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

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    Senior Member dspace9's Avatar
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    Car Loan Rates these days, what is a good rate going into 2021??

    Hi Mirage Forum folks,

    I've had my Mirage almost 7 years now, and I have thought maybe it's time for a change with my car. My friend at work says my car is Tokyo drift and fun since he was in it 7 years ago once. Anyway.. considering a new car and keeping my Mirage for future upgrades.. and even though I still have warranty left I think my 10 year plan might be over. People just don't show any respect for small cars, so I am done with them maybe.

    On one of the threads the other day people got talking about mortgage rates, and car loan rates. I know people can get sucked into a real financial mess with shoddy house reno with they see a pretty For Sale sign.. where the house looks good but the bones are rotten in the house. Fake electrical, shifty roof with 8 layers. These sorts of scenarios and there are more. Same with used cars, lots of money pit junkers out there in the used car market. My 2014 Mirage is a good used car, however has a few parking lot dents and duct tape on the car mat and my car is a manual so that make it harder to sell maybe.

    I have a 2.99% 84 month loan on my 2014 Mirage, and I am at month 80 now so I wonder what a good car loan rate is these days, if things have gone up or down in the market place. I suppose every country is different, I would like to live in a country with no insurance but I dont. I am born and raised in Canada. I'm sure, and just assume, that our insurance rates in Canada are altogether through the roof expensive....

    *2.99% loan on my 2014 Mirage works out to like $1,495 on top of my Mirage's full car loan. So seemed cheap compared to keeping my old Ford on the road. Now I wonder the same about my Mirage, however seems 100% good, mint shape and reliable car. Just people don't seem to see my car. Maybe a Mirage is a summer car more than a winter car.


    Last edited by dspace9; 12-04-2020 at 01:34 AM.

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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)


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    Upgrade your Mirage with these and everyone will see you!

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        click to view fuel log View my fuel log 2015 Mirage ES 1.2 automatic: 40.5 mpg (US) ... 17.2 km/L ... 5.8 L/100 km ... 48.6 mpg (Imp)


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    Senior Member dspace9's Avatar
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    I love my Mirage. Seems like people are always tailing me or driving into my lane or staring at my car. Even old grannies are acting domineering so I'm sick of the Mirage as much as I love my Mirage. If I lived in France or somewhere else with lots of cool small cars, this would not be a problem. But caution to people if they aren't use to the small car thing plowing little cars seems to be a thing in this world maybe it's the coronavirus made people all agressive. Not all of course, but it only takes one idiot so I am thinking Subaru Impreza wagon with no eyeSight and a manual.

    I plan on keeping my Mirage and not even trading it in so I can do some upgrades down the road.

        __________________________________________

        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)


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    Quote Originally Posted by dspace9 View Post
    Hi Mirage Forum folks,

    I've had my Mirage almost 7 years now, and I have thought maybe it's time for a change with my car. My friend at work says my car is Tokyo drift and fun since he was in it 7 years ago once. Anyway.. considering a new car and keeping my Mirage for future upgrades.. and even though I still have warranty left I think my 10 year plan might be over. People just don't show any respect for small cars, so I am done with them maybe.

    On one of the threads the other day people got talking about mortgage rates, and car loan rates. I know people can get sucked into a real financial mess with shoddy house reno with they see a pretty For Sale sign.. where the house looks good but the bones are rotten in the house. Fake electrical, shifty roof with 8 layers. These sorts of scenarios and there are more. Same with used cars, lots of money pit junkers out there in the used car market. My 2014 Mirage is a good used car, however has a few parking lot dents and duct tape on the car mat and my car is a manual so that make it harder to sell maybe.

    I have a 2.99% 84 month loan on my 2014 Mirage, and I am at month 80 now so I wonder what a good car loan rate is these days, if things have gone up or down in the market place. I suppose every country is different, I would like to live in a country with no insurance but I dont. I am born and raised in Canada. I'm sure, and just assume, that our insurance rates in Canada are altogether through the roof expensive....

    *2.99% loan on my 2014 Mirage works out to like $1,495 on top of my Mirage's full car loan. So seemed cheap compared to keeping my old Ford on the road. Now I wonder the same about my Mirage, however seems 100% good, mint shape and reliable car. Just people don't seem to see my car. Maybe a Mirage is a summer car more than a winter car.
    What is a good rate (car loan) going into 2021?

    If I wanted to know the current rate, I would email the car loan officer at my local credit union. She would give the current rates for a 60 or 72 months car loans. What the credit union may offer me may not be the same as someone else. They are going to run a credit score & set it up from there. Just because so & so get ones rate doesn't mean everyone else would get that rate.

    Prior to shopping for any car (used or new), I would know my current car loan rate that I can obtain independently. I would also know the OTD price of the car I am interested in before visiting the dealership. Some dealership handle this better than others. It's an easy way to see the red flags appear on a deal.

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    Still Plays With Cars Loren's Avatar
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    If you're in with a local credit union, they do usually offer the best rates.

    Here's what I can get locally:
    https://www.achievacu.com/Rates/

    2.75% for 60 months. I could never let myself take a car loan for more than 5 years.

    The other bank I use is Wells Fargo, looks like they're at 3.12%.
    Simplify and add lightness.

