Finance interest rate?

[Hockeypilot44]

What interest rate are you guys getting for financing? Website says 3.7 percent. That seems really high given the fact that FED rates are near 0. Assume perfect credit. Should I line up my own financing before showing up? Financing $30,000.

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[Etoimos]

Always secure your own financing before going to the dealership. They will almost always offer to beat what you've got already and they can often give you some extra incentives lowing the cost of the vehicle if you use their financing.

We just bought my wife a new RAM 1500 and had a really low rate from our bank. The dealership beat it by .2% and was able to knock $1k off the price when we went with them. You always have the option to refinance it with your bank if you really don't want to use theirs.

As to what rate is good, that will depend on too many factors for us to really say. My local credit union is advertising 3.99% as the low end on 60 months. USAA says 2.59%.

 

[saintpauljeff]

USAA says 2.59%.

caveat is you need to use their car buying service and setup autopayment.

 

[eaglerugby04]

I got 2.99 back in November at the dealer, but I have a really good credit score. Also put about 22% down. But I agree with the changes to rates in just the last few months I feel like you could do better.

 

[lkeith]

I just bought my Gladiator yesterday. Used Bank of America - 2.49% and financed 100%. Just apply online. Take your approval letter in and the dealer has a direct link to BofA. I was surprised at how easy it was.

 

[NC_Overland]

caveat is you need to use their car buying service and setup autopayment.

That is true, but when I purchased my Canyon I checked USAA and they offered me 2.49%, but had to be a part of their car buying program. Otherwise, it was 2.99. I just mentioned to the finance manager what rate I had and said I'd finance with them if they had a bank that could match it to make it easier. I didn't mention the 2.49 caveat. He said they could do 2.69 with US Bank, so I went with them. Its always good to contact your bank or credit union ahead of time because I knew I had a back up plan and I wasn't really mad about 2.9%, still a decent rate.

I leased my Gladiator, so that's a bit different...

 

[Hockeypilot44]

I just bought my Gladiator yesterday. Used Bank of America - 2.49% and financed 100%. Just apply online. Take your approval letter in and the dealer has a direct link to BofA. I was surprised at how easy it was.

Thanks. This is what I was looking for.

 

[Capt. B]

I would say anything under 3% is a good deal.

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