|
Curious to see what kind of interest rates everyone is getting for their MDX.
|
|
|
|
| Got 7.29% from PeopleFirst.com. I have a blank check from them ready to be filled when I pick-up the MDX next week. |
|
|
|
| E-loan is offering a 7.30% rate. I just applied online and received the blank check in about 2 days. |
|
|
|
| Be carefull and read the E-Loan contract. Some of those only give you the first year at that low interest rate. |
|
|
|
I got 7.29% from http://www.peoplefirst.com too !!
I have the blank check at home.
I was just curious if anyone else has better.
Rumor: This weekend someone mentioned to me that rates fell again - 6.75% is what I heard.
Thoughts anyone ?!?!?
|
|
|
|
Well I've just been "schooled."
I just got off the phone with my contact at peoplefirst.com and she informed me that interest rates are different from state to state. Did not know this !
New Jersey's lowest interest rate now is 7.29% and I have it. Thank God.
She also told me that interest rates might start to climb instead of fall. It never ends...........
Rumors.....who knows..........
Anyone else from New Jersey out there?
If so, what kind of rate did you get?
Jersey in da' house ?
:D |
|
|
|
quote:
Originally posted by Acura4Life
Anyone from Jersey?
I'm from jersey not that I'm too proud of it ;-) . My MDX is expected first week of Jan (GG + Touring). Unfortunately I did not go for Nav!! but now I think otherwise after reading some of the comments in this forum. |
|
|
|
quote:
Originally posted by Rusty
quote:
Originally posted by Acura4Life
Anyone from Jersey?
I'm from jersey not that I'm too proud of it ;-) . My MDX is expected first week of Jan (GG + Touring). Unfortunately I did not go for Nav!! but now I think otherwise after reading some of the comments in this forum.
Rusty: What kind of interest rate do you have for your MDX?
I got 7.29%.
?????
|
|
|
|
Hi A4L,
I'm still contemplating on whether to finance or use my hard earned money!! in full. I haven't actually enquired a lot but it seems that a rate of 7.29% is one of the best if not best in NJ. I have asked one of my friends who works in a bank to find out if I can get anything better. Will let you know if I do :)
P.S. When I typed A4L in shift mode... guess what I got?? |
|
|
|
quote:
Originally posted by Rusty
Hi A4L,
I'm still contemplating on whether to finance or use my hard earned money!! in full. I haven't actually enquired a lot but it seems that a rate of 7.29% is one of the best if not best in NJ. I have asked one of my friends who works in a bank to find out if I can get anything better. Will let you know if I do :)
P.S. When I typed A4L in shift mode... guess what I got??
DEFINITELY let me know what rate you get, especially if you have a friend that works for a bank. When I checked with my bank, they gave me a horrible rate....my credit union gave me a horrible rate too !!!
When you typed A4L in shift mode, what did you get?
|
|
|
|
| A$L !! You're Loaded Man... why do you need interest rates :) |
|
|
|
quote:
Originally posted by Rusty
A$L !! You're Loaded Man... why do you need interest rates :)
I wish !
LOL !!!
:D |
|
|
|
| On the finance side of purchasing the MDX, what are some opinions about financing? How much is everyone financing? 10K 20K 30K? I am just still saving. I keep my vehicles for the long term 5>. I don't ever want a car payment again. Is it wise, if you have the cash to just pay cash? What are some of you doing? downpayment-tradein-finance = monthly payment? |
|
|
|
| Good question maseymarie! I personally prefer to put cash down. Now the financial folks may think I'm doing hara-kiri with so much money where I can so easily invest it and maybe get better returns. But knowing myself where most of my so called savings at best ends up in a savings or CD account, I figured it is best to have no car loans. Yes, had I been an investment kind of a person, things would have been different. It is more your call to decide what is better or more apt for you. |
|
|
|
Maseymarie:
I do financial planning for a BIG 5 Accounting firm, so my opinion might be one sided but it really depends on your situation and financial stability.
Paying cash in full leaves no payments. GREAT !!!
By placing half down or less you can invest in Mutual Funds, Money Market, stocks, bonds, cd's etc...etc !
While you are making money you will also be building a stonger credit history.
A lot to think about.
Me personally, I am taking a loan out (7.29%, NJ's lowest rate at this time) and going to invest the rest. How much of a loan? Between $15,000 - $30,000. I am also trying to sell another car of mine and that money will be applied towards the loan when I get it....so my personal situation is unique.
Good luck !!!
:D
|
|
|
|
quote:
Originally posted by Acura4Life
Maseymarie:
Me personally, I am taking a loan out (7.29%, NJ's lowest rate at this time) and going to invest the rest. How much of a loan? Between $15,000 - $30,000. I am also trying to sell another car of mine and that money will be applied towards the loan when I get it....so my personal situation is unique.
Good luck !!!
:D
Acura4Life:
Do you belong to a credit union? If so, I believe you can do better than the 7.29% you are getting... My credit union has a rate that is a full point lower -- 6.25% (60 months). I decided to go 48 months and got my loan at 6.50%...
|
|
|
|
quote:
Originally posted by MDXquizit
quote:
Originally posted by Acura4Life
Maseymarie:
Me personally, I am taking a loan out (7.29%, NJ's lowest rate at this time) and going to invest the rest. How much of a loan? Between $15,000 - $30,000. I am also trying to sell another car of mine and that money will be applied towards the loan when I get it....so my personal situation is unique.
Good luck !!!
:D
Hi MaseyMarie,
Which credit Union do you belong to? Is there a penalty to pay of the loan earlier?? It seems like the case since the % is varying based on the number of years the loan will remain!!
