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

  1. #21
    Senior Member Clessy's Avatar
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    Holy hell. In America thats insanely long rate. I was terrible at selling cars because i'd beg and plead with people to not take loans over 60 months. If you take anything longer than that your car will always be in negative equity. I wont ever be worth more than what you pay for it and by time its paid off it will be worthless.

    Perfect credit buys normally get 0% financing on new cars or 1.79% right now. You have to weigh it out to see which is better. No internets seems like the win but, most of the time they will hold firm on the price. So 0% on a 14k car is probably worse than 1.79% on a 10k flat.

    You also have the age old debt of spend more money in the long run but spend less now. Or doing it in reserve. I do tend to think spending less per month is safer for the average person as it gives you more flexibility of your money.



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    dspace9 (12-04-2020)

  3. #22
    Is it the car
    Last edited by Fummins; 02-14-2021 at 12:03 AM. Reason: Nothing to see here

        __________________________________________

        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)


  4. #23
    Senior Member dspace9's Avatar
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    You always buy cheaper used cars, which is smart if you get bored fast with cars. I drove my Mirage almost 7 years, same goes with my Escort, and my Rabbit I owned 8+ years even though it sat in my old barn.

    Appearances like looking like a dork, well it's a cheap shot. I guess I could put a bat suit on and see if I get more respect that way.
    Last edited by dspace9; 12-04-2020 at 01:24 PM.

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        click to view fuel log View my fuel log 2014 Mirage ES 1.2 manual: 42.2 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.7 mpg (Imp)


  5. #24
    Senior Member dspace9's Avatar
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    Quote Originally Posted by Clessy View Post
    You also have the age old debt of spend more money in the long run but spend less now. Or doing it in reserve. I do tend to think spending less per month is safer for the average person as it gives you more flexibility of your money.
    Long term car payment plans make the monthly cost lower obviously, so there is that appeal. I wouldn't want a long long car loan again if I knew I was gonna buy something else 3 years later. I have had my Mirage almost 7 years, and so it kinda worked out. But yea I get kinda sick of it when it feels like I'm gonna get knocked off the road by some jerk. Maybe I should go back to a bus pass.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage ES 1.2 manual: 42.2 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.7 mpg (Imp)


  6. #25
    Senior Member Clessy's Avatar
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    Quote Originally Posted by dspace9 View Post
    Long term car payment plans make the monthly cost lower obviously, so there is that appeal. I wouldn't want a long long car loan again if I knew I was gonna buy something else 3 years later. I have had my Mirage almost 7 years, and so it kinda worked out. But yea I get kinda sick of it when it feels like I'm gonna get knocked off the road by some jerk. Maybe I should go back to a bus pass.
    Well if for some reason you've got the heated mirrors that offered in canada but not America, send them my way before you ditch the car :P

  7. #26
    Senior Member dspace9's Avatar
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    Quote Originally Posted by Clessy View Post
    Well if for some reason you've got the heated mirrors that offered in canada but not America, send them my way before you ditch the car :P
    I don't have heated mirrors unfortunately. I do like that they fold. My Mirage is the 2014 ES so I don't have Air Conditioning, and I have roll down windows in the back.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage ES 1.2 manual: 42.2 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.7 mpg (Imp)


  8. #27
    Senior Member Clessy's Avatar
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    Quote Originally Posted by dspace9 View Post
    I don't have heated mirrors unfortunately. I do like that they fold. My Mirage is the 2014 ES so I don't have Air Conditioning, and I have roll down windows in the back.
    It's insane how they even offer the car like that but only in Canada. My wifes canadian it gets plenty hot enough to want AC. I dont get it lol

  9. #28
    Senior Member dspace9's Avatar
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    Quote Originally Posted by Clessy View Post
    It's insane how they even offer the car like that but only in Canada. My wifes canadian it gets plenty hot enough to want AC. I dont get it lol
    I can live without AC, the reason I would like AC is the few times a year when I'm on a long freeway drive in the summer, the noise with the windows down can be unbearable. Plus I have lost my hat flying out the window before, and it's hard to deal with paper maps etc, laid bare in the car. AC just makes long haul trips more bearable. The ES steering wheel causes me blisters too.. so cruise would also be a great ad-on.

    I think they sell the no-AC Mirage to draw people into the showroom with the bottom barrel price advertised.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage ES 1.2 manual: 42.2 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.7 mpg (Imp)


  10. #29
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    Quote Originally Posted by dspace9 View Post
    Long term car payment plans make the monthly cost lower obviously, so there is that appeal. I wouldn't want a long long car loan again if I knew I was gonna buy something else 3 years later. I have had my Mirage almost 7 years, and so it kinda worked out. But yea I get kinda sick of it when it feels like I'm gonna get knocked off the road by some jerk. Maybe I should go back to a bus pass.
    Unless the vehicle market changes, I don't see myself buying new vehicles any more.

    I prefer buying vehicles that are few years old with low mileage. The exceptions are vehicles like my Mirage (where I was able to purchase it @ less than 66% window sticker brand new). In the case of 2017 Mirage, buying a low mileage 2014-15 didn't make much sense. The update model was cheaper than some of the use listings at the time. I also limit my searches to manuals, which reduces available cars.

    I bought my 2011 Subaru Forester 2.5X manual in 2013. It had 15,000 miles, & I paid $17,000 for it. It's a bit more than I wanted to pay, but I was without a vehicle. AWD manual choices were limited. I considered a Subaru Crosstrek, but it hadn't been on the market that long. Used ones were lacking & they were more expensive for less vehicle. I received $5,900 for my 13 year old Honda CR-V that was rear ended badly, & I was able to put that towards the purchase without having to make a deal on the trade.

    I felt my 2000 Honda CR-V LX AWD manual was a better deal. I bought it in 2004 with 20,000 miles on it. I paid $12,000 for it. A nurse from Green Bay used it as her winter vehicle. She drove a convertible & motorcycle in the summer. It was well taken care of, & she had just bought a new Ford Escape at the time. My Honda CR-V was my favorite vehicle of all time. I liked most everything about it, except the oil filter location. It still had its original brakes when it was rear ended at 154,000 miles.

    Likewise I feel my 1990 Ford Festiva was a better deal than my current Mirage, but that was 30 years ago. Ford offered a $1000 rebate on a $6,300 car. For $5,300 brand new, it was a great commuter car. I earned two masters degrees using that car (driving back & forth so various universities) over the 14 years of ownership. It doubles as my UTV, too. I don't remember how many deer I hauled out of the woods with that car. I would take that car places that I wouldn't take my Mirage. Thankfully, I own an UTV now!

    I would never sell a good working vehicle like a Mirage. Once they get older, you can drop your insurance to just liability and then it becomes super cheap transportation. If you do buy something else, you can still rack up daily driving miles on the Mirage. That's why I bought one. I don't want to replace my Forester any sooner than necessary. My Mirage does about 90% of my miles. The Subaru comes out when I need my trailer or road conditions are bad. Like today, I may get a load of wood pellets.

  11. #30
    [QUOTE=dspace9
    look like a dork


    Last edited by Fummins; 02-14-2021 at 12:04 AM.

        __________________________________________

        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)


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