Car Loan Rates these days, what is a good rate going into 2021??

[Mark]

Some do, the hedonistic type, some immigrants, the majority, no.

There are Americans who pay cash for their vehicles, too. I don't think your country is unique in that regard.

[foama]

There are Americans who pay cash for their vehicles, too. I don't think your country is unique in that regard.

As said, it must be some sort of a culture thing.
In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it! Exception may be real estate. Hardly anybody here goes into debt just for a car. Sure, a few do, just very few.

[Mark]

As said, it must be some sort of a culture thing.
In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it! Exception may be real estate. Hardly anybody here goes into debt just for a car. Sure, a few do, just very few.

Like I said many people pay cash for their vehicles here, too.

My Dad, brother, & myself couldn't get the best deal on a vehicle paying cash for it.

My Dad (age 83 now) took the financing & paid off his entire SUV on the first payment. He saved thousands of dollars doing this.

My brother was told to wait until the 3rd payment, & he paid off his full size GMC pickup truck in full with his 3rd payment. Likewise, my brother saved several thousands of dollars doing this. He got $3,000 credit card savings for a GM credit card he never used (he had cut it half & threw it away & they still gave him the $3,000 off) on the truck.

I also had to finance my Mirage to get the best deal. I paid mine off over the next year or so. I had the money for it, but I had some other major expenses (both of my daughters got married) that same year.

You make it sound like Germany is different?

Searching online - I have no clue how accurate this is?


In Germany, while customers purchase 50 percent of stock cars through financing, they buy 35 percent via lease-based products and additional services. Mar 1, 2023

What percent of Americans finance a car?
Around 31% of American adults say they're relying on an auto loan to pay for a car in 2022, with a further 14% saying they plan on getting an auto loan in the first half of 2023, according to Finder's Consumer Confidence Index, quarterly survey of consumer attitudes on wealth, debt, savings and more.

[Fummins]

I hate having debt and usually pay cash for stuff when possible. But I find it way easier to pay off a debt quickly than it is to save up for something and pay cash. Once I have a bunch saved up it's hard to part with it.
I don't care how others spend their money. You can't bring it with you. I don't borrow what I can't pay back.

[foama]

Like I said many people pay cash for their vehicles here, too.

My Dad, brother, & myself couldn't get the best deal on a vehicle paying cash for it.

...

You make it sound like Germany is different?

Searching online - I have no clue how accurate this is?

In Germany, while customers purchase 50 percent of stock cars through financing, they buy 35 percent via lease-based products and additional services. Mar 1, 2023

I bought mine cash on the table for €7999.
If I wanted to pay by installments, it would have been at least 10% more costly.

True that one in three cars here are leased. You have to first pay a sizeable fee, then monthly rates. When the lease is over, the returned car is inspected and maybe you have to pay more on top. The leased cars are almost always for industrial clients because the tax system was taylored to encourage that. In the end more new cars are bought because of this, and thats what counts for the goverment. Privately leased cars are unusual here.

[defensivetackle99]

Like I said many people pay cash for their vehicles here, too. What percent of Americans finance a car?Â…Around 31% of American adults say they're relying on an auto loan to pay for a car in 2022, with a further 14% saying they plan on getting an auto loan in the first half of 2023, according to Finder's Consumer Confidence Index, quarterly survey of consumer attitudes on wealth, debt, savings and more.

Make sense. I had made a significant down payment as 80% for my G4 and finance the rest. Obviously, I didnÂ’t pay cash in full but absolutely can afford the monthly payment. My bank wouldnÂ’t even give me GAP insurance, unsurprisingly. My situation is rather different and uncommon compared to the majority.

Had I for example done this for the 23Â’ base model Corolla-gasoline-only, the significant down payment get reduced to 60% which isnÂ’t too bad but the monthly payment would be at least DOUBLE. Yeah no thanks. The Corolla is hand down overpriced since the L trim level got discontinued effectively model year 22Â’.

Idk why some folks feel the needs to spend more for the Corolla LE when they didnÂ’t have to? The Versa, Accent, G4 still get the job done and serve the exact same purpose! Must be a cultural problem here.

[Fummins]

Idk why some folks feel the needs to spend more for the Corolla LE when they didnÂ’t have to? The Versa, Accent, G4 still get the job done and serve the exact same purpose! Must be a cultural problem here.

The same could be said for almost anything. Why would anyone buy a house when a tiny apartment should be sufficient? Why buy a big tv, upgrade phone, non-store brand groceries, etc....

[defensivetackle99]

The same could be said for almost anything. Why would anyone buy a house when a tiny apartment should be sufficient? Why buy a big tv, upgrade phone, non-store brand groceries, etc....

True but I was only talking about cars specifically sedan.

[Mark]

The same could be said for almost anything. Why would anyone buy a house when a tiny apartment should be sufficient? Why buy a big tv, upgrade phone, non-store brand groceries, etc....

Well said! We all have different priorities in life.

[defensivetackle99]

Well said! We all have different priorities in life.

Guess I was overthinking this basic concept. Couldn’t help thinking why would a married couple for example wants to live in a triplex home with a yard when they’re not interested in renting it out nor starting a family? I’m specifically baffled about that scenario. I doubt that ever happen anyways.