| gil716 |
Hello,
Does anyone know what's currently the best rate that Acura financing can give on a 60 month new car loan? Not sure what my credit score is, but I'm certain that it is very good. Has anyone gotten 4.9% or less?
Any info you can provide would be greatly appreciated.
Thanks,
Gil |
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| Echo2625 |
quote:
Originally posted by gil716
Hello,
Does anyone know what's currently the best rate that Acura financing can give on a 60 month new car loan? Not sure what my credit score is, but I'm certain that it is very good. Has anyone gotten 4.9% or less?
Any info you can provide would be greatly appreciated.
Thanks,
Gil
Have you checked with your dealer?
Acura does not have any low interest rate specials right now that I am aware of so 4.9% or lower is probably out of the question. |
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| gil716 |
| No, I haven't checked yet. I was curious to see what kind of rates people were getting without the "specials". I'm going to a dealer tonight and didn't want to get caught with my pants down. ;) |
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| andreseng |
| Bankrate might be a good place to start for non-Acura comparative purposes. Click here to start. |
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| SilveradoMDX |
| Received mine at 4.9% early this year, new car loan purchase from an Acura dealer. Typically, dealer's rate are much more competitive then any banks/credit union or current market rate will offer to buyers. You can shop around but I landed on Acura's financing in the end. |
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| JL_SS |
| Acura's 4.9% isn't available any more. Just do an internet search checking for the lowest rates - sites like the one Andreseng posted as well as your local banks, Credit Unions, etc. Assuming you have excellent credit and can get those advertised rates - just ask your dealer to match or do better. Once they know that you know what the lowest rates are, the dealer will usually do better by a small amount (e.g. 1/4 to 1/2%) and handle all the paperwork. |
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| gil716 |
quote:
Originally posted by JL_SS
Acura's 4.9% isn't available any more.
So I'm assuming then that the 4.9% rate is not something that Acura financing holds in their back pocket, only to pull out on miserly individuals?
On another note, I could use some financial advice as well. Is there anything wrong with using a home equity line of credit to finance a car? I have one currently at 8.25%. According to one of those online calculators, the tax savings would make that equivalent to a 5.7% auto loan. Seems like a good deal. |
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| JL_SS |
quote:
Originally posted by gil716
So I'm assuming then that the 4.9% rate is not something that Acura financing holds in their back pocket, only to pull out on miserly individuals?
No, but the minimum rate I could find with a quick look is 5.99% around here with good credit. I would expect the dealer to be able to discount it 0.25% so they difference is not all that great anyway. I doubt they would discount a whole percent but who knows? Sometimes lenders will discount 0.25 to 0.50% if you already have a loan with them. |
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| ctc1010 |
quote:
Originally posted by gil716
On another note, I could use some financial advice as well. Is there anything wrong with using a home equity line of credit to finance a car? I have one currently at 8.25%. According to one of those online calculators, the tax savings would make that equivalent to a 5.7% auto loan. Seems like a good deal.
From a strictly numbers point of view, yes, you'll end up paying less interest compared to a conventional loan because of tax deductions. However, keep in mind that as soon as you buy a car, it starts depreciating in value, so you're actually losing purchasing power that much more quickly. Also, your personal habits will affect how feasible it is to use a credit line- how long do you keep your cars, and how long are you planning on taking to pay the credit line off?
Generally, it's not a good idea to use home equity lines for anything other than emergency purchases, or for things that will increase your home's value such as home improvements. Many people have used their home equity lines for cars, vacations, etc., and while this may have been a decent idea when housing was appreciating at a double-digit clip per year, it's a very bad idea now that the market is slowing down and even reversing in some cases.
Finally, keep in mind that home equity lines (as opposed to home equity LOANS) are variable and are based on the prime rate, so a decent rate now can turn into a bad rate later.
A few articles to read-
http://www.bankrate.com/brm/news/drdon/20050420a1.asp
http://www.thinkglink.com/Using_Home_Equity_Line.htm
http://www.crhome.com/auto-financing.htm |
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| maddawg995 |
| The rate I got from AHFC was 3.85% back in Oct '04 for 60 months. There wasn't any specials going on at the time but I was able to get 3.90% from another financial institution and the dealers got them to go slightly lower. It may have been because I just paid off my CRV which was also financed through them. |
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| SDTS |
In California, the lowest rate we can get right now with all of our banks on an MDX is 5.99% and that is with a lot of money down...finance 90% of invoice or less.
Unfortunately, 4.9% would not have been a "Special" if there were banks all over the place with rates like that available.
Credit Unions usually offer the best rates ifyou belong to one. And before you go into any of the "Capitol One" loan or Eloans on line, check with your dealer to make sure they even take them. Those are Draft Checks that the majority of Dealers do not take. Not only do they not fund very well or quickly, they also charge the dealer a fee to take them in most cases, so the dealer has the right to refuse them. |
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