Auto Financing 101 - and Loans in General

[TORQDSS]

@Nikuk

Depends on the car, the market, the dealer, and the sales/financial rep.

FWIW, I recently helped someone (iffy credit, great income) buy used from a well known used dealer.

He went in with a approval ready to sign, it was for 12.5%, though I told the sale rep it was for 10.5%.
The sales rep glanced at it, told the finance rep to beat 10%
1.5 hrs later they called with ~9.49% (or there abouts).
I lol’d @ him on the phone.
30 mins later it was for ~8.49%.
He went in & signed the next day.

For reference, at the time through the banks direct lending (bank to consumer, no dealer) the loan would’ve been priced @ 10.99%. I checked.

:tup:

it will also be affected if the bank gives the dealer a special rate because they do a large amount of business with the bank. we do a ton of buisness with M&T Bank and they will almost always give us what we want because they don’t want to lose the loans we give them

EDIT: This thread has the best info in it out of all the “Finance you car advice” threads, +1 for Nikuk