New and used car loan rates through the roof (funds, paying, credit)

[turf3]

Oh you poor baby with your 4% loan. I think the one car I ever bought on time in my life, back in 1986, was 12 or 14%.

[ChessieMom]

Originally Posted by Goog Game Well Played

I’m looking for a new truck, used it new and can’t, for the life of me find one that’s worth buying.

Used cars are super expensive with astronomical rates....4%+!!! I got 0% on one of my trucks maybe 5 years back and those are almost non existent now.

Prices of vehicles have increased dramatically as well. Not only do you have to pay a premium for a used car now but rates are insane.


Why are mortgage rates so much lower than car notes! I feel like it never used to be like this.

I think it's hilarious that you think 4% is an astronomical rate.

[Lowexpectations]

Originally Posted by westcoastforme

Wrong again.

I talked them down an extra 2500 after pitting them against another dealer. Had they known i was essentially paying 42000 cash i can pretty much guarantee I wouldn't have gotten that deal.

Putting them against another dealer has nothing to do with a cash deal. Again you have proven no leverage in an all cash deal

Plus i saved 12,000 plus in interest

Not relevant to the discussion. This is what you have to fall back on when your original stance fails. Manufacturers and their finance arms often give incentives to finance with them, if you take the incentive and pay off the loan immediately you’d save the 12k in interest or there abouts anyhow. The car game has changed and paying all cash doesn’t help you at all, period, end of story.

Maybe it makes you feel better to think so buts it’s not in line with reality

[westcoastforme]

Originally Posted by Lowexpectations

Putting them against another dealer has nothing to do with a cash deal. Again you have proven no leverage in an all cash deal




Not relevant to the discussion. This is what you have to fall back on when your original stance fails. Manufacturers and their finance arms often give incentives to finance with them, if you take the incentive and pay off the loan immediately you’d save the 12k in interest or there abouts anyhow. The car game has changed and paying all cash doesn’t help you at all, period, end of story.

Maybe it makes you feel better to think so buts it’s not in line with reality

Does leverage not mean "using (something) to maximum advantage"?

[westcoastforme]

Originally Posted by Lowexpectations

Putting them against another dealer has nothing to do with a cash deal. Again you have proven no leverage in an all cash deal




Not relevant to the discussion. This is what you have to fall back on when your original stance fails. Manufacturers and their finance arms often give incentives to finance with them, if you take the incentive and pay off the loan immediately you’d save the 12k in interest or there abouts anyhow. The car game has changed and paying all cash doesn’t help you at all, period, end of story.

Maybe it makes you feel better to think so buts it’s not in line with reality

Annnnnnnnd wrong again.

There was no incentive to finance with anyone..

Taking out a loan and paying it off 3 weeks later to save interest of 12,000 isnt different than just buying car outright

Again having cash saved me at least 15,000 ( lower cost plus not 1 red cent in interest paid)

[Lowexpectations]

Originally Posted by westcoastforme

Annnnnnnnd wrong again.

There was no incentive to finance with anyone..

Taking out a loan and paying it off 3 weeks later to save interest of 12,000 isnt different than just buying car outright

Again having cash saved me at least 15,000 ( lower cost plus not 1 red cent in interest paid)

There was no incentive or extra cash off your deal for you paying in cash. You negotiated two dealers against one another and would have received the same thing if you financed. You haven’t posted a thing to suggest the deal you got was because you paid cash. The dealer doesn’t give a crap that you’re paying cash. There may not be incentives offered to finance but there often can be, they aren’t offering incentives to cash buyers. You got nothing extra in your deal because of your cash payment

[westcoastforme]

Originally Posted by Lowexpectations

There was no incentive or extra cash off your deal for you paying in cash. You negotiated two dealers against one another and would have received the same thing if you financed. You haven’t posted a thing to suggest the deal you got was because you paid cash. The dealer doesn’t give a crap that you’re paying cash. There may not be incentives offered to finance but there often can be, they aren’t offering incentives to cash buyers. You got nothing extra in your deal because of your cash payment

Both dealers had no clue i was paying in full as i played dumb guy saying "ya probably 6 years of payments".

Gaurantee i wouldn't gotten them both so low had i immediately mentioned all cash

[damba]

Originally Posted by ChessieMom

I think it's hilarious that you think 4% is an astronomical rate.

It’s even more hilarious that someone would try to compare the interest rate of a home mortgage to a car loan ROTFL

[Lowexpectations]

Originally Posted by westcoastforme

Both dealers had no clue i was paying in full as i played dumb guy saying "ya probably 6 years of payments".

Gaurantee i wouldn't gotten them both so low had i immediately mentioned all cash

Seems we've had a misunderstanding. I said paying all cash doesn’t get you a better deal and here you seem to confirm the same thing

[westcoastforme]

I believe i got the deal because it wasnt known I was paying cash...and then paying cash


If you would have watched the video and then taken my cash at the 11th hour statement you would have gotten my drift