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

 

60months 5% ish is preety fair imo

 

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.

 

Lockheed Credit Union is great and offers 2.99% for all those terms on both new and used cars.

 

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

 

Penfed has 2.49%. I refinanced a toyota 6% loan. They also have CC's that you
can "name your
credit limit".

 

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

 

Penfed is offering 1.49 if you apply online. I got offered 1.90 by RBFCU last week for 60 Months.

 

60 months is the norm. Even for a used car. 1.99-2.99 by going through your credit union/bank would be average.

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.

 

i got 1.9% through MBFS

 

I got 1.74% from mbusa. 60 months.

1.99 - .25 for autopay.

 

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

 

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!

 

same here and I keep getting letters from MB offering a 0.9 if I change to the 2012 c63.

 

Too many variables to take into account. I wouldn't really compare.

 

penfed.org

1.99% up to 48 months
2.49% up to 60 months

the setup was SUPER EASY and got the check within 3 days

 

Really? I haven't received any such offers from MB. Interesting.

 

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.

 

0%. If you can't pay cash for a depreciating asset, don't. You asked, so I gave my stinky opinion.

 

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

 

Another vote for PenFed. If you're going to buy a C63, your rate will likely be 2.49% for up to 60 months.