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    Senior Member dspace9's Avatar
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    Quote Originally Posted by Mark View Post
    What is a good rate (car loan) going into 2021?

    If I wanted to know the current rate, I would email the car loan officer at my local credit union. She would give the current rates for a 60 or 72 months car loans. What the credit union may offer me may not be the same as someone else. They are going to run a credit score & set it up from there. Just because so & so get ones rate doesn't mean everyone else would get that rate.

    Prior to shopping for any car (used or new), I would know my current car loan rate that I can obtain independently. I would also know the OTD price of the car I am interested in before visiting the dealership. Some dealership handle this better than others. It's an easy way to see the red flags appear on a deal.
    I know the red flags to watch out for for sure. I only know about two Subaru dealers and they both aren't really local. Not that far, either. I'm also wondering about service with the different engines in Subaru's.

    Life would be easier for me if I bought a new Ford of Dodge, but no way except the AWD Challenger, but that's yet another step up from a new Impreza wagon. Used cars dealers have crazy prices, and my credit is great so I could always self-finance. See what they offer. Subaru's new don't come cheap, neither does almost any car these days.

    I can't seem to figure out my interest numbers right, I think it's the compound interest part I'm missing... and that is what gets into the cost of mortgages so much. No point in a fancy house I always say.

        __________________________________________

        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)


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    Senior Member dspace9's Avatar
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    Quote Originally Posted by Loren View Post
    If you're in with a local credit union, they do usually offer the best rates.

    Here's what I can get locally:
    https://www.achievacu.com/Rates/

    2.75% for 60 months. I could never let myself take a car loan for more than 5 years.

    The other bank I use is Wells Fargo, looks like they're at 3.12%.
    Thanks for the info Loren, gives me a ballpark figure there. Subaru online Canada says like 4.99% for 60 months inhouse financing. Seems expensive. I can self-finance for better than that rate.. Oddly one of the perks of getting my Mirage with bad credit is I end the 2.9% 84 month car loan with way better credit. Long term did cost me though, for my measly Mirage. Still my Mirage was fairly inexpensive new, and comparatively, my Mirage ES new then in 2014, was way cheaper than 99% of other cars new.

    Not a showy car that is for sure. That said, I truly believe my Mirage looks way better than all the overwrought, ugly pickups and SUVs I see every day. Even most other cars don't look as sharp as my Mirage does in thunder grey. Still I think it might be time for a second car. Life doesn't come cheap and I wanna feel safer in the winter. As good as my Mirage is. For what it is. I need AC sometimes, and the Mirage is loud.

        __________________________________________

        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)


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    Still Plays With Cars Loren's Avatar
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    Interest is usually APR compounded monthly.

    So, if you're working in a spreadsheet, start a column for your balance, a column for interest, and column for your payment. And you'll add a row for each month.

    The formula for the interest column is the balance x (APR / 12).
    Your payment value will remain the same every month.
    And each month after the initial month, the balance is calculated as previous balance - payment + interest.

    I've found that simple configuration is pretty accurate.

    Or, you could just use an online calculator.
    Simplify and add lightness.

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    Senior Member dspace9's Avatar
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    Quote Originally Posted by Loren View Post
    Interest is usually APR compounded monthly.

    So, if you're working in a spreadsheet, start a column for your balance, a column for interest, and column for your payment. And you'll add a row for each month.

    The formula for the interest column is the balance x (APR / 12).
    Your payment value will remain the same every month.
    And each month after the initial month, the balance is calculated as previous balance - payment + interest.

    I've found that simple configuration is pretty accurate.

    Or, you could just use an online calculator.
    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.

        __________________________________________

        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)


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    Quote Originally Posted by dspace9 View Post
    Thanks for the info Loren, gives me a ballpark figure there. Subaru online Canada says like 4.99% for 60 months inhouse financing. Seems expensive. I can self-finance for better than that rate.. Oddly one of the perks of getting my Mirage with bad credit is I end the 2.9% 84 month car loan with way better credit. Long term did cost me though, for my measly Mirage. Still my Mirage was fairly inexpensive new, and comparatively, my Mirage ES new then in 2014, was way cheaper than 99% of other cars new.

    Not a showy car that is for sure. That said, I truly believe my Mirage looks way better than all the overwrought, ugly pickups and SUVs I see every day. Even most other cars don't look as sharp as my Mirage does in thunder grey. Still I think it might be time for a second car. Life doesn't come cheap and I wanna feel safer in the winter. As good as my Mirage is. For what it is. I need AC sometimes, and the Mirage is loud.
    I knew I could get 2.49%/60 months from my local credit union prior to shopping for a Mirage.

    I financed $10,000 with Ally (4%/60 months) to get another $500 rebate offer at the time.

    3 months later I paid off my Ally loan/refinanced my Mirage as a used car for 2.74%/60 months. It cost me $30 to refinance with my local credit union, & I did it via my computer. I never visited the dealership or the bank to buy my Mirage or refinance. The paperwork for buying my Mirage was done @ my kitchen table when they delivered the car from 4 hour away.

    I think knowing your available rates & OTD price puts you in the driver's seat (literally) when making a deal.


    Last edited by Mark; 12-04-2020 at 03:48 AM.

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