Hello everyone...

I just bought a car (with financing)
I live in canada

I am going for 60 mths financing plan for the payment.
(financing rate is 3.9% now)

But the dealer said that I have to wait until I receive my car to find out the financing rate.
That means it can go down or up.

Is it true?
Is it possible to fix the financing rate?

Delivery date will be around at the end of July/begining of August.
I worried that economy might get better and therefore financing rate would go up too.

Any suggestion/advice?

** Did you guys get the fixed rate on the date of purchasing a car or did you have to wait until your car is ready to be picked up to find out its financing rate?

Many thanks

dreamka

 

Yep that's how it works in US also. At least that's what I was told. I really don't think that rates will change much. Might even come down. It's 1.9 in US, and I think Canada is starting to push GLK's a little harder so I really doubt rates will go up any time soon.

 

Actually Bank of Canada just lowered its overnight rate by 0.25% today, which means prime will be 2.25% starting tomorrow. I really don't see the rate will go up a lot in the next couple of months.

 

I don't see the rate will be up for a while. Bank of Canada just lower the rate to 0.25% and said it will likely remain at that level until the middle of next year.

 

I agree with footmark, I don't see them going up but do see them coming down. I have leased my car and have to wait till July to find out my lease APR as well.

 

LOL our rates go up by 3.9% points 20.1 to 24%... and our cars are taxed to the point of them costing 2 to 3 times what they do over there. Amazing quality of life, wealth creation Canada and the USA. If one can't make it there... well you know the rest.

 

Really appreciated for your replies.

Thanks so much.

p.s my options are as below..
Navi + rear camera, bi-xnon, tow hitch, mud flap, running board, black/black
ipod kit, keyless-go

Should be delivered in late of July or first week of August.
hue~~~~ It's so long time...............

 

Congrats on your purchase... which part of Canada you from?