« previous next »
Pages: [1]   Go Down

Author Topic: Used car financing rates?  (Read 1985 times)

Offline johngenx

  • Car Crazy
  • *****
  • Posts: 33323
  • Carma: +758/-938
  • Gender: Male
    • View Profile
  • Cars: 2009 Toyota Corolla, 2004 Toyota Highlander V-6 4WD, 2001 Subaru Forester, 1994 Mazda Miata
Used car financing rates?
« on: October 28, 2011, 10:25:58 pm »
There are some sales-folks kicking around here, so I'm wondering about financing rates on used cars.  If we pop for a top-end mid-sized SUV, it looks like we're going to have to borrow some dough.

I called our bank, and she quoted me a rate of 3.5% for up to 72 months (!?) on anything of model year 2006 or newer.  That sounds pretty good!

I noticed that lots of captive financing arms have rates like 0%, 0.9%, and so on.  Do they extend that to premium used cars?  Money seems really cheap...
Logged

Offline ArticSteve

  • Car Crazy
  • *****
  • Posts: 27890
  • Carma: +310/-6817
    • View Profile
  • Cars: Hobby Car: 15 Mustang Vert, V6, manual, 3.55 lsd; 2024 MDX Aspec; 2022 F150 TREMOR lifted
Re: Used car financing rates?
« Reply #1 on: October 28, 2011, 10:41:19 pm »
I called our bank, and she quoted me a rate of 3.5% for up to 72 months (!?) on anything of model year 2006 or newer.  That sounds pretty good!

That's excellent.  However, is that fixed or variable?  Me thinks variable, which considering the state of the world, is not much of a risk.

I noticed that lots of captive financing arms have rates like 0%, 0.9%, and so on.  Do they extend that to premium used cars?  Money seems really cheap...

What's premium?  :) 

Logged

Offline bridgecity

  • Car Crazy
  • *****
  • Posts: 6601
  • Carma: +126/-182
  • Gender: Male
    • View Profile
  • Cars: 2022 MDX; 2007 Tundra
Re: Used car financing rates?
« Reply #2 on: October 28, 2011, 10:45:45 pm »
When I bought my truck a year and a half ago, I got 5.9%, and I shopped around.  3.5% is unbelievable, most posted mortgage rates are higher.
Logged
Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction, and skillful execution; it represents the wise choice of many alternatives.

Offline johngenx

  • Car Crazy
  • *****
  • Posts: 33323
  • Carma: +758/-938
  • Gender: Male
    • View Profile
  • Cars: 2009 Toyota Corolla, 2004 Toyota Highlander V-6 4WD, 2001 Subaru Forester, 1994 Mazda Miata
Re: Used car financing rates?
« Reply #3 on: October 28, 2011, 11:21:41 pm »
Quote from: articsteve on October 28, 2011, 10:41:19 pm

What's premium?  :) 



CPO.  All the models we're looking at are CPO vehicles.  The Toyota dealer mentioned favourable rates for CPO cars, but didn't say what they were.

I have to call back for details, as I was discussing investments and asked "by the way, what kinda rate can you give me on a used car..."
Logged

Offline ArticSteve

  • Car Crazy
  • *****
  • Posts: 27890
  • Carma: +310/-6817
    • View Profile
  • Cars: Hobby Car: 15 Mustang Vert, V6, manual, 3.55 lsd; 2024 MDX Aspec; 2022 F150 TREMOR lifted
Re: Used car financing rates?
« Reply #4 on: October 28, 2011, 11:40:34 pm »
Won't be any better than that bank offer.
Logged

Offline tortoise

  • Car Crazy
  • *****
  • Posts: 15098
  • Carma: +236/-453
  • Gender: Male
    • View Profile
Re: Used car financing rates?
« Reply #5 on: October 28, 2011, 11:42:49 pm »
Our bank was offering 5.8% over 5 years and through the dealership we got 5% (variable).
Logged
Only the slow and dim know where they're going in life, and seldom is it worth the trip. - Tom Robbins.

Offline johngenx

  • Car Crazy
  • *****
  • Posts: 33323
  • Carma: +758/-938
  • Gender: Male
    • View Profile
  • Cars: 2009 Toyota Corolla, 2004 Toyota Highlander V-6 4WD, 2001 Subaru Forester, 1994 Mazda Miata
Re: Used car financing rates?
« Reply #6 on: October 29, 2011, 12:14:50 am »
Toyota's web site says 1.9% on CPO used cars, but I haven't read the fine print.  Subaru has 0.9% on their new cars, I wonder if they (since they have some Toyota DNA) have the same kinda thing?  If we borrow money, I want to pay the least amount of interest possible.

As for which bank, we have CIBC, through their Private Banking ("Private Wealth Management") service, and we usually get awesome rates for loans (the mortgage on our investment real estate is really, really low) and waiving of all fees, etc.

The best part is the special debit card that freaks the tellers out if you happen to use counter services...    ;D
Logged

Offline ArticSteve

  • Car Crazy
  • *****
  • Posts: 27890
  • Carma: +310/-6817
    • View Profile
  • Cars: Hobby Car: 15 Mustang Vert, V6, manual, 3.55 lsd; 2024 MDX Aspec; 2022 F150 TREMOR lifted
Re: Used car financing rates?
« Reply #7 on: October 29, 2011, 12:55:19 am »
Toyota's web site says 1.9% on CPO used cars, but I haven't read the fine print

Base units/24 mths.
Logged

Offline sailor723

  • Car Crazy
  • *****
  • Posts: 15657
  • Carma: +417/-1000
  • Gender: Male
    • View Profile
  • Cars: '17 BMW X5 Xdrive35i, '11 BMW 328iXdrive,
Re: Used car financing rates?
« Reply #8 on: October 29, 2011, 05:47:34 am »
Benz was offering 1.25% on CPO'd when we were looking. How about a late model ML Bluetec ?  ;)
Logged
Old Jag convertible...one itch I won't have to scratch again.

