Hey guys, I bought an infiniti QX a few months ago and received a 1.73% interest rate. Rate seem low, but on the $52K loan, it is still around $70 in interest each month. Does anyone kno any credit unions or places that offers 0.9% or less that my current rate? Thanks.
I'm with Shell Federal Credit Union, they advertise auto loan refi at as low as .99%. Give them a shot, I'll be a member for life after they refinanced my truck a while back. I bought it while my credit was in the DUMPS and was getting raped by the interest. They refinanced me even before by credit bounced back to the point its at now. Knocked off one year of payments and $50 a month. Not to mention, extending my warranty over 60,000 more miles to over 100k. They have a skip-a-payment program too, twice a year in July and December. Interest still accrues though.
Yup, the initial low or no interest are usually offered by the dealers to get you in and buy the car. They made their money off the sale. Banks aren't going to offer you sub 1% because they can easily put that money elsewhere and make a higher return.
it was a vehicle my wife wanted with the kids. I am trader so I fully understand depreciating asset. However, I would rather buy gifts for my kids and wife than give to the banks. Would you?
Yes, but you are still paying the bank 0.9% of a $52k loan even after you refinance. If you want to not give money to the banks, just pay all cash. You are trader, so you can do it?
Hi HR, How much did Shell charge for the Protection Package in order to get the .99%. I just want an estimate. I know it depends on your vehicle and age. I ran an amortization on current 1.73% and .99% and the savings is about $1,300 over the life of the loan.
My situation was to get a better rate than 1.73%. It is not a bad rate and very low, but I just want better. Why would you pay $52K in cash with a 1.73%, when market returns are annually 8-12% if you are sitting in an index fund. I actually trade options so my ROI% is a bit higher. However, with the ongoing overbought market with a correction looming, there are much more opportunities than .99% ROI%. I love Dave Ramsey pay in cash, but in the instance, it didnt make sense to.
