Buying an 06 Equinox, besides what the dealer can do does anyone know a place that’s usually good on financing? My credit is good so that’s not a problem. Appreciate any help.
Credit Union… I’m at Summit up in Amherst, been a member for a long time, and they’ve always done me good.
Parents?
If it’s new, more than likely GM is going to give you the best rate. If their offer is low rate or some amount off, then start looking for other financing and doing the math to see if a higher rate + cash incentive is better than the lower rate. With excellent credit I’ve always found Capital One Auto Finance to have the best rates, better than the local credit unions.
if its new the manufacturer will give a real cheap rate. Some are 0 percent based on your credit.
If used then credit union, mine is pretty low.
Wait till GM gets another 0% “special” and buy in then, save yourself $600 + a year in finance charges.
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Just don’t apply too many places or you’ll find your rates getting higher. Multiple inquiries into your credit score hurts your credit.
Actually thats not always true, Multiple applications for car loans will show as only one inquiry now on your credit the only catch is you have to do all of them within 30 days for the first one.
Thanks guys, I’ve been checking credit unions but the average rate is still high around 6%, GM offers $3k cash back or 4.9% financing, plus i think they’re having some special for the october storm. I’m going to keep looking around, what kind of rates did you guys get from credit unions?
www.Lendingtree.com
That’s how I got my car. Capital One Auto Finance @ 7% not bad for a used car. They could do better on a new car I’m sure.
Car Price: 22500 (guessing)
Capital One Dealer Purchase New, 60 month: 6.35%
22500-3000 rebate = 19500 financed. 380.17/month. About $3310 in interest over the life of the loan.
Dealer finance, 60 months, 4.9%
22500 - no rebate = 22500 financed. 423.57/month. About 2914 in interest over the life of the loan.
Obviously it varies depending on out the door vehicle price, and cash/trade down, but as you can see sometimes the private financing is the better choice just to get the rebate.
And one more thing, hit them hard on the price of that 06. Christmas is coming (terrible sales time for new cars), 07’s are out, that “new” truck is basically already a year old. They know every day it sits there on the lot it’s value is going down more and more.
I knew that was the case for mortgages, but I have never heard of that being the case for car loans. That would be cool if it is though.