Acura4Life:
Do you belong to a credit union? If so, I believe you can do better than the 7.29% you are getting... My credit union has a rate that is a full point lower -- 6.25% (60 months). I decided to go 48 months and got my loan at 6.50%...
|
|
|
|
A4L,
I would check with American Honda Finance. On my previous Acuras I got unreal rates from them. |
|
|
|
What state are you all from ???????????
Interest rates vary from State to state and I called everyone and their grandmother and came to the conclusion & was told that I currently have the lowest rate available in New Jersey.
7.29%.
|
|
|
|
quote:
Originally posted by MDXquizit
quote:
Originally posted by Acura4Life
Maseymarie:
Me personally, I am taking a loan out (7.29%, NJ's lowest rate at this time) and going to invest the rest. How much of a loan? Between $15,000 - $30,000. I am also trying to sell another car of mine and that money will be applied towards the loan when I get it....so my personal situation is unique.
Good luck !!!
:D
Acura4Life:
Do you belong to a credit union? If so, I believe you can do better than the 7.29% you are getting... My credit union has a rate that is a full point lower -- 6.25% (60 months). I decided to go 48 months and got my loan at 6.50%...
Yes I do belong to a credit union in New Jersey and they gave me a SH*T rate of 8.1%. NO DICE !!!! |
|
|
|
quote:
Originally posted by Acura4Life
What state are you all from ???????????
Interest rates vary from State to state and I called everyone and their grandmother and came to the conclusion & was told that I currently have the lowest rate available in New Jersey.
7.29%.
A4L,
I live in NJ and my credit union is in NJ... There is no penalty in paying early -- the only stipulation they had was that I put at least 10% down... I ended up putting almost half down anyway, so that was not an issue. |
|
|
|
What credit union are you talking about in NJ?
Do you have to be a member?
I don't believe that I will be able to put 10% down.
I don't have it available at this time and do NOT want to touch my investments.
I have a 3yr. loan of $35,000 @ 7.29%.
|
|
|
|
quote:
Originally posted by MHarnois
Got 7.29% from PeopleFirst.com. I have a blank check from them ready to be filled when I pick-up the MDX next week.
Look at E-loan.com, I applies online to get financing for my MDX and got approval in 30 minutes at 7.07%. I saw a comment down the page that someone thought e-loan was offering introductory low rates, so I called to verify and they said the 7.07% is fixed for the term of the note.
Jay |
|
|
|
quote:
Originally posted by MHarnois
Got 7.29% from PeopleFirst.com. I have a blank check from them ready to be filled when I pick-up the MDX next week.
Look at E-loan.com, I applied online to get financing for my MDX and got approval in 30 minutes at 7.07%. I saw a comment down the page that someone thought e-loan was offering introductory low rates, so I called to verify and they said the 7.07% is fixed for the term of the note.
Jay |
|
|
|
| Who needs to pay interest! Zippo here paid cash. |
|
|
|
| I picked-up my MDX last week and used PeopleFirst.com to finance some of it. I was approved at 7.24%. The delaer has not yet cashed the check and the rates have since dropped to 7.05% which I will automatically get. Crappy service sometimes pays off! |
|
|
|
WHAT STATE DO YOU LIVE IN ?
And who's Zippo ?
:confused:
Anyway, my truck is a done deal, it's in the driveway!
I spoke to peoplefirst.com on the phone the night of the purchase and they assured me that I STILL have the lowest rate in NJ at the time.
Check signed, interest rate done, MDX parked outside !
Next..........
:D |
|
|
|
| Just received a loan from e-loan.com for 6.82%. This rate is for the life of the loan. If the rates go down prior to receiving your vehicle you can call e-loan, cancel your current loan and instantly re-apply at the lower rate. I've done this three times while waiting for my MDX. |
|
|
|
Peoplefirst did the same for me....I reapplied before the MDX arrived.
Awesome deal !
I'm happy....MDX parked outside !
:D |
|
|
|
| Zippo as in Zero, Nada, None, No Interest ;) better to pay cash in this market than leave it in mutual funds with negative returns AND taxes to pay on non-existent gains... anyway sorry for the ramble. State is New Hamster. |
|
|
|
Speaking of the interest rate, how is this calculated? I thought that it would be simple interest, meaning that the entire interest amount would be (Total Interest Payment = Loan Amount * APR%)
So if the loan is $40,000 at 7% APR, I'm paying $2,800 in interest, for a total of $42,800.
But today I looked at the package from E-Loan carefully and somehow it had a much higher interest amount than what I thought it would be (something like $8,000+)
How the hell is that calculated? I'm not taking out a mortgage loan!?
-t |
|
|
|
Interest is calculated daily on the outstanding balance. Take your annual interest rate and divide by 365 days. When you make a payment, the loan company calculates the number of days since your last payment, and then compounds the interest daily for that number of days. The remainder of your payment is applied to principal.
It is very much like a mortgage payment. If your interest rate is 7% on $40,000, you pay that 7% every year. Since your principal decreases each month, you pay more interest each month in the beginning, and less as you pay it off. So, the first year you're well over $2000 in interest. On a 5 year loan, you will have paid over $8000 total.
Also with simple interest: when you pay a little extra with your monthly payment, it comes straight off the principal. So, the next month your interest is less and more of your payment goes to subsequent principal reduction.
|
|
|
|
Thanks for the clarification. So it is like a mortgage loan.
I always thought that car loans were different. Because for my first car purchase(new car from dealer) 3 years ago, I got an interest rate of only 1.9%. And my monthly payment was simply (Loan Amount * 1.019) / (Number of Month of loan). None of this principal/interest crap.
Is this how all the car loans work these days?? What a bummer.
-t
|
|
|
|
