 5 years with no penalty for paying it off early! Blew my mind.

My credit score is great and I got 2.9%. I could have gotten better if I had gone to a credit union, but this rate is perfectly acceptable for a 60mo term imo

True. Anything below 3.0 is a good rate actually for a 60 month loan. I actually thought the 1.57% had a catch, but after reading the loan agreement thoroughly I signed quickly. My entire interest payout over five years is $1,108.00., or about $276.00 per year.

The previous post that referenced how each person's rate will vary depending on credit and disposable income is mostly true. But also a history of paying of car loans always on time or early over 25 years is probably a factor also. This is one of the best rates I have ever gotten, as the cars that manufacturerers have put 0.00% specials on in the past are not usually a car that I am interested in as they are quite often the most generic, boring cars that they make (not always but mostly). But then I don't like generic cars........as I used to call GM. (Generic Motors) but Honda, Toyota, GM, Ford and Chrysler (and some others) have a strong history of making generic cars for the masses.

If you can get a loan on a car that is in high demand and has to be ordered in many cases (not all) under 3.0% then you are getting a good rate based on your length of credit history.

That's kind of my point... we're talking about someone's credit rating (risk) in the context of that person's income and financial health, which has ZERO relevance to what the rest of us are doing.

Much like a house, the bank sees how much you're borrowing versus how much you've put down (down payment signifies a willingness to save towards a goal, something lenders appreciate and take into consideration when underwriting a loan), how much disposable income you have (if you have more than 70% of your income eaten up by rent + your car payment, you're most likely overleveraged and will be at a higher risk of default), etc etc.

I have no idea what the intent of the original question is, considering 1) none of us are lenders, 2) we don't know the credit score, 3) what you pay for financing is entirely dependent on what your lender provides you and what they view you as (low or high risk).

Some banks and credit unions provide better rates if your mortgage or secured line of credit is with them, since they are well aware of your risk profile.

TL;DR - Why are you asking us? Seek a financial professional.

-alex

mine is 3.9% for 6 years with no penalty too

Well, wish me luck!! I'm looking into financing a BRZ today in 4hrs. Looking at getting a premium in M/T. Dealer is asking $26,598.

I got 2.65% for 6 years with no penalty from a credit union.

I would get quotes from some other banks. My dealer offered 3.5% and I had a letter from Bank of America @ 2% and the dealer matched it through Capital One with no pre-payment penalty since I plan on paying the car off in 24 months.

Even my local credit union was higher than BoA. But I also have top tier credit (over 800).

mine is 4.49 w/ no credit and my mom as cosigner with near perfect credit. I will refinance a year or so later as my credit goes up.

2.99 with the wife and I on the loan. Not bad for a used car.

I got 2.9% for 60 months with a local bank.

My last 4 SUV's have all been 0% for 60 and cost twice as much as my BRZ, go figure.

Rates are going up on mortgages, car loans, etc. We have really been spoiled in recent years.

Yeah thanks for the advice!! Well I went and left the dealer in the same car I drove in. Well my credit is at 648, but there was something I didn't have which was no auto loan history. I didn't even ask my mom to co-sign cause I know she has a not so great history.

Their APR was stupid high around 18% :cry: they bumped it up to $31k asked $2500 down and $741 a month (guessing 60months) So I decided what my credit union would say. They said about the same thing as the dealer, but here's what they suggest. I need to be with my current job for 6 months (been only working for 1.5 months) and have a co-signer w/ good auto loan and they quoted me at 7.25%. Or if I wanted to do it by myself, get a loan for a used car between $5k-$10k and have it for a minimum of 6 months.

Suffice to say it was a learning experience. Oh we'll there will always be another car. Now I know what I need to do 2nd time around.

Kudos to you for not buying something that does not make sense. Everyone has to start somewhere. The good news is that a good used Honda, Mazda, Toyota, etc will not depreciate much in a year or so. I the meantime you can build up credit and save more for your FRZ.

Don't know what you are looking for, but Mazda 3's are great used cars. Good gas mileage, still fun to drive, reliable, etc.

i got 1.9

Also got 1.9%

Just tell the dealer you have X% APR arranged elesewhere and ask them to beat it.

Yeah I'm thinking over what used car I want. Has to be manual (need to practice lol) and a fun car. S2K? Lol

S2K is am awesome car, but finding a gently used one will not be cheap and repairs are not cheap. A used Miata would be a great choice. You will have no problem finding lightly used ones and they are a blast to drive.

Hmm, my brother in law has one.

What's your credit score? Dealership doesn't care because they're getting paid. They don't care if you put 0 down or $10k down, as long as they get paid (the larger down payment helps with selling a loan if you have bad credit though). They're probably also getting a kickback on that rate from the lender.

You're ok paying extra just because it's fair enough? If someone were selling the same car across town for $500 less, would you have been like, eh, this process is fair so I'll buy it here anyway?

Well, first I was saving more than $7k buying from Clint at Heuberger. Second, I had my girlfriend co-sign because she has terrible credit/no credit history and I want her to start building a solid credit history. So overall, I don't mind the 1% savings over a 60mo term. I also plan on paying more than my minimum monthly payment so over the course of time, I wont even pay the full 2.9% on the purchase price :popcorn:

Edit: and also, I've paid more for a product because the service is better there over the cheaper place

It's noticeably better now, but at the time it was mid 500's.

Came expecting wings. lol.

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.

I have a Stage II APR tune on my....wait a minute that was my VW GLI. ;)

I think the interest rate on my loan is 2.8%

1.9% through SOA. I showed them the rate I was offered through USAA and they beat it. My credit is in the 780s.

1.59%. I was approved for 100% 1.49% with PenFed (when they had the deal, not sure if it's still on) but since Heuberger got me an excellent deal on the price of the car, I went with them. They also made the process easier as well.

I got 2.9% for 63 month financing, my credit score is in the 700s last time I checked.

2.19% for 72mo through a credit union the dealership goes with. Didn't know my credit was in the 800's:eyebulge: Only have student loan and 2 credit cards.

I was in a similar situation. I had no credit history what so ever. I went into the dealer WITH a co-signer (step dad) who has very good credit, but they were still asking for 17% interest. That wouldn't made the payments around $690 for me. I walked away.

I went and got pre approved at a credit unionion WITH NO co signer and they approved me on the spot for 4%. Being 21 years old with no credit history I thought that was a great deal so I took it. Hence I've been with my job for 2 years though.

My advice would be to wait it out and keep saving. By then you'll be with your job for a longer amount of time, and you'll probably have saved up a good portion for a down payment.


The dealer told me to buy a used car to build my credit. Keep it for a year and make payments on time. But I didn't want any other car except for an FRS. I already had a beater. So you're choice if you want to purchase a used vehicle and go that route. But I decided not to.

Yeah, I was thinking the same about buying a beater, but I already have one lol.

+1 - I also got 1.59% from Hueberger and a sick price on the car itself. You really can't go wrong...