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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.


        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 52.2 mpg (US) ... 22.2 km/L ... 4.5 L/100 km ... 62.6 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: 49.6 mpg (US) ... 21.1 km/L ... 4.7 L/100 km ... 59.5 mpg (Imp)


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  5. #13
    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.
    Mirage videos:

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  6. #14
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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.

        __________________________________________

        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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  8. #15
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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!).

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 43.4 mpg (US) ... 18.5 km/L ... 5.4 L/100 km ... 52.2 mpg (Imp)


  9. #16
    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.
    Mirage videos:

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  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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  12. #18
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    So true, most peeps wanna pretend they are rich and buy more than can chew. I did that myself with the Lancer and even if I can afford the the gas prices in socal and insurance did a number on me. 499 payment, plus 455 for gas(driving 110miles/day to work) and about 150 insurance.
    mitsu's in the family

    2024 Mirage SE

    2021 Mirage ES CVT (Sold)
    2021 Outlander Sport 2.0 ES CVT (trade in)
    2018 Mirage G4 1.2 ES CVT (ex wife's car, crashed)
    2017 Mirage G4 1.2 ES CVT Smartphone Link Display Audio (SDA) System(Crashed)
    2015 Lancer SE 2.4 AWC (sold)
    2014 Mirage DE 1.2 Manual and BT (sold)
    2004 Galant DE (mom's sold)
    2000 Mirage DE 1.8 Auto (sold)
    1988 Cordia L Turbo (trade in)

        __________________________________________

        click to view fuel log View my fuel log 2017 Mirage G4 ES CVT 1.2 automatic: 42.0 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.4 mpg (Imp)


  13. #19
    You must have a pretty sweet job to commute that far everyday! I'd be broke if I was that far from work.
    Mirage videos:

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  14. #20
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    Quote Originally Posted by Fummins View Post
    You must have a pretty sweet job to commute that far everyday! I'd be broke if I was that far from work.
    Yes and no. The work is ok, is for the school district. Get paid below national average, but I get free medical for me and family, plus paid holidays and some great vacation time! The reason I commute so far, is the rent in socal is awfully high. Around my work, it would be 1500 for 1 bedroom, while where I am its 1250 for 3 bedrooms and included all utilities.


    mitsu's in the family

    2024 Mirage SE

    2021 Mirage ES CVT (Sold)
    2021 Outlander Sport 2.0 ES CVT (trade in)
    2018 Mirage G4 1.2 ES CVT (ex wife's car, crashed)
    2017 Mirage G4 1.2 ES CVT Smartphone Link Display Audio (SDA) System(Crashed)
    2015 Lancer SE 2.4 AWC (sold)
    2014 Mirage DE 1.2 Manual and BT (sold)
    2004 Galant DE (mom's sold)
    2000 Mirage DE 1.8 Auto (sold)
    1988 Cordia L Turbo (trade in)

        __________________________________________

        click to view fuel log View my fuel log 2017 Mirage G4 ES CVT 1.2 automatic: 42.0 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.4 mpg (Imp)


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