How much did you finance your FR-S for?

[fistpoint]

I mentioned this in another thread, you folks should check your local papers for the current average loan rates in your area and make the banks compete for your business.

Once you have gotten what you believe is the lowest you can find, then you goto Scion/Subaru and get a better one.

And don't fall for the trick they'll play on you by asking what they need to beat, because they'll come back with .1 or .2 better only, and not mention that you actually qualified for the their lowest rate that might have been several full points lower rather than tenths lower.

Use this loan calculator to see how much you can save with each lower APR point:
http://www.bankrate.com/calculators/...alculator.aspx

[rcm47]

Originally Posted by whiteout fr-s

My interest is unbelievable, payments are close to $700. But that's what you get when you've got school loans but own your own business, no financial backing. Oh well, 6 months to a year and I'll refinance.

I know the feeling.

[WithNolock]

I got 2.75 for 60 through my local credit union. I plan paying it off in...well...60 months! No hurry when interest rates are this low.

[75 carrera]

apple stock up 69 % year over year.....foolish not to finance as much as you can at 2 and 3%

[phm14]

100% financed through credit union @ 1.95% for 48 months. At that rate, I can do better things with the money elsewhere.

[TMayes86]

1.9%, 72 MO, through Toyota Financial with the $8000 I got for my trade in, it's dumb not to just go for it.

[benjoke]

Originally Posted by Zgrinch

1.99% penfed. 60 months. Plan to pay off within 12 months.

Got approved also thru Penfed @ 1.99% for 60 months. Thanks to Zgrinch for the advice!

Try to shop around thru local banks and credit union rates before going to the dealer and hope that they may be able to beat the rates you inquired for.

Goodluck!

[russv]

Originally Posted by FloWin

0% 0 month
we pay all our cars cash because we hate car payments

I'm with you! Cash only.

[mines13]

Originally Posted by whiteout fr-s

I was driving a cheap car, have to start somewhere and yes your right 47000 is what it is financed at right now but with steady payments it takes less than a year to finance at a normal rate so I will never pay that much for the car. A car is the easiest way to rebuild credit fast and the fr-s is what I wanted, no sense in wasting money driving some beater when I can kill two birds with one stone.

*gasp*

[phillip]

I paid for my car Randy Moss style.

[ame="http://www.youtube.com/watch?v=07G23zMGa4g"]Straight Cash Homey - YouTube[/ame]

[russv]

Originally Posted by mines13

*gasp*

Double gasp

[Teh_Poop_Shoot]

Originally Posted by whiteout fr-s

My interest is unbelievable, payments are close to $700. But that's what you get when you've got school loans but own your own business, no financial backing. Oh well, 6 months to a year and I'll refinance.

Originally Posted by whiteout fr-s

^72 months, was going to put $5000 down but they gave me the car with 138 miles on it even though I put a deposit on it in February. I knew I was going to have insane interest because I am a business owner, young and have less than favorable credit.

Originally Posted by whiteout fr-s

I was driving a cheap car, have to start somewhere and yes your right 47000 is what it is financed at right now but with steady payments it takes less than a year to finance at a normal rate so I will never pay that much for the car. A car is the easiest way to rebuild credit fast and the fr-s is what I wanted, no sense in wasting money driving some beater when I can kill two birds with one stone.

DoubleYouTeeEff!!!! You Sir have set the record for THE HIGHEST PAID MARK UP (An est. $22000 extra)!!! Why oh why, could I not have been the salesman on this deal?!?!? I know that sounded harsh, I promise you this is not my intention^^^ but rebuilding credit is one thing and being every car salesman's wet dream is another. There are a bazillion other ways to build/rebuild credit without doubling up the price of a car. Not only that, the dealership put 138 miles on it first??? I honestly don't know weather to feel bad for you or tell you to stop drinking the water. I wish you the best of luck...

2013 WRB Limited BRZ - $28,500 OTD 1.79% 60 Months...and I was pissed I had to pay the 1.79...

[DeeezNuuuts83]

Originally Posted by moniz

Less interest paid over time. Your payment stays the same.

Not exactly, it would be less expensive to just get a 48-month loan and pay it off in 48 months than it would be to get a 60-month loan and pay it off in 48 months. If you look at the amortization tables for both options (which you can look at on some iPhone apps) as far as how much interest is charged each month, you'll still get charged more in interest overall, even if paid off early at 48 months.

But admittedly, at 1.9% for a ~$30,000 car (assuming you put $0 down) doesn't amount to a big difference in the scenario we've been discussing (48-months vs. 60-months paid off in 48 months). I think it ended up being a ~$230 difference in the end, if my calculations are correct.

[smallfun]

Just curious, but has anyone considered borrowing from their 401k to finance? I worked out the numbers and total fees to set up and maintain the loan account amount to just under $90 for a 36 month loan of $11k. The interest rate of 4.25% (4.69% apr) works out to be around $750 over the course of the loan, but gets deposited back into the 401k account. In other words, it's like you're paying yourself interest. Aside from reduced earning potential, and assuming you're going to still be working with the same company during the term of the loan, are there any downsides to this?