Offline Ex-airbalancer

  • Car Crazy
  • *****
  • Posts: 40151
  • Carma: +729/-1584
  • Gender: Male
    • View Profile
  • Cars: 2011 Silverado 1500 LTZ ext ended cab , 2013 Lexus RX-350 F Sport
Re: Used car financing rates?
« Reply #9 on: October 29, 2011, 08:07:12 am »
Quote from: johngenx on October 29, 2011, 12:14:50 am
Toyota's web site says 1.9% on CPO used cars, but I haven't read the fine print.  Subaru has 0.9% on their new cars, I wonder if they (since they have some Toyota DNA) have the same kinda thing?  If we borrow money, I want to pay the least amount of interest possible.

As for which bank, we have CIBC, through their Private Banking ("Private Wealth Management") service, and we usually get awesome rates for loans (the mortgage on our investment real estate is really, really low) and waiving of all fees, etc.

The best part is the special debit card that freaks the tellers out if you happen to use counter services...    ;D
the Is a great rate, cibc could not come close to 3% when I got a new truck

private banking service, so you are part of the 1% of the wealth people ;D

I am going to have  a talk with the cibc,  we also bank with them,

is there a link to PBS?

Logged

Offline johngenx

  • Car Crazy
  • *****
  • Posts: 33323
  • Carma: +758/-938
  • Gender: Male
    • View Profile
  • Cars: 2009 Toyota Corolla, 2004 Toyota Highlander V-6 4WD, 2001 Subaru Forester, 1994 Mazda Miata
Re: Used car financing rates?
« Reply #10 on: October 29, 2011, 12:40:38 pm »
Quote from: airbalancer on October 29, 2011, 08:07:12 am

private banking service, so you are part of the 1% of the wealth people ;D


Maybe!!  OMG, I wonder if protestors are heading my way...    ;D

The service has some sort of minimum portfolio invested with the bank.  Years ago we consolidated our banking with CIBC and it took us over the threshold.  I don't know the dollar amounts.  The name of the service is "Private Wealth Management" which is part of their "Private Banking" services.

All the banks have similar kiss-arse services for varying levels of invested assets with the bank.  Typically you have a "one point of contact" person that takes care of you, waived service charges, and special investment and borrowing rates.
Logged

Offline tpl

  • Car Crazy
  • *****
  • Posts: 23909
  • Carma: +298/-675
  • Gender: Male
    • View Profile
  • Cars: 2022 Taos
Re: Used car financing rates?
« Reply #11 on: October 29, 2011, 01:53:16 pm »
Well it has come out at last.
This teaching job is just a cover story.
Private banking, living in a suspiciously rich area...well now we know. You are one of the 1%. Probably have a signed copy of Atlas Shrugged.   Mark Carney  comes to you for advice. The Corolla is a disguised M-B.

Good for you!


Logged
The most radical revolutionary will become a conservative the day after the revolution.

Offline johngenx

  • Car Crazy
  • *****
  • Posts: 33323
  • Carma: +758/-938
  • Gender: Male
    • View Profile
  • Cars: 2009 Toyota Corolla, 2004 Toyota Highlander V-6 4WD, 2001 Subaru Forester, 1994 Mazda Miata
Re: Used car financing rates?
« Reply #12 on: October 29, 2011, 02:21:15 pm »
LOL!!

I'm surprised that when I became a teacher the bank didn't yank our services (I bet based on our present income they would!) and the neighbours run us out.  Pitchforks, torches, etc...
Logged

Offline 5 Wheel Drive

  • Car Crazy
  • *****
  • Posts: 3474
  • Carma: +88/-20
  • Gender: Male
    • View Profile
  • Cars: My Mazda fleet: 2014 CX9 GS, 2013 Mazda 3 GX, 1997 Miata
Re: Used car financing rates?
« Reply #13 on: October 31, 2011, 10:21:18 am »
Quote from: johngenx on October 29, 2011, 12:14:50 am
Toyota's web site says 1.9% on CPO used cars, but I haven't read the fine print.  Subaru has 0.9% on their new cars, I wonder if they (since they have some Toyota DNA) have the same kinda thing?  If we borrow money, I want to pay the least amount of interest possible.

As for which bank, we have CIBC, through their Private Banking ("Private Wealth Management") service, and we usually get awesome rates for loans (the mortgage on our investment real estate is really, really low) and waiving of all fees, etc.

The best part is the special debit card that freaks the tellers out if you happen to use counter services...    ;D
There is a connection.  The lease for our Forester is actually though Toyota's financing dept.

Having just gone through the used car buying process I was looking at interest rates as well.  My own bank was offering 8.9% on used cars.  Apparently they don't want the business.  I got 4.9 through the financing at Hunt Club Nissan, which was BMO.
Logged
"This is no Playstation, this.  There is no reset button if you get it wrong.  You just go through the pearly gates...on fire!"   -Jeremy Clarkson
Pages: [1]   Go Up
« previous next »