What do you consider to be a fair interest rate?
#1
Senior Member
Thread Starter
Join Date: Jun 2011
Location: San Diego
Posts: 418
Likes: 0
Received 0 Likes
on
0 Posts
C63, C300, 911TT x 3, 911 C2 x 2, 911SC, SL65, SL500, 280SL Plus some trucks
What do you consider to be a fair interest rate?
From experience what do you guys think is a fair interest rate to pay for a used car for the following terms?
12, 24, 36, 48, 60 months?
Jim
12, 24, 36, 48, 60 months?
Jim
#3
MBWorld Fanatic!
The best non-manufacturer rate that I have seen and used is from Bank of America. 3.9% for a used car. 2.9% for a new car. They even offer discounts for balances over 30k.
#4
MBWorld Fanatic!
#5
Senior Member
Thread Starter
Join Date: Jun 2011
Location: San Diego
Posts: 418
Likes: 0
Received 0 Likes
on
0 Posts
C63, C300, 911TT x 3, 911 C2 x 2, 911SC, SL65, SL500, 280SL Plus some trucks
Any difference in independent used car lots where the selling dealer is the financing agency also? Normal type loans, not buy here pay here type places.
Jim
Jim
#7
Senior Member
Thread Starter
Join Date: Jun 2011
Location: San Diego
Posts: 418
Likes: 0
Received 0 Likes
on
0 Posts
C63, C300, 911TT x 3, 911 C2 x 2, 911SC, SL65, SL500, 280SL Plus some trucks
What would you all say is the normal number of months to finance a car between say 2005 and 2008? Are people going 36 or 48 or some other number?
Jim
Jim
Trending Topics
#9
MBWorld Fanatic!
Don't know anything about 12-48 rates but check www.penfed.org they consistently offer around the lowest rates so good point of reference for whatever research you are compiling.
#12
Senior Member
Thread Starter
Join Date: Jun 2011
Location: San Diego
Posts: 418
Likes: 0
Received 0 Likes
on
0 Posts
C63, C300, 911TT x 3, 911 C2 x 2, 911SC, SL65, SL500, 280SL Plus some trucks
I appreciate the feedback from everyone. I bought a lot of cars last weekend and I'm still buying them. I'm in the process of getting a Class B dealership license and selling moderately aged luxury and performance cars.
Basically my wife said I had to quit buying cars because I don't get rid of them and some of the ones I want are just patently ridiculous to own for one reason or another. But she WILL let me buy all the cars I want as long as I flip them. I can get driving a car for a couple of weeks out of my system and move the car on to its next owner.
Frankly, I hate dealing with sales. It sounds idiotic since I make several thousand sales a day. But there it is. It would drive me nuts to get someone up to the point of buying the car and then they walk off, probably never to be seen again, to look for financing.
So, I've decided I might as well spin up a finance company at the same time and finance people on the spot. It seems that 2% for people with a good credit score seems somewhat normal. I guess I will go with that. Thanks for all the feedback.
I might be the person who has gone to the most extreme to satisfy their car hobby lately. I know my wife thinks I'm insane but she's going to humor me as long as I break even and don't keep stuffing cars into our warehouses.
Now I have to find a nice piece of property and hire me some sales people and a finance guy.
Jim
Basically my wife said I had to quit buying cars because I don't get rid of them and some of the ones I want are just patently ridiculous to own for one reason or another. But she WILL let me buy all the cars I want as long as I flip them. I can get driving a car for a couple of weeks out of my system and move the car on to its next owner.
Frankly, I hate dealing with sales. It sounds idiotic since I make several thousand sales a day. But there it is. It would drive me nuts to get someone up to the point of buying the car and then they walk off, probably never to be seen again, to look for financing.
So, I've decided I might as well spin up a finance company at the same time and finance people on the spot. It seems that 2% for people with a good credit score seems somewhat normal. I guess I will go with that. Thanks for all the feedback.
I might be the person who has gone to the most extreme to satisfy their car hobby lately. I know my wife thinks I'm insane but she's going to humor me as long as I break even and don't keep stuffing cars into our warehouses.
Now I have to find a nice piece of property and hire me some sales people and a finance guy.
Jim
#13
MBWorld Fanatic!
Good for you - always been a dream of mine to own a straight-forward, ethical dealership staffed with well-informed, knowledgeable, enthusiastic salespeople & service team. Talk about loving what you do.
Best of luck!
Best of luck!
#14
Super Member
#17
MBWorld Fanatic!
#18
Junior Member
Join Date: Jul 2011
Location: Mountain View, CA
Posts: 30
Likes: 0
Received 0 Likes
on
0 Posts
2009 C63
MBFS had a deal last month for used c63, 0.9%
Check out the credit unions, they'll give you the best deals from my experience. I saw some as low as 1.99% for 60 months or something like that.
Check out the credit unions, they'll give you the best deals from my experience. I saw some as low as 1.99% for 60 months or something like that.
#20
Senior Member
I know a lot of places only finance up to $70k on used cars. I'm looking at a S65 for $85k. Anyone know where I can go to finance that? I used MBFS in the past for my E55. I think PenFed and BOA only goes up to $70k. Any other credits unions I can use? who do you recommend I try. Worse case, I just drop the other $15k on the AMG. Thanks in advance