I financed through Acura and am curious how long it takes to get their welcome package (my loan amount). I want to refinance it .


TT

 

Can't say, but did you check the contract to make sure there isn't a minimum time period that you have to keep the loan? I don't know if that kind of thing exists for auto loans but it does for things like home-equity loans. Otherwise, they bank ends up losing money. Banks often have stipulations like that if they give you a sign up bonus for a new checking or savings account as well. I'd guess with auto dealership financing they'd have a stipulation. You might want to read the fine print on the agreement.

 

I financed with Acura. I purchased 3/21/19 and my first payment was 5/5/19 at 2.9% for 60 months. I think it took about 2-3 week for paperwork to come in the mail; but, you should see it sooner if you set everything up on-line and register with Acura Financial Services: https://www.acurafinancialservices.com

 

Losiglow is right, they might have en early termination fee.

Otherwise, refi?!

Was it a special rate? I used to do F&I and it's realllly tough to beat AHF special rates.
Unless of course, you didn't get that. (No offense)

Maybe a credit union....

 

Thanks. Current is high at 5.99%. My credit union is 3.24%

 

Yikes! I got 1.9 through acura finance

 

What is the length of time for the 1.9%?

 

Looking at the treasury yield curve, the longer you borrow for, the lower the interest should be (at least up to 7 years).

 

I financed on 05/03/19 and it took about a month to get my package in the mail. But I was able to get my account and payment information online after just a few days. I refinanced the first chance I got (which took about 6 weeks due to my slow state titling department) and I incurred no fees.

 

Auto loans don't work this way.

Your car is depreciating collateral for a bank. Longer the loan term, higher the (interest rate) cost of your loan.
Shorter the term, lower the (rate) cost of your loan.

 

60 months

 

Mine took about 3-4 weeks to show up. I also had 1.9% @ 60 mo's.

 

I called the credit union and they said I have to wait for the state registration to be received. I already go the loan account online as recommended here.

 

That's what I've seen with every loan whether it be auto, home (mortgage) or personal. I'm not sure where he's finding loans that have lower interest rates for longer periods of time

 

My dealer said that my price was reduced by $750 conditional on taking a loan from Acura Finance. I was prepared to pay all cash and really didn't need a loan. So ended up borrowing the required minimum of $10K and just accepted the interest of 3.6% without haggling as I had no intention of keeping the loan longer than necessary. Paid the first two instalments until the paperwork settled and then paid out in full. It's been over 6 weeks and am still waiting for the formal release of the lien so that I can taken their name off the insurance policy and the vehicle registration. Checked that the agreement did not have a penalty for earlier payoff.

 

My dealer wouldn't try to beat my bank for 48 month loan @4.25%. Holy crap 2.9% sounds much better.

 

36 months @ 1.9%, June 2018

 

Right. I checked with Acura Finance too. Dealership told me to at least keep the loans for 6 months .

 

There is no prepayment penalty from Acura financial

 

Sounds like the Honda way.

 

Yep. I actually know of no manufacturer backed financing that has a prepayment penalty.

 

I paid mine off after 3 payments, mostly because I was waiting for a CD to mature.

 

I financed through acura, financed about 30k, 3.9 APR, we paid the car for a few months, and mostly financed in order to get a better deal when buying at the dealership. However after paying the car for a few months, I didn't like the amount I was paying to finance for a few months and me and the wife decided to pay it off completely.

 

What was the rate of the CD? Mine is really low 2.5 LOL and my loan will be 3.65 once I refinance with the credit union. I will be probably pay if off once the CD matures next year.

 

Keep in mind that in some cases it may be beneficial to break the CD and pay it off any way because the interest you receive on the CD is subject to taxes.

 

Good point. I might just make large monthly car payments though for the next 10 months to reduce interest. If I need cash I can just take from the CD.

 

2.9%
Those rates are gone, unfortunately.

 

got a bonus of 500 off if I used acura financing, then refinanced thru credit union a week later.

 

I'm always wary of incentives for financing because one usually has to pay certain fees upfront and we are giving away a lot of personal info which can later be susceptible to being compromised/misused by hackers. It's the same reason why I have not applied for credit cards or opened accounts with banks that offer various incentives for doing so.

 

I think this is a honestly bad reason to. How do you buy a house if you’ve never had credit?

Like it or not, your information is out there regardless. As long as you use anything connected to the internet, it all goes out there. At least with credit cards, you’re still protected. Millions of people had their information compromised but have experienced no effects. The chances of actually having your identity stolen is actually very low, which is why insurance premiums for identity theft is actually pretty low. You’re probably more likely to die from a car accident than experience problems with identity theft.

Credit cards offer so much protection it almost makes no sense to not apply for one. I can’t tell you how much money I’ve saved and gotten back using them with cash back cards including price protection feature. In the past couple of years, I’ve been able to get over $5k back in purchases using price protection. I’ve gotten things like iPad Pros and Go Pros for $50. If your cards get stolen, no problem you’re not responsible for the charges. If your cash gets stolen, well tough luck getting it back. Usually, and I’m not trying to generalize here, people who use cash only are doing so because they want to evade/avoid taxes such as underreporting income or assets.

 

what's about financing in 2020?
is this a good time to finance?

 

talks about business at car forum?

 

that's not a forum about business