I was looking to buy an Acura TL (with Navi) in the lower NY area. I quickly spoke to the local dealer about financing rates and he told me that the average rate people are getting is around 5.9%.

Anyone know if this is really true? Or am I going to hear something different/better when I really start to negotiate a car price? Are Acura rates really that high?

I am coming off of a 1999 Buick Regal for which I got a 0.0% financing rate when it was brand new.....
(I know I probably can't get that on a TL but hey it would be NICE)

What are other (legitimate) options for financing?

 

That sounds very high, but I wouldnt know. Maybe some of these guys with finance payments could chime in.

 

I got 2.9% this time last year. Since then, rates have gone up a good bit. I think a few of the people who have gotten their cars recently mentioned 4.9% +, so 5.9% doesn't sound out of line. Check the credit union and/or BANKRATE. This site is wonderful for getting rate info for your area for all kinds of loans. Only GM is offering 0.0%, specifically Buick I believe...but there's a reason for that...

 

Eloan and Capital One Financial were both offering 5.25% APR for 60 months for new dealer purchase.

 

I was at a dealer on Northern NJ and was quoted 5.99% for 60M or 12k ish. I submitted an application via eloan and got 5.2%. I think if you go over 20k you can get a cheaper rate.

You should always negotiate the financing separate from the purchase and trade. A great deal on financing can be easily offset on a lously deal on a trade or purchase price.

Good Luck,

Greg

Future owner

 

Always better to get pre-approved for your loan someplace else. The loan depends on your credit score and assets, not the car you are buying unless there are dealer incentives.

1. Tells you how much you can afford and qualify for up front.
2. Does not tie you to a specific dealer or car.
3. No committment = if dealer has a better deal you can still take it.