Best Financing?

[italyfilez]

I got quoted 5.25% from Toyota Financial in July 2005.

Best rates are from Credit Unions (3.25% at Northrop Grumman). If you can somehow become a member (either you work for companies that associate with the credit union or a member of your family has to), I'd recommend it.

[uclabruins]

Any updated rates since the Fed has raised the discount rate to 5%?

[Sarge]

<div class='quotetop'>QUOTE(fshagan @ Jan 2 2006, 06:59 PM) [snapback]183197[/snapback]</div>

Looks like the "good rate" out there from Capitol One or ELoan is about 5.75%.

What kind of rates are you guys getting quoted? My credit score is over 750, so usually I can get whatever good rates that are available. I'm usually "surprised" that the finance guy at the dealer can usually beat the rate by a half a point or so.
[/b]

Seems like Canadian rates are significantly higher, but then what else is new? <_<

Toyota Canada quotes 7.05% (!) on their website for any popular or new vehicle, such as the Prius or 07 Camry.

My bank (TD Canada Trust) tells me 60-month loans are currently going at 6.5%.

I was at a dealer on Saturday, and he tells me the TFS rate is 6.45%.

As bad as that sounds, it seems the best I am going to find.

Any other Canadians with a better experience?

Thanks.

Kevin

[BoosPrius]

<div class='quotetop'>QUOTE(uclabruins @ Apr 23 2006, 10:13 PM) [snapback]244126[/snapback]</div>

Any updated rates since the Fed has raised the discount rate to 5%?
[/b]

I got 5.95% from Capitol One on a 60 month loan that I obtained on March 28, 2006.

Gary
2006 Prius

[richard schumacher]

Save or invest until you have accumulated the price of the car, then pay cash. You'll reduce the cost by several thousands.

[Sarge]

<div class='quotetop'>QUOTE(richard schumacher @ Apr 24 2006, 10:27 AM) [snapback]244227[/snapback]</div>

Save or invest until you have accumulated the price of the car, then pay cash. You'll reduce the cost by several thousands.
[/b]

Sounds great in theory, but unfortunately is not always practical for everyone.

Personally, over two years I have saved up almost 30% of the value of the car while simultaneously pouring money into my current car, but unfortunately with the mileage I do, my current ride won't last me enough time to make it to 100%. As the car ages and repairs increase, there comes a point where it makes more economic sense to dump the old car and take the new car, even if it costs a couple thousand in interest, which otherwise would have gone into repairs anyway.

My game plan is to take advantage of the slow(er) depreciation of a vehicle like this and keep putting aside money once it is paid off, and pay the next car in cash with the trade/sell.

Kevin

[Subversive]

Digital Federal Credit Union in eastern Massachusetts offers those with the best credit 5.70% on a five-year loan and 7.20% on a seven-year loan of up to 120% the value of a new or used vehicle (add .50% without Direct Deposit and electronic payment), plus get $100 cash back on a new or transferred loan over 10K.

That's just $15.19 per thousand per month for seven years on a new Prius! And perhaps you can transfer even transfer some high-interest credit card debt into the low-interest car loan.

http://www.dcu.org/prodserv/r_auto.html

[bsd43]

3.5% for 36 mo, 4 weeks ago, from a local credit union.

Since I'm earning 4.5% on a lowly savings account, why pay cash? Arbitrage on the car loan!

[bagwell]

<div class='quotetop'>QUOTE(BayouBulldog @ Apr 24 2006, 08:25 AM) [snapback]244209[/snapback]</div>

I got 5.95% from Capitol One on a 60 month loan that I obtained on March 28, 2006.

Gary
2006 Prius
[/b]

its up to 6.05% now.

[peteski]

<div class='quotetop'>QUOTE(bagwell @ Apr 24 2006, 12:02 PM) [snapback]244270[/snapback]</div>

its up to 6.05% now.
[/b]

Any new rates around? Got 6.05% from Capital One, called local credit unions and they're MUCh higher. Even called Energy Credit Union in eastern MA, but I'm too far away for them. Should ahve my new Prius in a couple weeks!

Peteski