Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Ah...that was just like when I brought my first new car. Good credit score, but never purchased a car or house before. Paying off a few thousand in CC debt is a different animal from paying off a $400K loans in the eyes of the bankers. First time I brought a car, they hosed me with the interest rates 8% (high for the time, since 2.5% was average for those with good credit). After you pay off your car, future car/house purchases should give you reasonable rates. My latest mortgage is 2.8% on my 3rd house. (Other people's wives collect shoes, mine collects houses😩.) That's lower than average APR, since I've a great credit history on big purchases (3 cars, 2 houses all paid off).

With your credit score, I'd get a loan from the bank for better rates.
I just saw a 1.9APR off Toyota website. I called them and they said they can do it even with 0 down if I want to!?
They never said this when I went two days ago.
 
This has nothing to do with a mortgage or 2nd car.
You would be in better hands in specific car forums like Edmunds.
There you get all kind of helping info from APR for financing over money factor for leases so you can go into the car dealer ship prepared. You will also get info what the invoice to the dealer looks like. Meaning what they “pay”.
As soon as they sense someone unprepared they will take that person to the cleaner.
 
you can buy a brand new car for 30k. not worth it spending 30k on a used Camry. Get yourself in accord and you will be happy!
 
  • Like
Reactions: myscrnnm
I went again today and I got a camry/SE that I will pickup on Monday with the 1.9APR/$0 down/36m. My total was $32.900 with everything.

Thank You All!
 

Attachments

  • 36cba620f91dd47c174898ff8f8664a3.png
    36cba620f91dd47c174898ff8f8664a3.png
    72.6 KB · Views: 67
Personally I always pay cash for my cars. I very nearly financed my last car, but in the end paid cash.
Unlike a house that goes up in value, a car loan is for an asset that depreciates.
Leasing is even more of a mugs game, but very popular these days.
 
Congratulations on getting the new car. Well deserved.

Off-topic question! Is this a good time to sell an old car right now? Do you guys think prices of old cars will come down in the near future or they will remain high and the value of it will be worth more?
Depends on the car. In the UK as we move towards no more new Petrol or Diesel engines in 2030 I think the older ICE vehicles will lose a lot of value. Especially as the government is likely to tax the hell out of them.
If it’s a classic Porsche or Ferrari then things are different of course!
 
Egads! Based on the data it looks like APR is 14-15%.😲 Ouch!😓 Looks like you'll be paying an extra $11-$13K when it's all said and done.
I bought a 2022 hybrid Accord EX-L in December and got 1.9% financing with fair credit.
 
I bought a 2022 hybrid Accord EX-L in December and got 1.9% financing with fair credit.
Now that I think back to when I brought my first new car, the sales managers were playing me for the noob I was. They were probably blowing smoke up my tailpipe with all that talk about how my credit rating (700 at the time) didn't mean much because it was from CC payment only. They saw a mark and took advantage.😒
Usually I'm hesitant to haggle too much when car buying, because I believe in fair price. I didn't know the games they played back then. Now I let the Missus do the haggling. She's tenacious--mad dog tenacious. The first car we brought together was a used Highlander (2006 CPO) in 2007. They listed the price at $30K. She haggled them down to $20K to which I was thinking, "Come on, honey. Gotta let them live." I see now they got their profit (7% APR☹️). I paid it off in 3 payments to stick it to 'em for the lousy APR. My credit was 820 at the time (higher than a Hippie on the 3rd day of Woodstock, y'all). Shoulda been 0% APR, but the Missus gutted 'em.😝
 
You guys all must check your credit score a lot. I’ve never looked at mine. Never seen the need.
I used to only know what it was when I would apply for a loan and they would show me the report. Now, I look at it every month or two; my bank shows me what one of the reporting bureau's number is on a monthly basis. I understand it is a good idea to check in on it from time to time to make sure accounts aren't being opened in your name. I'll admit that just seeing my score doesn't show that level of detail, but if criminals are opening accounts in my name, at least they are paying off the balance each month. :)
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.