I will be getting my TSX in mid-June--it's scheduled to be made on 5/17--and I'm wondering what rates are you finding for a 48 month loan. TIA

 

From 5/13 - 5/22, Cush Acura in Kearny Mesa is having a special 3.99% financing with San Diego Credit Union. I just bought it yesterday doing a 72 month financing at 4.49. I maxed out my credit cards since they were offering 0% financing so my credit rating dropped from 720 to 640. But if you have good credit >680, you can get 3.99 financing upto 84 months. 640-679 gets 4.49, below 640, I forget but probably like 5%. It was a good deal. I traded in my 2001 CLS for $13,000 (got raped, but it had an accident on record) and paid $28900 w/ Protection Package thrown in. $299 monthly payment, not bad.

 

I'm not trying to put down "scl23's" decision on his loan terms.
However, just keep in mind, if you do anything above 60 months with no money down; you will be upside down from day1. Then you'll continue to be upside down all the way until the last couple of months through your loan.

If you have to have a 72 or 84 month loan in order to afford this car. you probably can't afford it.

However in scl23's situation, he had some money down from his trade in. I'm assuming he just wanted to keep his payment down. So he'll be ok.

 

I appreciate the thought but I have $100,000 in the bank in savings, I just didn't want to use my money to buy the car when I can invest it for much better returns than 4.49%.

 

Well... of course. By all means, if that was the plan. Then that's a good thing. I was just saying for the people that have to have a 6 or 7 year loan in order to be able to afford it.

One thought that comes to mind is ING direct giving 3% on just their saving accounts.
If you want, i can send you a "referal" e-mail. That way when you open up an account, it'll give you $25 just for signing up thruogh me.

 

I have investments that I will be putting the money into for 50% returns so thanks for the referral but I'll pass on the 3%. No risk, no glory!

 

Whoa! 50% returns? You've gotta be kiding me!
Do tell!

 

Yea, then add a list of cars to your sig that you don't have

 

I invest in real estate in San Diego so I use my capital for that. The last few projects have been in the 50-100% IRR range. Sounds crazy but it's true. Real estate is like that. My parents put in $160,000 from their home equity line and made back $95k. Pretty good for a couple that makes $65 a year together so I'm pretty happy about the returns for them.

 

Hmm...
If i invest some in that, care to share?

 

Are you accredited? But besides, anything that is construed as marketing can get me to jail so uhh. so probably not.

 

Accredited? well... i do work in the mortgage industry if that counts.
You weren't really marketing though... i kind of was asking you about it.
We can always use backchannels (PM's) if that'll make you more comfortable.
But if you aren't interested in more cash for cash flow for your investing then that's ok. I understand.

 

Hmm, do you really care that much about the 1 or 2% difference in the interest rate of a $30,000 car when you don't hesitate to put $100,000 in a what-must-be-high-risk 50%-return investment? (especially with a 24-month loan, the interest you're paying is at most minimal)

 

That's why I chose 72 mo financing. Cheap rate. But to answer your question, if you had a choice to buy the TSX for $28000 or $29000, which would you take? So when I know for sure what the financing rate is, I'd rather have the cheaper one. As far as investing goes, that's a risk reward thing. I don't know but I'm taking the chance.

So if there's a sure thing and there's a 1-2% difference, sure I care.