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Thread: Auto Lenders Ramp Up Risk to Win More Customers

  1. #11
    Senior Member Top_Fuel's Avatar
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    Quote Originally Posted by Fummins View Post
    Wow those seem like high interest rates!
    Tier 1 financing rates in the US (a FICO score of something like 720 or above) for new/late model vehicles is still around 3%. If you don't have a decent credit score or you let a dealer arrange your financing, you're going to end up paying more.


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        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 51.3 mpg (US) ... 21.8 km/L ... 4.6 L/100 km ... 61.6 mpg (Imp)


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  3. #12
    Moderator Eggman's Avatar
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    I don't have to worry about any of this. I nursed used clunkers and saved enough money to pay for mine with a personal check. It's one more reason why I appreciate this little car - it is affordable to purchase & affordable to operate.

    I dislike owing anyone anything - this car is mine.

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 50.0 mpg (US) ... 21.2 km/L ... 4.7 L/100 km ... 60.0 mpg (Imp)


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    Quote Originally Posted by Top_Fuel View Post
    Tier 1 financing rates in the US (a FICO score of something like 720 or above) for new/late model vehicles is still around 3%. If you don't have a decent credit score or you let a dealer arrange your financing, you're going to end up paying more.
    3 is more reasonable. I've only heard about a fico score in the states. I've checked my Credit"score from transunion through creditkarma a lot and it's pretty decent. The range is from 300-900.
    I always assumed if you had decent credit you could get a decent interest rate through the dealer. The only people I know personally who financed vehicles that way don't have stellar credit. Used car dealer"credit re-builders" seem to be the worst for interest fees.

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    After a little bit of dumb money handling in my 20's, I've paid off my credit cards every month for the past 15+ years, and continue to live below my means. Did wonders for my credit score (815). I got my Mirage in early 2015. Ended up getting 1.74% for 5 years through the dealer (technically through Capital One). Put $5k down, financed $9k. I think at one time I calculated the finance charge over the whole 5 years was around $400.

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        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 44.1 mpg (US) ... 18.7 km/L ... 5.3 L/100 km ... 52.9 mpg (Imp)


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    Quote Originally Posted by Fummins View Post
    Wow those seem like high interest rates! What are mortgage rates like down there?
    I could easily buy a car with my line of credit(unsecured) that has only 6% interest rate.
    Around my city, mortgage rates really vary by credit score. our mortgage rate for our house is at 5% but I have friends telling me they got their rates at 7-9%. Rates for mortgages are rising, especially if you don't have at least 15% downpayment.

    With the Mirage, I didn't do any down payment. I think the dealer just wanted to get rid of the last 15' model, haha. So, I got a super good deal on it (got it for $8500 out the door, 50 miles on the odo, and a $300 gas card!).

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        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 43.4 mpg (US) ... 18.4 km/L ... 5.4 L/100 km ... 52.1 mpg (Imp)


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    Quote Originally Posted by 2of9 View Post
    Around my city, mortgage rates really vary by credit score. our mortgage rate for our house is at 5% but I have friends telling me they got their rates at 7-9%. Rates for mortgages are rising, especially if you don't have at least 15% downpayment.

    With the Mirage, I didn't do any down payment. I think the dealer just wanted to get rid of the last 15' model, haha. So, I got a super good deal on it (got it for $8500 out the door, 50 miles on the odo, and a $300 gas card!).
    Good deal on your car!
    My mortgage is 3% with 5%down, a friend got his mortgage with a longer term(40 years!) and no downpayment at 8% (roach financing). I just locked in a rate at 3.4 for when I get a bigger place this summer.
    Rates are sure going up, and now(in Canada) you have to pass a stress test to make sure you can still afford your mortgage payments if rates rise considerably.

  10. #17
    Senior Member Cobrajet's Avatar
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    Quote Originally Posted by Fummins View Post
    Good deal on your car!
    My mortgage is 3% with 5%down, a friend got his mortgage with a longer term(40 years!) and no downpayment at 8% (roach financing). I just locked in a rate at 3.4 for when I get a bigger place this summer.
    Rates are sure going up, and now(in Canada) you have to pass a stress test to make sure you can still afford your mortgage payments if rates rise considerably.
    Just re-fi'd my house. I am locked in at 4%, which I am pretty happy with. I don't see rates going down much over the next 30 years!



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