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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
| Isaiah5417 it is extremely important to get as low an interest rate as possible when financing a vehicle. Financing a car works the same as calculating interest on your bank account. If you do decide to buy a Chevy you are actually better off financing it at 1.9% and putting the money in an interest-bearing account than paying cash all up front! | |
| A low interest rate on your car should be part of the whole deal. On my last car purchase with my Nissan Quest, I set the purchase price: invoice +1% minus the $1500 incentive, minus the blue value/trade-in on my 94 Quest; then, I let them know I was aware of the 5.9% rate Nissan is offering and made the deal contingent upon getting that low rate. | |
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I am going to buy a Toyota 4Runner. The salesman told me that their 6.99% finance rate will end this month(3/31). Is this true? Or is it likely that this rate will continue next month? Thanks, TF |
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| Tao, I can't guarantee this but I doubt that 4Runner interest rates will increase significantly even though Toyota's programs end on March 31st. Most dealers have a large supply of Sport Utility Vehicles on their lots because of the mild winters in many areas. Although it is sometimes true, dealers frequently tell their customers that a program is going to end soon because they want to pressure them into a quick deal. | |
| I have only lived in the US for about a year and don't yet have a credit history here, although I do have one in Canada. How hard would it be to get financing based on my Canadian credit history, or is this even possible? | |
| That is a very good question, Dale. As long as you had good credit in Canada and could proove it I really don't see any reason why you would have a problem getting financing. | |
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I'm looking at a new Chrysler and have read about their "gold key plus" program which is similar to a lease, but you own the car..???? Anyone experienced or knowledgable about the program and its advantages and disadvantages? I would appreciate any wisdom! |
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| Parker, I believe that the Chrysler "Gold Key Plus" program is what is referred to as a "balloon" program. This is actually a type of financing so you do own the car, but people associate it with a lease because of its low monthly payments. Basically a balloon note allows the customer to make much lower monthly payments than normal financing, however at the end of the note the customer must make a large "balloon" payment to pay off the rest of the car. This final payment is usually very high. Depending upon the price of the vehicle it can be well over $10,000. This is not a very popular type of deal because people rarely have the cash to make that large payment at the end of the note. Although I have heard of individuals who get a balloon note on a car and then finance the large payment at the end. I believe that this type of program is much more popular in the South. | |
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Greetings All, I would like to mention that after purchasing my 1998 Toyota Sienna XLE the other day, I applied for financing at the http://www.peoplefirst.com web site. Got 7.25% for 5 years. When you fill out the application (about 5 minutes), they will call you in about 15 minutes to notify you of their answer. You can get a draft check overnight as well. Great staff I talked to and the service was perfect. I got a call to make sure the check got to me overnight and they asked me to call them with any questions. Great financing service!! Scott |
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| I understand that you should have your financing arranged before you go to the dealer. How does this work with leasing? Can you arrange a lease before you go to the dealer if you know what you want? How do you find the residual value of a vehicle? | |
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