Financing rate question?

Apr 21, 2009 | 08:46 PM

Dreamka

Thread Starter

Member

Joined: Feb 2008

Posts: 81

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GLK350-premium pks,Bi-zenons,NAVI,OEM Hitch, Stepboards etc..

Financing rate question?

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

Last edited by Dreamka; Apr 21, 2009 at 09:47 PM.

Apr 21, 2009 | 09:02 PM

NYCGLK

MBWorld Fanatic!

Joined: Jan 2009

Posts: 2,780

Likes: 115

From: Northern NJ

GLK 350 / Porsche 993

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.

Apr 21, 2009 | 09:14 PM

jywu88

Junior Member

Joined: Feb 2009

Posts: 37

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From: Toronto, ON

2010 GLK, Steel Grey, Premium Package

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.

Apr 21, 2009 | 09:37 PM

footmark

Junior Member

Joined: Jan 2009

Posts: 54

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From: Markham, Ontario

2010 GLK350 4Matic, Tenorite grey, Premium package, Bixenon package & Burl walnut wood trim

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.

Apr 21, 2009 | 11:09 PM

Baby G

Super Member

Joined: Feb 2009

Posts: 750

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From: Mississauga, ON

GLK 350

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.

Apr 21, 2009 | 11:17 PM

jamaicakevkev

Member

Joined: Jul 2008

Posts: 88

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From: Kingston Jamaica

2007 Avalanche LT, 2009 C300

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.

Apr 21, 2009 | 11:25 PM

Dreamka

Thread Starter

Member

Joined: Feb 2008

Posts: 81

Likes: 0

GLK350-premium pks,Bi-zenons,NAVI,OEM Hitch, Stepboards etc..

Thanks for your advices

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...............

Last edited by Dreamka; Apr 21, 2009 at 11:28 PM.