Best loan rate for 2006 prius

i don't know if that can be proven on an individual basis, really. i mean, they don't just look at the car you're buying but your history and your credit scores and all that.

if you look, you'll find rates as low as 4.99% for a 5 year loan if you've got good credit. that's pretty decent considering you're not buying a car that they're throwing at you to get off the dealer lot :lol:

 

I haven't managed to find anything lower than 5.39% in my searchings...but I haven't given up yet! Any tips where else to look for that 4.99%? I've already scoured Bankrate (Capital 1 is the lowest on there) and am also looking at some local credit unions (they seem to be higher than Cap 1 though) and Costco. I still have about another month, but you can never start searching too early to get locked in at a low rate.

 

The best Costco rate for "Executive" members, term up to 36 mo., is 4.94%. That's also with direct deduction from your bank account. Just got approved Wed. Terms up to 72 mo. are scaled slightly higher. It's through Capitol One.

Oops, forgot. Minimum loan is $7500. You get a "blank check", good for 45 days.

 

i refinanced in october through AAA, though you can do your original finance through them too. they use an associated credit union in florida to do your financing. i haven't had any negative experiences with them so far.

they got me a 5.24% rate, 66 months with plans to pay off in 36 (didn't like that high of a minimum payment) with an 'excellent' credit rating. i don't know how many butts you have to kiss to get the 4.99 if it's still available. :lol:

 

Oooh, thanks Jack! I grabbed one of those Auto Loan brochures last time we were at Costco, looking @ it as I type this...we're Gold Members, unfortunately not Executive. I like the blank check thing Capital 1 does...

Hmmm, Costco is showing today's 'low APRs' starting at 5.15% for New Dealer rates from 30-36 months; 5.40% for 37-60 months...

http://www.capitaloneautofinance.com/Public/Landing/Costco/

I'll keep my feelers out for anything better, and will come back to Capital 1/Costco for approval in the next 1-2 weeks if their rates look to be the best. Luckily, my credit's not a problem, thankfully...I just want to make sure I get the best rate out there and don't miss a potentially great deal.

 

Wow, they jumped .11 just today, then. Wed. that box said "5.04%" (with another .1 off for Executive members.)

Ever see inflation before your very eyes? I watched mortgage rates climb to 13% (excellent credit!) in 1980, at the height of "stagflation". Some states had to invoke ancient "usury laws" (which I had never heard of), which make it a crime to charge over 10%.

 

Wow, I think I'd better get approved & locked in quick, b/c rates have been rising over the last few months for sure. Back when I first checked (when it was too early to apply) in August/Sept, Costco was advertising 'low rates' starting at 3.8%.

My weekend goal will be to find the best rate out there and get situated with that.

 

You may want to look at local area credit unions. For reasons that are beyond me, they seem to have the best regular rates. Mine is offering 5 year auto loans at 4.55% to folks with a credit score of 730 or above, and there are lots of CU's arround offering under 5%.

Just got mine approved this week, and have 60 days to 'invoke' it via autocheck. There's some question as to whether or not I'm locked into this rate if I don't use it in 60 days, or if it will get refreshed at the going rate at the end of January.

Am I correct in my assumtion that there's no point in even asking the Toyota dealership if they can beat it? I know they want not only my money, buy my interest as well - however their adds seem to be indicateing they loan money out at 6.8%, and haggling them down below 4.5% seems unlikey...

-Ken

 

There's never any harm in asking. I asked my dealer, the same day I got Costco-approved, "what's the best rate you can get me---with a top credit score? He said, "just under 6%".

TFS (which, of course, is Toyota-controlled) offers "special financing" about twice a year, more in "bad years". That's when you see all the ads for 1.9% or even 0% financing (short-term, top credit score). Then there are large local credit unions that also offer special rates once or twice a year. Finally, some dealers have long-standing sweetheart deals with one or two local banks, with the latitude to go down to around 1-2%---but, in cases of trade-ins, the "interest" is often really higher by virtue of a lowball trade-in amount (if you accept it).

Then again, when TFS or credit unions offer special lower rates, there are almost always certain "hot" models that are excluded. So the chances of a Prius getting any kind of special financing from anyone are almost nil.

 

When I got my car in September of last year, Toyota Financial Services beat my credit union by 0.3% on a five years loan (4.19% v. 4.49%).

 

Orange county Teacher's Federal Credit Union - 5years 4.9 with good credit. A great place to bank, and several locations near Los Al.

 

You may want to look into the San Diego County Credt Union.
4.75 for 72 months.

 

E-Loan.com: 5.65% for 60-month term. No fees, no down payment, no prepayment penaties.

Capital 1: 5.65% dealer purchase new, 60-month term.

Costco (Capital 1): 5.40% new dealer purchase, 60 month term. Additional .10% off for Executive Members ($55 membership fee to upgrade to Executive).

Wells Fargo: 5.65% w/excellent credit rating, 60-month term.

I'm not elegible for that one either as I don't work as an educational professional...I may be able to sneak in using this:
"Immediate family members of any existing OCTFCU Member (spouse, mother, father, brother, sister, son, daughter, grandparent, grandchild) "
because I think my sister may be a member. But I'm not sure if she is anymore...

Off to scour more rates...

 

RSM Toyota referred me to Kinecta CU where I'm currently getting 4.49% with direct transfer, 60 month term. That is: it will direct transfer from my Kinecta savings account (giving me extra savings from the default 4.75%? rate). I've separately setup an auto-draw from my main account into Kinecta savings monthly.

I'm in OC.

 

Kinecta membership is open to:

Any immediate family or household member of a Kinecta member
Any Select Employer Group (SEG) employee and their immediate family and household members
Any member of the Consumers Cooperative Society of Santa Monica (CCSSM) - requires $10 nonrefundable membership fee to CCSSM. Click here for the Co-op Application

I don't meet their eligibility requirements either. How were you able to join them?

I found Eagle Credit Union (EagleCU.org) where they have a 4.95% rate for a 60-month term. 10% downpayment required for first time buyers. Loan amount up to 25K max. Not sure if I would be considered a first time buyer-probably, because my parents did buy my car ~9 years ago.

Also Auto Club Federal Credit Union (Autoclubfcu.com) has a 3.99% rate for 60-month term for new autos. No info on who is eligible to join. I'm calling them when they open tomorrow, this is the best rate I've seen anywhere. They're in nearby Cerritos.

AAA has a 5.60% rate thru Capital 1 for a 60-month term.

 

Looks like credit unions have some of the best rates out there. 3.99% is the best I've seen yet. Just checked with my credit union they have 4.5% for 60 months and 2.9% for 36 months.

As an aside, credit unions can be good places to get credit cards also, some have no late fees or junk fees of any kind.

 

Outstanding. Can't believe anyone's still under 3%. I'd grab it.

 

Yes, that was what they had posted for Friday. Actually I'm not looking for a loan I just threw it out there for comparison purposes.

 

Still waiting for these guys to open; have another 1/2 hour (they open at 8:30am PST). If I'm eligible to join them, and that 3.99% rate is still available, it's the best I've seen out there...you would think they'd have membership eligibility info on their website like all the other CU's do. Bah! :blink: