What kind of finance rates should I expect?

[gt8613]

I plan to loan $10000 while buying my BRZ. My credit score is 691. Never had bad credit. No late payments. No loans of any kind and I have been building my credit for a year now. I have a job and make 20k a year. Its part-time and I have had it for a year. I live with my parents and am a part-time student. I have no bills at all other than creditcard bills from random shopping. I plan to pay the rest of the $15k in cash. Any idea at what kind of finance rate I might be looking at?

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[jetfire]

Who are you financing through? If it's through Subaru, you can probably talk to the finance guy and get them to give you the best rate they're offering (2.9% it looks like) since you're putting quite a bit down.

[Turbowned]

Depends on your location and a number of other factors. If you've only been building credit for a year you will likely need a co-signer, though the sizable down payment certainly helps a lot. If you are approved, don't accept anything less than 5%.

EDIT: don't accept a rate higher than 5%.

[Anthony7515]

with that score prob 4-5% if they approve u i got 1.74% with a 752 score

[ntron1]

Originally Posted by Turbowned

Depends on your location and a number of other factors. If you've only been building credit for a year you will likely need a co-signer, though the sizable down payment certainly helps a lot. If you are approved, don't accept anything less than 5%.

You mean MORE than 5% right?

[Turbowned]

RIGHT! that's what I meant LOL

[Akari]

With that income and lack of previous real loans I would expect 4-5%.

I was able to do 1.9% on mine for the full amount but my income/credit is much more built.

[dehydratedH2O]

If you can, go to a credit union. One where you're established is even better. I financed 90% of the car for 1.69, but I have a 740 and a killer job. I'd guess you'd be in the 3% range if you played your cards right.

[dbrandt01]

I got a 1.84% through Subaru. I'm 22, full time student (GI Bill), part time job. I put roughly $8000 down on it. My credit score was close to yours as well. Though, my father co-signing might have had a huge impact on this.

[SirBrass]

Originally Posted by gt8613

I plan to loan $10000 while buying my BRZ. My credit score is 691. Never had bad credit. No late payments. No loans of any kind and I have been building my credit for a year now. I have a job and make 20k a year. Its part-time and I have had it for a year. I live with my parents and am a part-time student. I have no bills at all other than creditcard bills from random shopping. I plan to pay the rest of the $15k in cash. Any idea at what kind of finance rate I might be looking at?

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With that kind of credit score and job, don't count on great financing from the dealer. Instead, go through your bank (or even better a credit union) for the loan amount and get them to quote you something. As the loan amount will be about 50% of your yearly income, don't expect ANY financial institution to be thrilled with you. So, you'll probably need a co-signer for the loan to get any kind of sane rate. I'd expect something in the 5-6% range b/c of the risk your loan presents.

But coming into the dealer with a $11k loan check and $15k in cash will give you negotiating leverage with the dealer as you already will have your financing sorted out and right in the range of the car, but just a tad low.

[bukit]

I acquired 1.9% from Navy Federal Credit Union. The dealer was able to get me 1.59% from Wells Fargo. A dealer will work hard to get you the best rate since they get a kickback from the bank that secures the loan.

[kALMIGHTY]

Toyota offered me 2.0%.
To put it into perspective, I'm 19, have had my permanent license since 17, no tickets, no accident.
So I'm sure they could do better than that?

Oh, and this was with $0 down, 60 months.

[SirBrass]

Uh, 2.0%? Take it!

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