What is a good finance rate for a 2010 prius V with $6000 down

I'm paying 1.9% for 36mo.

 

I don't think that's a terribly odd question to ask. My salesman asked me what my bank offered, presumably to know if Toyota's 3.9% financing would be competitive (which it was). I highly recommend that you check with your bank and maybe take a look at bankrate.com to see what the current average is. That web site also has calculators to help you figure out what your payments will be for a given loan period, down payment and interest rate. Ultimately, this is probably what most interests you. The rate you get (just like any other loan) may be subject to things like your credit rating, current debt load, debt to income ratio etc.

Say, are you from Floral Park, NY? I used to live there when I was a kid. I loved that place.

 

Every time I have bought a new car in the past (on non-cash deals) we always ultimately come around to comparing my bank's rate versus what they are are offering. While the deal is still far from being sealed, I don't necessarily think the dealer is trying to be shady or pull a fast one. I do think that they are really trying to work with you on getting the car sold in the first place. In fact on every car I have ended up financing, I have ultimately ended going with my credit union instead of their bank except once when they were offering 0%.

If anything if they see the deal falling apart, they might try to swing you on getting a different Toyota, like the other eleven models that are getting zero APR for up to 60 months.

 

Perhaps this is your first new car purchase? And IS this a new car ... being purchased from a Toyota dealership?

I'm with richard13 on this one in almost every regard.

I've purchased 6 new cars since ... well ... never mind since when ... but as I recall, every purchase involved being asked a question of the sort you mention above.

There are many variables, as richard13 mentioned, but the fact that you're putting approximately 20%-or-more down should really help you in the matter.

Coincidentally, I just NOW received a flier from the dealership that sold us our 2008 Prius. They are currently offering 0% apr for up to 60 months on many models -- a point BlizzardJ made mention of above ... of which the Prius is NOT one -- as well as 2.9% apr on certified used models.

I would think that, with a 20%-or-more down payment, anything HIGHER than 3.9% over 36 to 48 months would be something of a rip-off ... especially in light of all the negative publicity we've heard of late!

Lastly: are you trading in another car along with your down payment / is its value included in the $6000 down you mentioned?

If you are / if it is and IF it's a Toyota, the dealership I just heard from is ALSO including "Two Year Complimentary Maintenance With Purchase Of ANY New Toyota" for current Toyota owners. Even if you are NOT trading in a Toyota, you might mention that some dealerships are offering this, and then ask if you could get a similar "maintenance included" deal.

 

A typical amateur negotiating tactic by the dealer. I'm sure some people are ignorant enough to tell them.

Regarding the interest rate, it will be affected by the loan term (which you haven't mentioned). In addition to checking with your bank or credit union, also search the web. I remember last summer some folks here getting attractive financing from a credit union for federal employees (which you could join for something like a $50 fee if you weren't a federal employee).

Here's what Toyota is offering on their site:
2010 Toyota Prius
A special offer from your participating Toyota dealer.

• $750 cash back!
• or 1.9% APR for 36 months!
• or 2.9% APR for 48 months!
• or 3.9% APR for 60 months!

Offer Ends 4/5/2010

 

Drat, I got a 60-month term for 4.05% (with a great credit rating). I should've researched a little further.

 

The offer has gotten a lot better.
I just got a V with Nav, and paid $600 below invoice, 1.9 % rate and 2 year maintenance for free with no money down!