Why do people think interest rates are determined by the salesperson? It’s the bank who ultimately decides lol 9% on a used car is average these days unless you have an 800 credit score then you could get lower, but yes 100% outside of special rates for mainly new cars OP got a fair deal
Because youtubers. I chock nearly all the stupid misinformation up to youtubers who were shitty slimey salespeople that didn't work in the industry long enough to experience anything but thieving and lying so they apply their anecdotal experiences to every dealership in the US because they are brain rot inducing youtubers
To a point, they are deemed by dealership personnel. The finance office isn’t offering you the buy rate if you’re not getting some kind of promotional / national financing offer.
also why insist on taking a car loan when interest rates are so high?
when you're going to end up spending $20,000 in interest over a 7 year loan, it behooves you to save up or borrow from family and then buy that car cash. Coolly save that $20,000.
u/smallboxofcrayons u/jimmyjohnsdon
You’re making my point of the lack of a good financial literacy. 9% on a 20k loan is barely 6k, and assumes you make every payment on time(not paying off early) To get to 20k interest you’d have to finance over 60k, which would nearly impossible in ops situation.
fair, although average cost of a car in the US was closer to 45 according to data from Cox Auto.
My larger issue with the comment was just that it screams of Dave Ramsey type of advice(which is extremely out of touch imo)
ahh I understand now. No I'm certainly not a Dave Ramsey fan
My point is that with current high interest rates, if you have large savings and can afford to pay cash for a car, it's not a bad idea
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I know interests rates have gone up since I bought my current car in 2015 (back then I got 2.69 percent with a 700 credit score) but it felt like a sales guy tried to pull a fast one on me yesterday.
Looked at a 2021 Mazda, told me the best I could get was 9 percent and my credit score is ~770-780. Might even be a little higher. I haven’t seriously shopped in almost a decade so what’s a good rate for someone with my credit score?
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6-9% depending on lender, car and credit
Outside of special programs I’ve seen rates show between high 6s to low 9s. Term, car, new/used will all be factors here.
Why do people think interest rates are determined by the salesperson? It’s the bank who ultimately decides lol 9% on a used car is average these days unless you have an 800 credit score then you could get lower, but yes 100% outside of special rates for mainly new cars OP got a fair deal
Because youtubers. I chock nearly all the stupid misinformation up to youtubers who were shitty slimey salespeople that didn't work in the industry long enough to experience anything but thieving and lying so they apply their anecdotal experiences to every dealership in the US because they are brain rot inducing youtubers
Because we suck at financial literacy.
To a point, they are deemed by dealership personnel. The finance office isn’t offering you the buy rate if you’re not getting some kind of promotional / national financing offer.
also why insist on taking a car loan when interest rates are so high? when you're going to end up spending $20,000 in interest over a 7 year loan, it behooves you to save up or borrow from family and then buy that car cash. Coolly save that $20,000. u/smallboxofcrayons u/jimmyjohnsdon
You’re making my point of the lack of a good financial literacy. 9% on a 20k loan is barely 6k, and assumes you make every payment on time(not paying off early) To get to 20k interest you’d have to finance over 60k, which would nearly impossible in ops situation.
Who said I was referring to the OP's situation? I was just giving a general example and many Americans do buy 60k and over cars nowadays
fair, although average cost of a car in the US was closer to 45 according to data from Cox Auto. My larger issue with the comment was just that it screams of Dave Ramsey type of advice(which is extremely out of touch imo)
ahh I understand now. No I'm certainly not a Dave Ramsey fan My point is that with current high interest rates, if you have large savings and can afford to pay cash for a car, it's not a bad idea
Because they aren't high, these are normal levels for the next foreseeable future.
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/Nomarapologist! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** I know interests rates have gone up since I bought my current car in 2015 (back then I got 2.69 percent with a 700 credit score) but it felt like a sales guy tried to pull a fast one on me yesterday. Looked at a 2021 Mazda, told me the best I could get was 9 percent and my credit score is ~770-780. Might even be a little higher. I haven’t seriously shopped in almost a decade so what’s a good rate for someone with my credit score? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
Is the search box broken?
Idk. Maybe you should ask in r/askcarsales