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

[dspace9]

I want to get a few quotes, including the car loans department at my bank. I go to one of the major banks for sure. But my own bank with all my stuff, has twice the rate as the line of credit through another big bank that happens to be my Mitsu's loan, so my Mirage got me the fancy credit card after 3 high interest ones I got a super low credit line than my own bank. So I don't even take out loans from my bank anymore at all. I shop around but I feel good credit takes taking a loan to get the 900 credit rating.

[Mark]

I want to get a few quotes, including the car loans department at my bank. I go to one of the major banks for sure. But my own bank with all my stuff, has twice the rate as the line of credit through another big bank that happens to be my Mitsu's loan, so my Mirage got me the fancy credit card after 3 high interest ones I got a super low credit line than my own bank. So I don't even take out loans from my bank anymore at all. I shop around but I feel good credit takes taking a loan to get the 900 credit rating.

Knowing your local car loan rate doesn't mean a dealership can't beat it.

I suggest you buy the new 4WD manual Ford Bronco when it's released. After it depreciates a good number of years, you can sell it to me!

Manual 4WD/AWD vehicles are hard to come by these days. I still miss my very practical 1st generation Honda CR-V LX AWD manual. It did things very well without being flashy. It was a bit quirky like a Mirage, & I like that.

[Loren]

If I have a 19.9% interest rate visa, and that's compounded monthly, wouldn't that be like 200% over the cost of the balance from one January to another? Assuming say $1,000 from 0, and holding a 1000% balance for 12 months.

First, don't get a 19.9% Visa. Second, don't carry a balance on a credit car. Ever.

That said...

If you start with a $1,000 balance at 20% interest and paid, say $20/mo on it because they let you make that kind of payment.... Nice, round numbers.

20% APR /12 = 1.66% per month.

Over 12 months

Mo | Pmnt | Interest |Bal
01 | 20.00 | 2.58 | 982.58
02 | 20.00 | 2.54 | 965.12
03 | 20.00 | 2.49 | 947.61
04 | 20.00 | 2.45 | 930.06
05 | 20.00 | 2.40 | 912.47
06 | 20.00 | 2.36 | 894.82
07 | 20.00 | 2.31 | 877.13
08 | 20.00 | 2.27 | 859.40
09 | 20.00 | 2.22 | 841.62
10 | 20.00 | 2.17 | 823.79
11 | 20.00 | 2.13 | 805.92
12 | 20.00 | 2.08 | 788.00

If you made no payment:

Mo | Pmnt | Interest |Bal
01 | 0.00 | 2.58 | 1002.58
02 | 0.00 | 2.59 | 1005.17
03 | 0.00 | 2.60 | 1007.77
04 | 0.00 | 2.60 | 1010.37
05 | 0.00 | 2.61 | 1012.98
06 | 0.00 | 2.62 | 1015.60
07 | 0.00 | 2.62 | 1018.22
08 | 0.00 | 2.63 | 1020.85
09 | 0.00 | 2.64 | 1023.49
10 | 0.00 | 2.64 | 1026.14
11 | 0.00 | 2.65 | 1028.79
12 | 0.00 | 2.66 | 1031.44


Note that final balance after a year is NOT the same as the 20% APR x $1,000. That's what compounding monthly does. The balance goes up a little bit each month, and you're accruing interest on that increased balance EVERY MONTH. If you're paying the balance down appropriately, that works in your favor. The interest you accrue each month would be based on the new LOWER balance each month. (as illustrated in the first example... note that the interest amount decreases each month along with the balance)

[dspace9]

Thanks for the advice. Actually a 2021 Ford Bronco would be a good one to get. I was actually wondering about a 2 door Jeep, but I think they are tipsy?

I don't carry any credit card debt, I used to be somewhat worse with my budgeting.. these days I don't really get out anyways, so this year I just paid everything off and my long-term annoying car loan is very close to being paid off.

So my options are many, I was also thinking used Alfa Romeo SUV with a real Ferrari engine.. I wonder how much a new Bronco would be, or a new Jeep 2 door. The small town dealers have outrageous prices for everything sold on their lot. I like my local Ford dealer however and take my Mirage there now. Their service for my Mirage has been very reasonable, half the cost for an oil change or tire rotation to the Mitsu dealer. Again I bet they want $40k for a base Bronco, not sure. I will look into this. 4WD small van or truck would be great and handy. I like enclosed as opposed to trucks..

[Dodge Aries K]

Mirage or not, people really are just being idiots anymore. I see it the same in my truck, Outlander, or the Mirages. Hell, when I was taking my old Reliant out a few months ago people almost slammed into it twice and that was going on a road where it's 55 MPH...

[dspace9]

Mirage or not, people really are just being idiots anymore. I see it the same in my truck, Outlander, or the Mirages. Hell, when I was taking my old Reliant out a few months ago people almost slammed into it twice and that was going on a road where it's 55 MPH...

For sure. I drive my Mirage proactively, always on the lookout for wacko drivers. And that can mean ANY car out there, doesn't matter the brand, or the car. I'm sure red sports cars does make you want to speed more. I just have had a few annoying road instances in the past few weeks.

Really spoils the fun of driving. Everyone is in a rush.

I have said it before that snow squall visibility doesn't change in a Mirage or a Lambo Urus. Same issue so maybe it is not my Mirage but the weather and the bad drivers everywhere.

I don't want to make bad generalizations but I always feel the driving in the worst in Toronto, and better in Metro Detroit. You see way crazier winter beaters in the States.

[Eggman]

Financing cars makes it Real Tough to build a savings account - don't do it. Instead, keep enjoying your current trouble-free transportation long after it is paid off and laugh at the others who (you think) disparage your choice in transportation while you bank all the money you aren't spending on the loan or on gas.

If they don't care for your car, why should you care about them? It sounds silly. It seems the only problem you are trying to fix is a perception. That's an expensive solution, isn't it?

I was actually wondering about a 2 door Jeep, but I think they are tipsy?

Jeep Wranglers have come a long way since the days of the CJs. They are longer and wider, and their suspension has improved to address the stability problem. They are built for all-terrain, but the vast majority never see dirt. If you never intend to go off-roading (or don't currently have the need), why pay the premium for that capability?

[Cobrajet]

I am going to wait on the Bronco. Ford announced they ARE going to offer the Sasquatch Package with the manual transmission because enough people wailed, but it probably won't be until Fall 2021.

[Fummins]

[QUOTE=Egg

Yup.

[dspace9]

If they don't care for your car, why should you care about them? It sounds silly. It seems the only problem you are trying to fix is a perception. That's an expensive solution, isn't it?

I had some dummy playing chicken with me the other day.